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"2009 was both a challenging year and an exciting year for the Company," stated Ian Clifford, Chief Executive Officer. "There is no question that the economic turmoil had a profound effect on this year's results; unit sales declined and it required increasingly greater incentives to attain what results there were."
"Through all the challenges however, there have been some significant achievements that we believe bode well for the Company. In the year, we had EEStor release their permittivity results which was well received, we were able to raise capital in an extremely unstable and challenging market environment and we increased our equity investment in EEStor," said Clifford.
"We have also refined the focus of our energies and resources where we believe they will optimize shareholder value. To this end, as previously announced, we have decided not to bring the cityZENN to market as a commercial product and to cease production of the ZENN LSV in 2010. Instead, the Company's strategic focus going forward will be on its ZENNergy™technologies and solutions, designed to capitalize on the unique characteristics expected of EEStor's capacitor-based energy storage technology. We are excited about the ZENNergy strategy; it builds on our experience from the cityZENN project and the ZENN LSV and is complementary to many electric vehicle initiatives being undertaken today by OEMs and Tier 1 suppliers in the automotive and specialty vehicle industries."