The purpose of this transition is twofold. Firstly, this makes sense in the context of our focus to preserve cash and I am pleased that my move can contribute towards this objective. Secondly, and most importantly, it allows me to remain dedicated to positively maintaining our key relationship with our technology partner, EEStor, Inc.

—Ian CLifford

Brian Cott, who joined ZMC in 2006 as President and Chief Operating Officer, shortly after ZMC became a publicly listed company, became President and CEO on CLifford&rsqou;s resignation.

ZMC has a Technology Agreement with EEStor that provides certain exclusive and non-exclusive rights to purchase and deploy EEStor’s EESU technology. The EESU is a long-promised high-power-density multi-layered barium titanate ceramic ultracapacitor that the companies say is expected to provide energy densities of more than 450 Wh/kg and more than 700 Wh/L; charge in minutes; and have extremely long life. (Earlier post.)

In 2009, ZMC switched its business strategy from selling electric vehicles to distributing an electric drivetrain powered by EEStor, once the EEstor EESU units became available. (Earlier post.)