The World's Largest Energy Storage Social Network To B
After ZENN Motor Company's recent AGM, the expectation was set through the new ZENN/EEStor covenant agreement that EEStor would provide a press release to update the public on the status of the EEStor technology development. Today EEStor issued a press release which everyone immediately assumed was the hitherto mentioned press release. It seemed like a technology update. EEStor even states in the press release "that it is providing an update on the progress of its ultra-capacitor based energy storage technology." But according to a subsequent ZENN Motor Company announcement released later in the ...
This is not the public disclosure of EEStor's technological development required in connection with the Company's recent equity investment in EEStor announced on March 26, 2012
So then what is the purpose of today's EEStor press release? According to Jim Kofman, CEO of ZENN, this EEStor announcement was released in conjunction with a new technology agreement signed between ZENN Motor Company and EEStor which expands ZENN's rights to EEStor technology for ALL vehicles unless they have 3, 2 or 1 wheel or any fraction of a wheel. Kofman said today via phone that ZENN would not enter into new agreements of this type without some sort of public update from EEStor. ZENN knew in advance what this press release would say because in order to sign the new TA, they had to be satisfied that the release would be sufficiently informative. Based on what was to be released, ZENN was happy and signed the agreement. Before we return to the subject of the covenant agreement, let's focus a little more on the new TA agreement.
Kofman never liked the original technology agreement which he feels was unclear, subject to potential disputes down the road and smacked of amateurism. (not his exact words) So, he set an early goal to get a new one in place. He says that this one significantly expands and dramatically clarifies the agreement between the two companies. The new agreement gives ZENN rights to the entire automotive industry? No no, beyond automotive.. to include every vehicle that has at least 4 wheels: SUVs, buses, trucks, trains, race cars, planes, jets, mail delivery robots... flying saucers, orbs,etc. Hiccup. In addition, a number of other terms were tightened up as well. So what does Kofman think about today's reaction by many who were expecting something else? He understands the confusion and that is why ZENN clearly said in their PR that this is not the press release everyone has been waiting for. Let's not even review what everyone is waiting for....ED, PD, etc..
What was EEStor's clarification to today's release? According to a renegade blogger able to reach Weir--unlike me--Weir said he was not taking any questions or clarifying anything. However, when asked if this press release indicates their technology does not work, Weir replied that "you have a misconception, it doesn't say that at all. Good-bye."
ZMC founder & pirate Ian Clifford interrupted his swashbuckling long enough to warn observers to not be lily-livered. He then cracked his knuckles.
The EEStor Blogger Commentary
I mentioned to Kofman that a lot of people ask me if I think he regrets setting up the Summer goal post (June 21). My reply to all of them is that I bet it is one of last things Kofman thinks about every night he goes to bed. Faster than lightning he assured me it is not and then reminded me that he has a lot of options that don't have any value post-September. I asked him if he has invested his own money into EEStor? He says that every time he has tried, the attorneys have said he can't. He tried to get in the prior placement but was not allowed, given the high level of demand for the placement and the intense scrutiny ZENN insiders face. He won't BE allowed until after EEStor's next pre-Summer announcement.
Reread that last sentence.