ZENN Low-speed Electric Cars To Begin Shipments this Summer
Toronto, Ontario -- Feel Good Cars Corporation ("FGC") has leased a 40,000 square foot production facility in the City of St. Jerome, north of Montreal, Quebec. This facility will become Feel Good Cars’ primary production and research and development facility. As part of tuning up for production, FGC expects to receive its first shipment of 48 ZENN™ (Zero Emission No Noise) host vehicles from Microcar during May 2006. Initial production ZENN vehicles are scheduled to be shipped to dealers during the summer of 2006.
FGC has augmented its leadership team with the hiring of Mr. Gilles Allard as the Vice President of Production. Mr. Allard brings to the Company over 20 years of automotive assembly and production management experience, which includes 10 years with W.B.F. Technologies – Woodbridge Foam and 10 years with TDS Logistics – TDS Automotive. “The addition of Mr. Allard to our growing team brings direct experience in Tier 1 automotive assembly and manufacturing and will add considerable depth and knowledge to our production line by introducing extensive cost savings and efficiencies.” comments Ian Clifford, CEO of FGC.
In connection with Mr. Allard’s appointment, subject to regulatory approval, FGC has agreed to grant 30,000 options to Mr. Allard under its stock option plan. The options will vest in three equal tranches on the anniversary date of the grant and will have an exercise price in the context of market at the time of grant.
Last month FGC launched a two-pronged US-based dealer tour on March 7th (East Coast) and March 12th (West Cost). Three production prototype ZENN vehicles are involved in the tours. The company is pleased with the overall reception and achievements to-date and is in advanced contract negotiations with a number of prospective Dealers. These initial Dealer tours will continue throughout May and June 2006.
Feel Good Cars had a ZENN vehicle featured at the North American International Auto Show in Detroit, Michigan from February 8th to 22nd. The ZENN, which was the official vehicle of NBC affiliate WDIV, had the distinct privilege of being driven on the show floor during the auto show, something only possible by virtue of its Zero Emission No Noise characteristics. WDIV conducted live interviews and reviews of the auto show directly from the driver seat of the ZENN which was equipped with a satellite transmitter for live feed of the footage. A selection of this footage can be viewed at FGC’s website, www.feelgoodcars.com
EEStor, Inc. of Texas is developing a new type of battery called an Energy Storage Unit (“ESU”) which is a high-power-density ceramic ultra capacitor. This energy storage technology is projected to store up to 10x the energy (by weight and volume) of lead-acid batteries at the same cost. In addition, the ESU is projected to store up to 1.5 to 2.5 times the energy of Li-Ion batteries at 12 to 25% of the cost. As a solid state energy storage device, the ESU is projected to have virtually unlimited life of deep cycle usage in addition to being rechargeable in just minutes.
In September of 2005 FGC entered into an agreement with EEStor to acquire worldwide exclusive right to purchase ESU’s for the small vehicle market and golf carts (up to 100 HP and 1200 kgs curb weight).
EEStor recently informed FGC that it continues on schedule in the commercialization of the ESU. FGC is up to date and current with its commitments to EEStor Inc. with the next milestone consisting of independent 3rd party verification of EEStor’s technology, expected during the summer of 2006.
About Feel Good Cars Inc:
Feel Good Cars is dedicated to producing zero-emission transportation solutions for global markets, including the revolutionary ZENN, a perfect new urban vehicle. For further information, please contact:
Ian Clifford, Chief Executive Officer
Feel Good Cars Corporation
T: (416) 535-8395 ext 202
F: (416) 535-4043
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