TORONTO, ONTARIO--(Marketwire - Jan. 27, 2009) - ZENN Motor Company Inc. ("ZMC" or the "Company") (TSX VENTURE:ZNN) a leading developer of zero emission transportation solutions, today announced its financial results for the three months and year ended September 30, 2008. All amounts are expressed in Canadian dollars unless otherwise indicated.
For the current quarter and year ended September 30, 2008, gross revenue was $915,003 and $3,533,480, respectively, an increase of 35% and 52%, respectively, over the comparable 2007 results of $678,749 and $2,324,462 respectively. The Company recorded a provision for rebates in the current three months and year in the amount of $175,000 and $489,574, respectively (2007 - $300,000 and $300,000, respectively) relating to prospective marketing programs. Unit sales increased in the current quarter and year to 56 and 246 respectively from 47 and 160 in the comparable prior periods.
Net loss for the three months and year ended September 30, 2008 was $2,312,728 and $7,738,623 or $(0.07) and $(0.25) per share, respectively, compared with a net loss of $2,658,409 and $6,976,141 or $(0.09) and $(0.27) per share, respectively, for the corresponding periods in the prior year.
At September 30, 2008 the Company had working capital of $15,068,689 including cash, cash equivalents and temporary investments of $14,686,100 compared to working capital of $6,944,190 including cash and cash equivalents of $6,221,257 as at September 30, 2007.
"2008 was an exciting year for ZENN with the introduction of new products in the Low Speed Vehicle (LSV) arena, the expansion into key geographic markets and continued progress on our longer term business strategy," said Ian Clifford, CEO. "The Company's engineering team has progressed to working prototypes of its next-generation powertrain for LSVs and is in the component testing stage for its highway capable vehicles, including the cityZENN. Although the economic climate is currently weak, the Company is well positioned with a strong balance sheet and is looking forward with great excitement to more developments in 2009".
Additional Information
Readers are encouraged to read the Company's audited consolidated financial statements for the years ended September 30, 2008 and 2007, the corresponding Management's Discussion and Analysis and the Company's Annual Information Form dated January 27, 2009 all of which have been filed on SEDAR at www.sedar.com and posted on the Company's website at www.ZENNcars.com.
ABOUT ZENN Motor Company Inc.
ZENN Motor Company, Toronto, Canada, is dedicated to being the global leader in zero emission transportation solutions for markets around the world. Driven by quality, ingenuity, and a philosophy of social responsibility, the ZMC team is redefining what is possible in both urban and business fleet transportation.
The ZENN(TM) (Zero Emission No Noise) provides an excellent alternative transportation solution for environmentally conscious drivers who want to dramatically reduce their operating costs and free themselves from dependence on oil. The current ZENN low speed vehicle is perfect for urban commuters and commercial fleets such as resorts, gated communities, airports, college and business campuses, municipalities, and parks and is sold through a network of retailers across the United States and directly by the Company in Quebec.
The planned commercialization and implementation of the ultra capacitor being developed by ZENN Motor Company's strategic partner EEStor, Inc., is expected to enable future ZMC vehicles and ZENNergy(TM) drivetrain powered vehicles to travel at speeds and distances similar to internal combustion powered vehicles but at a fraction of the cost and with zero emissions!
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