00:48:47 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Zenn Motor Company Inc
Symbol ZNN
Shares Issued 53,471,498
Close 2014-01-28 C$ 0.86
Market Cap C$ 45,985,488
Recent Sedar Documents

Zenn Motor loses $1.62-million in 2013

2014-01-28 19:50 ET - News Release

Mr. James Kofman reports

ZENN MOTOR COMPANY REPORTS FISCAL 2013 RESULTS

Zenn Motor Company Inc. is releasing its audited financial results for the three months and year ended Sept. 30, 2013. All amounts are expressed in Canadian dollars.

Financial results

For the three months and year ended Sept. 30, 2013, net losses from continuing operations were $455,489 or one cent per share and $1,625,542 or four cents per share, respectively. For the corresponding periods in the prior year, net losses from continuing operations were $350,236 or one cent per share and $1,528,425 or four cents per share, respectively.

As of Sept. 30, 2013, the company had working capital of $461,292 and cash, including short-term investments, totalling $715,869, compared with working capital of $1,675,361 and cash of $1,937,592 as Sept. 30, 2012.

Company update

Roger Hammock, executive vice-president, EEStor relations, will be stepping down from his role in management effective Feb. 1, 2014. Mr. Hammock will continue as a director of the company. James Kofman, chairman and interim chief executive officer of Zenn, commented: "Roger has done an excellent job of leading the company's relationship with EEStor and helping to bring the two companies closer together. With the acquisition of the controlling stake of EEStor and the appointment of Jamin Patrick to lead the transition, it is a sensible time to turn over responsibilities to Mr. Patrick. We are happy Roger has committed to helping the companies in his role as a director."

Additional information

Readers are encouraged to read the company's audited consolidated financial statements for the years ended Sept. 30, 2013, and Sept. 30, 2012, the corresponding management's discussion and analysis, and the company's most recently filed annual information form. All of these documents have been filed, and are available for viewing on the company's profile on SEDAR and on the company's website.

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