A day later, at ZENN's AGM in Toronto, company chairman and chief executive James Kofman gave EEStor investors and groupies a clearer picture of what to expect in the months ahead, and spoke about the state of ZENN's relationship with EEStor, which hasn't disclosed anything publicly since 2009.
"The relationship between ZENN and EEStor
is as strong as it's ever been, and certainly stronger than it's been in many, many years," Kofman
A number of directors have kept a regular dialogue with him, and also have visited with EEStor
in Texas," said Kofman
, in an effort to give investors more confidence that ZENN
isn't oblivious to what's going down in Austin.
"We now have a very clear agreement with EEStor
which provides for a mechanism for them to publicly reveal where their technology is, and to do so certified by a third-party expert in the near term."
continued: "Dick is a very secretive person, he's very careful about his patents, and we respect that.
"We're expecting this before the summer, if not well before that time," said Kofman
"It's coming, and it's very specific on what needs to be disclosed.
So we're excited."
continues to file patents and work on its patent portfolio.
"That's critical because there's a lot of competition out there.
made clear that whatever developments there are at EEStor
the technology, for all its potential, isn't going to change the world tomorrow.
"I think we've recognized that technology doesn't just happen overnight.
So even if there is in the near term some public disclosure that says where you are, it doesn't mean you can just plug it into your Chevy Volt...
It's likely the EEStor technology will be used in some of the simpler applications well before automotive."
Asked by one shareholder about EEStor's competitive advantage against other up-and-coming technologies and startups, Kofman
replied: "I don't want to put words in Dick's mouth.
dismissed the idea.
The reason why this update should not be dismissed as just another EEStor striptease is that it's coming from Kofman
, who is highly respected in the Toronto financial community and has his
own reputation to protect. (See this little backgrounder prepared by TheEEStory.com).
A veteran investment banker who worked at UBS Canada until 2009, Kofman joined Cormark Securities last fall as its vice-chairman.
He holds that role in parallel to his dual chairman/CEO role at EEStor, which he first joined as a director in March 2011.
As one Cormark colleague of Kofman's
told me recently: "He's
far too busy here, and it's far too lucrative, for him to waste time at ZENN
felt it was ultimately worth it."
, it should be pointed out, isn't getting paid.
taking stock options only in the hopes that his
contributions to ZENN
will pay off.
If nothing happens, he
gets zero back - pretty much the same position ZENN shareholders are in. Shareholders seem to like the message.
Tags: EEStor, James Kofman, ZENN