At June 30, 2011 the Company had cash, cash equivalents and short-term investments totaling $2,039,529 compared to cash, cash equivalents and short-term investments of $5,074,652, at September 30, 2010.
During the quarter, the Company continued its plan to simplify the organization, reduce costs and focus the Company's resources on its investment in EEStor, Inc. The Company has been aligning its expenditures with the pace of development of EEStor power storage technologies. James Kofman, Chairman and Interim Chief Executive Officer of ZENN commented, "The Company has gone through some tough but necessary changes over the past few months. We have reduced personnel and significantly reduced the cash burn rate going forward. At the same time we have worked hard to build on our relationship with EEStor. The Company has ceased expenditures on the development of technology complimentary to EEStor's work and will evaluate future expenditures as and when developments occur at EEStor." Mr Kofman added, "We recognize shareholders are looking for updates on the progress at EEStor. As previously noted, our technology agreement precludes us from making announcements on new developments in advance of any official release by EEStor. We are in constant contact with our EEStor partners and are committed to the timely release of material developments, as soon as they occur."
Now that solar maker Solyndra has revealed that it plans to file for bankruptcy, get ready to hear a whole lot of Republican finger pointing at Obama and the Department of Energy over the misspent funds all the way up to the next election. Solyndra was the recipient of over a half billion dollars in loans from the federal government. Republican Energy Committee’s Republican chair, Rep. Fred Upton, who had spearheaded an investigation into Solyndra earlier this year, is already using politically-charged language like “We smelled a rat from the onset,” and “In this time of record debt such disregard for taxpayer dollars cannot be tolerated.”
... politicians in office and out of office, need to be very mindful of how risky the startup is that they are connecting with. To note: the majority of startups fail, and linking with a company that doesn’t succeed isn’t all that bad. It’s just linking with a startup that spectacularly flames out and wastes public funds that could be very dangerous and could sink a promising private sector career, or lead to a failed re-election bid. We’ve written about this before, back when Representatives John Carter of Texas and Mark Schauer of Michigan, lent their support to the highly-controversial energy storage company EEStor. I’m not sure why any politicians would take such a risk. ...
... Politicians need to do their home work and tread carefully when it comes to the more high risk companies. In an environment when most startups fail, but are naturally trying to put their best face forward, it’s on burden of the politicians to know what they’re getting into.
Here’s what ZENN said on March 26 in a press release to report is first quarter 2012 numbers: “The Company recently participated as a minority investor in an equity financing completed by EEStor Inc. While the Company’s investment was small, the investment was part of a financing that provided EEStor with additional working capital to further the development of its power storage technology. Importantly, as part of the investment the Company was able to review certain aspects of the technology and obtain a covenant from EEStor regarding a timeline for near term public disclosure of the status of its technological development certified by an independent third party.”
pstarr wrote:I don't see how you could compare Solyndra and Eeyore . . . oops I meant to say EEStor.
.CEDAR PARK, Texas, Sept. 23, 2013 /PRNewswire via COMTEX/ -- EEStor, Inc. is pleased to announce the sale of their developed product samples to a private investor group. This group has followed EEStor's progress with day-to-day direct communications and invested in the technology development. As such they are interested to confirm certain performance statistics gleaned from EEStor, Inc. particularly as it relates to energy storage.
EEStor is particularly pleased with this sale. It is now the second sale of samples, the first being to a potential customer with particularly positive results as it relates to capacitors and energy storage. Furthermore, EEStor is now in discussions with multiple new potential customers for initial product level demonstrations
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