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Slide #45. ZENN Motor Company Inc. — Controlling Stake in EEStor
ZENN Motor Company Inc. (ZNN.CA)
Controlling Stake in EEStor
ZENN Motor Company Inc. (TSX VENTURE: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 equity and voting shares of EEStor on an as-converted and fully-diluted basis. ZENN has advanced EEStor US$50,000 of the purchase price on the signing of the Investment Agreement which will be converted to EEStor shares if closing occurs.
EEStor is engaged in the development and marketing of ZENNergy. ZENNergy is a suite of electric vehicle technologies, components and services to capitalize EEStor, Inc's (EEStor's) capacity based energy storage technology.
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