Toronto, Ontario, Canada
EESTOR CORPORATION APPLIES FOR EXTENSION OF WARRANTS
Toronto, Ontario – April 28, 2015– EEStor Corporation (formerly ZENN Motor Company Inc.) (TSXV: ESU; the “Company”), announced today it has applied to the TSX Venture Exchange for acceptance to extend the expiry date of 3,704,000 outstanding common share purchase warrants for an additional six months to November 13, 2015. Each warrant currently entitles the holder to purchase one common share of the Company at a price of $1.50 per share until May 14, 2015.
The Company also announced that it has completed the private placement of 100,000 units at a price of $0.31 per unit, with each unit consisting of one common share and one common share purchase warrant. Each share purchase warrant entitles the holder to acquire one common share at a price of $0.46 for a period of 18 months from the date of issue. All securities issued in the private placement are subject to a 4-month hold period.
About EEStor Corporation
EEStor Corporation’s (“Corp”) mission is to be the provider of leading edge energy storage solutions and related technologies. The Company operates on the principle and belief that a fundamental breakthrough in energy storage will be the catalyst for positive environmental and economic change globally. The Company’s current business strategy is focused on licensing and partnership opportunities across a broad spectrum of industries and applications building on its recent technology achievements in the capacitor industry.
The Company holds an approximate 71.3% as-converted equity and voting interest and certain technology rights to a solid-state capacitor and related energy storage technologies currently under development by EEStor, Inc. (“Inc.”). The acquisition of the controlling interest in Inc. aligns the businesses of both companies and now allows Corp to benefit from other revenue streams that should be available to Inc., including applications throughout the capacitor industry and not limited to high density energy storage applications.
Inc.’s capacitor and energy storage technology is still under development and a number of further development milestones must be achieved before commercial viability can be fully established. There are significant risks associated with the development of new technologies such as Inc.’s capacitor and energy storage technology and readers are directed to the “Risk Factors” disclosed in Corp’s most recent Annual Information Form filed on SEDAR.
For additional information please contact:
Chief Financial Officer
Tel. 416-535-8395 ext. 220
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.