ZENN chair resigns, CEO dumped and working relationship with EEStor tightened

ZENN has just put out a press release to discuss the outcome of a strategic review. Company chair Rick McGraw has decided to resign because of the “greater time commitment” being required of his role. CEO Brian Cott is also stepping down, which I was fully expecting. The company says that beyond these management changes it will continue to simplify the structure of the company with a eye to increasing its working relationship with EEStor. “As part of the strategic review, the Board spent considerable time in meetings and discussions with EEStor to determine the best path for the Company going forward. A strong relationship with EEStor is the Company’s priority. The pace of development and achievement of key milestones as well as disclosure relating to these events are all under the control of EEStor. The Company maintains a regular dialogue with EEStor and intends to increase its interaction with EEStor and, where appropriate, collaborate with and assist EEStor,” according to the release.

All of this is no surprise. ZENN is trying┬áthe best it can to conserve cash until EEStor delivers on what it has promised. There are no shocking departures here. All restructuring is orderly, and that is a good sign. And while we’re all impatient to see whether EEStor can deliver, I guess the good news is that the ZENN/EEStor relationship remains strong and the two companies are planning to work more closely together. Being a media guy, however, I’m still uber curious about the role that Allan Greg is playing here on EEStor’s board.

5 thoughts on “ZENN chair resigns, CEO dumped and working relationship with EEStor tightened”

  1. @Tyler, Why don’t you contact Ian Clifford and ask him what happened to EESTor’s “imminent” reveal that was to occur for the last 5 years? Or better yet, call up Dick Weir, ask him if he is assembling EESUs and ahead of schedule as he stated to investors back in 2009? Play this recording for DW if he doesn’t remember what he stated to the investors: http://www.4all.com/uploads/DW_Confcall_jun2009.mp3

  2. I have been following the ZENN/EESTOR saga for a few years now- and while the frustration mounts with each passing year for some (heck, most!), I am still cautiously optimistic- after all- it takes time for world-changing, revolutionary technology- what’s one or two bumps in the road;-)

  3. With this move, ZENN acknowledges what most of the world has seen for years: ZENN has been a dead company walking. EESTOR has never established proof of their basic technology claims. It is all but fully guaranteed that they never will anymore than AEC could have ever delivered the magic hydrogen pills ZENN bought into before signing up with EESTOR.

  4. Like I said…

    It is funny how irrationally emotional folks, with no vested interest, get about ZENN and EESTOR. They seem to take delays personally, and from the safety of Internet annonymity cry scam and/or liar. It is amazing to me that these people have no understanding of how things work- how hard it is for any new startup, even one with an easy to make product, much less a never-seen-before-industry-changing product, to make it. Something like 80% of all new businesses fail in the first five years- at least ZENN has been good about conserving cash while waiting for EESTOR. And EESTOR? So it is taking longer than they thought- shoot, they may never make it commercially for a variety fo reasons that have nothing to do with scam or lying. I think you can still count on one hand the amount of press releases EESTOR has issued over the last eight years (oh- and one taped conversation with multiple interpretations)- not exactly the driver for a scam.

    Will EESTOR, and by extension ZENN, make it? I have no idea- but I know enough to understand they may yet deliver and that it may be another 2-3 years down the road- or not at all. In the case of EESTOR, Patience is a virtue. At least in this long interim it makes for an intriquing and compelling story;-)

  5. I am also very curious about what Gregg will be doing with the Board and for the company.

    I have recently read that he is now doing less media things and he has indicated that he is putting his energy into his other interests. Zenn and EEStor appears to be one of his other interests.

    I am also curious as to why John Robert Wallace resigned from Zenn after such a short time.

    For many of us on the fringe of this story recent events are very difficult to read!

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