27 Dec '13, 9pm

ZENN to acquire 51% of EEStor

ZENN SIGNS AGREEMENT TO ACQUIRE CONTROLLING STAKE IN EESTOR Toronto, Ontario – December 23, 2013 –ZENN Motor Company Inc. (TSXV: ZNN; "ZENN" or the "Company") announced today that it has entered into an investment agreement (the "Investment Agreement") with EEStor, Inc. ("EEStor") and certain directors, officers and significant shareholders of EEStor (the "EEStor Principals") providing for the acquisition of a controlling stake in EEStor by ZENN and the reorganization of the board and management of EEStor. Under the Investment Agreement, in consideration for staged cash payments aggregating US$1.0 million, ZENN will be issued such number of Series A Preferred Shares of EEStor (in addition to the 502,344 Series A Preferred Shares ZENN is in the process of completing the acquisition of) such that, following the issuance of such shares ZENN will hold 51% of the outstanding eq...

Full article: http://green.autoblog.com/2013/12/27/zenn-to-acquire-51-o...

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