Zenn Electric Car - Canada
NEWS RELEASE
ZENN Motor Company Inc.Toronto, Ontario, Canada (TSXV: ZNN)
ZENN MOTOR COMPANY ORGANIZATIONAL UPDATE Toronto, Ontario – March 18, 2010 – ZENN Motor Company Inc., (“ZMC” or the “Company”) (TSX-V ZNN) a leading enabler of zero emission transportation solutions, today announced comprehensive organizational changes in support of its go-forward strategy.
The Company has ceased production of the ZENN LSV and the successful sell-down of remaining inventory and ground stock is largely complete.
As such, the Company has been able to complete planned organizational changes that reflect its transition from manufacturer to solutions developer.
This has resulted in an overall reduction of 15 permanent employees that supported the sales, marketing and production of the ZENN LSV.
These changes, along with other initiatives and the previously announced closure of the Company’s Saint Jerome production facility, will significantly reduce the Company’s on-going rate of spend. “The entire staff is to be commended for their continued professionalism during this period of transition,” stated Ian Clifford, Chief Executive Officer of ZENN Motor Company. “With these changes, we are able to ensure maximum focus of our human and financial resources towards executing on our ZENNergy strategy.”
The Company will elaborate upon its status and plans at its upcoming Annual and Special Meeting of Shareholders being held on March 24, 2010 at the TMX Broadcast Centre which will also be webcast. Details can be found at www.ZENNcars.com.
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