Clifford summed up the reasoning behind his resignation, stating:
Brian Cott, who joined ZENN back in 2006 and served as the company's chief operating officer, has been selected to replace Clifford as ZENN's president and CEO. Also, we're still anxiously awaiting something – anything – on the EEStor front. Let's just say we gave up holding our breath quite some time ago. Hat tip to Bret!The purpose of this transition is twofold. 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.
[Source: ZENN Motor Company]
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™ 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."
About ZENN Motor Company Inc.
ZENN Motor Company, Toronto, Canada, is dedicated to enabling emission-free, energy-efficient transportation through unique, yet widely applicable, technology offerings. Driven by quality, ingenuity and a philosophy of social responsibility, the ZMC team is redefining what is possible in the pursuit of zero emission transportation.
ZENNergy technologies and solutions, to be powered by EEStor's electrical energy storage units (EESU) are expected to enable OEM and Tier 1 partners to deliver advanced electric transportation solutions to their customers. The Company has a Technology Agreement with EEStor that provides certain exclusive and non-exclusive rights to purchase and deploy EEStor's EESU technology, which rights are detailed in the Company's AIF.