TORONTO, ONTARIO--(Marketwire - Oct. 16, 2008) - ZENN Motor Company Inc. (TSX VENTURE:ZNN) (the "Company"), announced today that, subject to regulatory approval, it has granted as part of its annual compensation review, options to acquire an aggregate of 1,075,000 common shares to eleven directors, officers and managers of the Company under the Company's stock option plan. Each option is exercisable to acquire one common share at a price of $2.55 and will expire five years from the date of grant. The Company today also announced the cancellation of 531,468 previously awarded Performance Warrants which would have entitled the holders to purchase common shares had the company met predetermined EBITDA targets by September 30, 2008.
ABOUT ZENN MOTOR COMPANY (ZMC)
ZENN Motor Company, Toronto, Canada, is dedicated to being the global leader in zero emission transportation solutions for markets around the world. Driven by quality, ingenuity, and a philosophy of social responsibility, the ZMC team is redefining what is possible in both urban and business fleet transportation.
The ZENN(TM) (Zero Emission No Noise) provides a complete, no-compromise transportation solution for environmentally conscious drivers who want to dramatically reduce their operating costs, and free themselves from dependence on oil. The current ZENN low speed vehicle is perfect for urban commuters and commercial fleets such as resorts, gated communities, airports, college and business campuses, municipalities, and parks. The current ZENN is sold through a network of retailers across the United States.
The planned commercialization and implementation of the ultra capacitor being developed by ZENN Motor Company's strategic partner, EEStor Inc. for future ZENN vehicles is expected to enable future ZMC vehicles to travel at greater speeds and distances, just like a traditional car but at a fraction of the cost and with zero emissions!
FOR FURTHER INFORMATION PLEASE CONTACT:
ZENN Motor Company
Chief Executive Officer
(416) 535-8395 x 202
(416) 535-4043 (FAX)