TORONTO, ONTARIO--(Marketwire - April 18, 2012) - ZENN Motor Company Inc. (TSX VENTURE:ZNN) ("ZENN" or the "Company") announced today that, as part of its annual compensation review and subject to regulatory approval, it has granted stock options to acquire an aggregate of 100,000 common shares to each of the directors of the Company other than James Kofman under the Company's stock option plan. Each option is exercisable to acquire one common share at a price of $1.35. The options vest as to one-third on each of the 6, 18, and 24 month anniversaries of the date of the grant and will expire five years from the date of grant. The Company has also granted to Mr. Kofman, Chairman and Interim Chief Executive, 325,000 options. Each option is exercisable to acquire one common share at a price of $1.35. The options vest as to 225,000 after 6 months, 50,000 after 18 months and the balance after two years and expire five years from the date of grant.
Ian Clifford, Founder and Vice Chairman commented, "Mr. Kofman has shown his commitment to the Company by agreeing to continue in the role of Interim CEO for no salary and to look to share performance for a return on his efforts." Mr. Kofman noted, "Following the recent private placement the Company is in a much stronger financial position, but we continue to be careful with our cash resources. Our compensation structure reflects this priority and our focus on delivering shareholder value."
About ZENN Motor Company Inc.
The Company's goal is to be the provider of leading edge power storage solutions and related technologies to the automotive industry. Technologies and solutions, powered by EEStor's electrical energy storage units (EESU) have the potential to enable OEM and Tier 1 partners to deliver advanced electric transportation solutions to their customers. The Company's Technology Agreement with EEStor provides certain exclusive and non-exclusive rights to purchase and deploy EEStor's EESU technology, which rights are detailed in the Company's AIF.
Information contained in this release relating to EEStor, Inc. or the energy storage technology being developed by EEStor has not been reviewed by EEStor and EEStor does not assume any responsibility for the accuracy or completeness of such information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.