|By Marketwired .||
|January 25, 2013 04:01 PM EST||
TORONTO, ONTARIO -- (Marketwire) -- 01/25/13 -- ZENN Motor Company Inc. (TSX VENTURE:ZNN) ("ZENN" or the "Company"), today announced its audited financial results for the three months and year-ended September 30, 2012. All amounts are expressed in Canadian dollars.
The Company has converted to International Financial Reporting Standards for fiscal 2012.
For the three months and year-ended September 30, 2012, net losses from continuing operations were $350,236 or $0.01 per share and $1,528,425 or $0.04 per share, respectively. For the corresponding periods in the prior year, net losses from continuing operations were $751,558 or $0.02 per share and $4,114,331 or $0.11 per share, respectively.
Losses related to continued operations for the three months and year ended September 30, 2012, decreased by 53% and 63%, respectively, when compared to the same periods in the prior year. The decrease is primarily due to the reduction in headcount, in connection with the restructuring of the Company, which was implemented in May 2011. As a result of the restructuring, the Company incurred severance costs in the prior period of $574,932, which were not applicable in the current period. The Company also incurred legal fees and reimbursement of a Director's expenses totaling $370,486, in the prior period, which were not applicable in the current period.
As of September 30, 2012, the Company had working capital of $1,675,361 and cash including short-term investments, totaling $1,937,592, compared to working capital of $1,095,105 and cash of $1,680,165, respectively, as September 30, 2011.
James Kofman, Chairman and Interim Chief Executive Officer commented, "There were a number of positive developments in fiscal 2012. The Company was able to significantly reduce its cash burn as well as strengthen its position with the new technology agreement to purchase electric energy storage units ("EESU") currently in development, by EEStor, Inc. ("EEStor"). The Company has been able to increase its access to EEStor and its technological developments over the past year through increased frequency of communication and visits by our consultant to EEStor's facilities to observe testing of various states of its technological developments."
Following are some of the highlights of the past fiscal year:
-- The cash burn for continuing operations decreased to $1,078,599 in the current fiscal, from $2,969,910 in the prior fiscal. -- In April 2012, the Company was able to strengthen its capital position through a non-brokered private placement that resulted in gross proceeds of $1,997,500. -- In May 2012, the Company entered into a new technology agreement with EEStor that significantly expanded the Company's exclusive rights to sell EESUs. The entire ZENN team worked to improve the level of interaction with EEStor and was given much deeper access to its technological developments which has resulted in more publicly available information regarding the status of its EESU developments.
Readers are encouraged to read the Company's audited consolidated financial statements for the years ended September 30, 2012 and 2011, the corresponding Management's Discussion and Analysis and the Company's Annual Information Form dated January 24, 2013. All of these documents have been filed and are available for viewing on the Company's profile on SEDAR at www.sedar.com and posted on the Company's website at www.ZENNcars.com.
About ZENN Motor Company Inc.
The Company's goal is to be the provider of leading edge power storage solutions and related technologies to the automotive industry.
Technologies and solutions, powered by EEStor's electrical energy storage units ("EESU") have the potential to enable OEM and Tier 1 partners to deliver advanced electric transportation solutions to their customers. The Company's Technology Agreement with EEStor provides certain exclusive rights to purchase and deploy EEStor's EESU technology which has been filed and is available for viewing on SEDAR at www.sedar.com.
Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties that face the Company; such statements may contain such words as "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, and may be based on management's current assumptions and expectations related to all aspects of the automotive industry, consumer demand for zero emission transportation solutions and the global economy. Risks and uncertainties that may face the Company include, but are not restricted to: the EEStor energy storage technology may not be successfully commercialized at all, in a manner providing the features and benefits expected while under development, or on a timely basis or the Company may not be able to successfully incorporate this technology into its current or proposed products; steps taken by the Company to protect its proprietary rights may not be adequate or third parties may infringe or misappropriate the Company's proprietary rights; the Company has a history of losses from operations and may not be able to obtain financing, if and when required, to fund future expenditures for general administrative activities, including sales and marketing and research and development, expansion, strategic acquisitions or investment opportunities or to respond to competitive pressures; competitors may develop products which offer greater benefits to consumers, have greater market appeal or are more competitively priced than those offered by the Company; the Company may be exposed to product liability claims which exceed insurance policy limits; the Company is dependent on the ability and experience of a relatively small number of key personnel; new products introduced by the Company may not be accepted in the market or to the extent projected; new laws and regulations may be enacted or existing ones may be applied or governmental action may be taken in a manner which could limit or curtail the production or sale of the Company's products; and the Company may be negatively affected by reduced consumer spending due to the uncertainty of economic and geopolitical conditions. These risks and uncertainties may cause actual results to differ from information contained in this release, when estimates and assumptions have been used to measure and report results. There can be no assurance that any statements of forward-looking information contained in this release will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements.
These and all subsequent written and oral statements containing forward-looking information are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by applicable laws, the Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. Readers are cautioned not to place undue reliance on any statements of forward looking information that speak only as of the date of this release. Additional information identifying risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's current Annual Information Form and its other filings with the various Canadian securities regulators which are available online at www.sedar.com.
Information contained in this release relating to EEStor, Inc. or the energy storage technology being developed by EEStor has not been reviewed by EEStor and EEStor does not assume any responsibility for the accuracy or completeness of such information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential. The DevOps Summit at Cloud Expo--to be held November 4-6 at the Santa Clara Convention Center in the heart of Silicon Valley--will expand the DevOps community, enable a wide sharing of knowledge, and educate delegates and technology providers alike. Recent research has shown that DevOps dramatically reduces development time, the amount of enterprise IT professionals put out fires, and support time generally. Time spent on infrastructure development is significantly increased, and DevOps practitioners report more software releases and higher quality.
Sep. 30, 2014 08:00 PM EDT Reads: 655
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
Sep. 30, 2014 10:30 AM EDT Reads: 1,388
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
Sep. 27, 2014 09:45 PM EDT Reads: 2,455
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
Sep. 27, 2014 08:45 PM EDT Reads: 2,331
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
Sep. 27, 2014 01:00 PM EDT Reads: 2,015
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
Sep. 27, 2014 11:00 AM EDT Reads: 2,178
Quantum is a leading expert in scale-out storage, archive and data protection, providing intelligent solutions for capturing, sharing and preserving digital assets over the entire data lifecyle. They help customers maximize the value of these assets to achieve their goals, whether it’s top movie studios looking to create the next blockbuster, researchers working to accelerate scientific discovery, or small businesses trying to streamline their operations. With a comprehensive portfolio of best-in-class disk, tape and software solutions for physical, virtual and cloud environments, they enable customers to address their most demanding workflow challenges and opportunities.
Sep. 26, 2014 11:15 PM EDT Reads: 1,466
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
Sep. 26, 2014 07:45 PM EDT Reads: 2,268
SimpleECM is the only platform to offer a powerful combination of enterprise content management (ECM) services, capture solutions, and third-party business services providing simplified integrations and workflow development for solution providers. SimpleECM is opening the market to businesses of all sizes by reinventing the delivery of ECM services. Our APIs make the development of ECM services simple with the use of familiar technologies for a frictionless integration directly into web applications. The simple integration framework lets customers select and easily customize only the services they need, to deliver solutions quickly and easily. Our flexible usage-based pricing model means that you only pay for the services that you use.
Sep. 26, 2014 05:30 PM EDT Reads: 1,245
Software is eating the world. Companies that were not previously in the technology space now find themselves competing with Google and Amazon on speed of innovation. As the innovation cycle accelerates, companies must embrace rapid and constant change to both applications and their infrastructure, and find a way to deliver speed and agility of development without sacrificing reliability or efficiency of operations. In her keynote DevOps Summit, Victoria Livschitz, CEO of Qubell, will discuss how IT organizations can automate just-in-time assembly of application environments – each built for a specific purpose with the right infrastructure, components, service, data and tools – and deliver this automation to developers as a self-service. Victoria’s keynote will include remarks by Kira Makagon, EVP of Innovation at RingCentral, and Ratnakar Lavu, EVP of Digital Technology at Kohl’s.
Sep. 26, 2014 04:45 PM EDT Reads: 1,871
Dyn solutions are at the core of Internet Performance. Through traffic management, message management and performance assurance, Dyn is connecting people through the Internet and ensuring information gets where it needs to go, faster and more reliably than ever before. Founded in 2001 at WPI, Dyn’s global presence services more than four million enterprise, small business and personal customers.
Sep. 26, 2014 01:45 PM EDT Reads: 1,005
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Sep. 26, 2014 10:00 AM EDT Reads: 2,038
You use an agile process; your goal is to make your organization more agile. But what about your data infrastructure? The truth is, today’s databases are anything but agile – they are effectively static repositories that are cumbersome to work with, difficult to change, and cannot keep pace with application demands. Performance suffers as a result, and it takes far longer than it should to deliver new features and capabilities needed to make your organization competitive. As your application and business needs change, data repositories and structures get outmoded rapidly, resulting in increased work for application developers and slow performance for end users. Further, as data sizes grow into the “Big Data” realm, this problem is exacerbated and becomes even more difficult to address. A seemingly simple schema change can take hours (or more) to perform, and as requirements evolve, the disconnect between existing data structures and actual needs diverge.
Sep. 25, 2014 11:00 PM EDT Reads: 1,503
SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer's customers range from Web startups to global enterprises. Products and services include bare metal and virtual servers, networking, turnkey big data solutions, private cloud solutions, and more. SoftLayer's unique advantages include the industry's first Network-Within-a-Network topology for true out-of-band access, and an easy-to-use customer portal and robust API for full remote-access of all product and service management options. SoftLayer was founded in 2005 and is headquartered in Dallas, Texas. SoftLayer was acquired by IBM in July, 2013.
Sep. 25, 2014 11:00 PM EDT Reads: 1,305
Despite the fact that majority of developers firmly believe that “it worked on my laptop” is a poor excuse for production failures, most don’t truly understand why it is virtually impossible to make your development environment representative of production. When asked, the primary reason for the production/development difference everyone mentions is technology stack spec/configuration differences. While it’s true, thanks to the black magic of Cloud (capitalization intended) with a bit of wizardry from Chef, anyone can create a pretty reliable replica of the production environment on demand. The actual main issue with reliable production mirroring is complex, but can be described in one word – data.
Sep. 25, 2014 06:00 PM EDT Reads: 1,173
SYS-CON Events announced today that AppDynamics will exhibit at DevOps Summit Silicon Valley, which will take place November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Digital businesses like yours need a way to turn data into actual results. AppDynamics is ushering in the next digital age – the age of the software-defined business. AppDynamics’ mission is to deliver true application intelligence that helps your software-defined business run faster, leaner, and more efficient. You get the visibility and control you need to identify problems, find the root cause, and instantly connect the dots to get applications – and user transactions – on track and running flawlessly. AppDynamics provides the certainty that your most complex, business-critical applications are performing at the highest level and that the data and information generated by these applications can be harnessed for ongoing business advantage and impact.
Sep. 25, 2014 05:45 PM EDT Reads: 1,342
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In their General Session at 15th Cloud Expo, Phil Jackson, Development Community Advocate at SoftLayer, and Harold Hannon, Sr. Software Architect at SoftLayer, to discuss how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
Sep. 25, 2014 03:30 PM EDT Reads: 1,791
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, automotive and enterprise. Members of this nonprofit consortium include some of the world’s leading, consumer electronics manufacturers, home appliances manufacturers, service providers, retailers, enterprise technology companies, startups, and chipset manufacturers. Initially based on the AllJoyn™ open source project, the AllJoyn software and services framework will be expanded with contributions fr...
Sep. 24, 2014 03:30 PM EDT Reads: 1,907
Fujitsu has a long and demonstrated history delivering world-class solutions that enable businesses to succeed in a highly competitive market and ever-evolving technology landscape. The Fujitsu Cloud ISV Partner Program is one more way we’re delivering exceptional value to our customers, where we focus on helping companies transform and deliver their solutions in an “as-a-service” model from our cloud. Our aim is to work closely with leading solution providers to take full advantage of not only our platform and tools, but the underlying shift in how the market consumes technology solutions today. With the Fujitsu Cloud ISV Partner Program, we offer the chance for solution providers to step into a leadership role and maximize the benefits of the latest cloud technology, including not only the transformation and delivery of their solutions as SaaS, but also for support in areas like sales, marketing, professional services, and across innovative operating and revenue models that support a...
Sep. 24, 2014 02:00 PM EDT Reads: 1,325
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher. Big Data Expo West is the place where you can see the technologies and use cases that are delivering Big Data to enterprise IT. Big Data Expo West is co-located at the Santa Clara Convention Center in the heart of Silicon Valley with Cloud Expo West--the world's most longstanding and significant event in the world of cloud computing.
Sep. 24, 2014 01:15 PM EDT Reads: 1,534