ZENN Motor Company Announces Change in Management
TORONTO, ONTARIO--(Marketwire - Feb. 14, 2011) - ZENN Motor Company Inc. ("ZMC" or the "Company") (TSX VENTURE:ZNN) today announced that effective today, Ian Clifford will resign from his position as Chief Executive Officer (CEO) and assume the role of Founder and Vice-Chair of the Board of Directors of ZMC. Mr. Clifford, who founded the Company in 2001, will continue to play a key role in defining the Company's future vision and strategic plans.
"The purpose of this transition is twofold", stated Clifford. "Firstly, this makes sense in the context of our focus to preserve cash and I am pleased that my move can contribute towards this objective. Secondly, and most importantly, it allows me to remain dedicated to positively maintaining our key relationship with our technology partner, EEStor, Inc. I take great pride in the company that we have built and look forward to the opportunity to focus on strategic initiatives", Clifford continued.
Rick McGraw, Chair of the Board of the Company stated, "We thank Ian for his many years of leadership as Founder and CEO of ZENN Motor Company. I applaud Ian for his vision of zero emission transportation and know that he will remain extremely committed to supporting our pursuit of that vision by remaining fully engaged in our relationship with our key technology partner, EEStor, Inc. and helping us to set the future direction of the organization."
In what is a natural evolution for ZMC, Brian Cott will become President and CEO of the Company effective today. Mr. Cott joined ZMC in 2006 as President and Chief Operating Officer, shortly after ZMC became a publicly listed company.
"I am excited about our current plans and activities and firmly believe that our ZENNergy(TM) technologies and solutions will have a major impact on the electrification of the automotive industry", Mr. Cott said. "We have assembled a strong core team of executives who are working hard to ensure that ZMC takes full advantage of the significant opportunities emerging in our industry."
Last edited Mon, 14 Feb 2011, 6:42pm by wcushman
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