Re: What's up?
in response toby
A leading developer, manufacturer and supplier of electric vehicles
Here it is on 26 May 2014 and there doesn't appear to be any positive news to back up the recent increase in PPS. There are 3 Press Releases by Zenn Motor Company that any potential investor should examine carefully before investing in Zenn: 7 April 2014, 28 April 2014 and 5 May 2014. Regarding 28 April: Roger Hammock resigned as Director. Again, regarding 28 April: the following statement was released by Zenn in a PR...."EEStor's energy storage technology is still under development and a number of further development milestones must be achieved before commercial viability can be established". 7 April 2014 was a Technology Update.. read it! It isn't very promising. The 5 May PR concerns the resignation of TWO Directors: James Kofman and Allan Gregg. Kofman was also the Interim CEO of the company. They have brought back.... drum roll please.... guess who?..... give up?......IAN CLIFFORD as the "new" CEO of Zenn Motor Company. Surprise, surprise.... surprise!
Everyone should read the statement by James Kofman in the 5 May 2014 Zenn Motor Company PR. It is a very honest and straight forward statement concerning the ambition for Zenn vs Reality. I think Kofman covered things very well and it appears he came on board with honest intentions of taking this company to viability and now sees the disillusionment of the actual results and the difficulties of reaching that goal in the future.
Kofman and Gregg's resignations were effective on 19 May 2014. In summary the Board of Directors has been markedly changed by the resignation of 3 of its members, one of whom was the Interim CEO..... AND.... they have decided to do the IAN CLIFFORD movie sequel and have released IAN CLIFFORD II back on the company. Everyone remembers what a "huge success" for Zenn that Ian Clifford I was in the past, right? In utmost sincerity anyone contemplating investing in Zenn should first go back and read these recent company Press Releases. I would love to see the ESU from EEStor ( now owned by Zenn Motor Company since January of 2014) succeed and become the paradigm shift that Ian Clifford once touted.......... but reality is another and cruel thing in the case of Zenn Motor Company. There may yet be some limited commercial success for the ESU after some years of further "development", but it doesn't appear that "Paradigm Shift" time is going to be here anytime soon. As far as shifting is concerned this company seems to be shifted into Park at best, some would even say "Reverse" better describes its current state of development. Sometimes when things sound too good to be true, they really, really are too good to be true. This is one of those times.