Zenn cuts Q4 loss by half with restructuring
TORONTO - Zenn Motor Co. Inc. (TSXV:ZNN) said Friday it lowered its fourth-quarter loss by more than half due after shedding jobs and restructuring efforts.
The company said losses from continuing operations totalled $350,236 or a penny per share compared with a fourth-quarter loss of $751,558 or two cents per share a year ago.
For the full year ended Sept. 30, 2012, Zenn said it lost $1.5 million or four cents per share compared with a loss of $4.1 million or 11 cents per share in the previous year.
"The company was able to significantly reduce its cash burn as well as straighten its position with the new technology agreement to purchase electric energy storage units currently in developed by EEStor Inc.," said James Kofman, Zenn's chairman and interim CEO in a statement.
Zenn, a former manufacturer of slow-speed electric vehicles, has shifted its focus to power storage systems for the automotive industry.
EEStor claims that its ultracapacitor can store more power than the lithium-ion batteries currently available and at a lower cost than lead-acid batteries.