MILWAUKEE, WI--(Marketwire - 06/08/11) - ZBB Energy Corporation (AMEX:ZBB - News), the leading developer of intelligent, renewable energy power platforms, announced today that ZBB Technologies Limited, the Company's wholly owned Australian subsidiary, is conducting core research activities in connection with flow battery cell research including activities under the Honam Collaboration Agreement. Also, as a result of the Company's continuing research activities in Australia and the implementation and expansion of research activities by ZBB Technologies Limited, the Company is eligible to receive up to $700,000 under the Australian government's R & D tax credits program for fiscal years 2010 and 2011. The Company has received confirmation from the Australian Tax Office that the Company will receive approximately $600,000 on June 15, 2011 as the result of ZBB's eligibility for this tax credits program.ZBB Technologies Limited conducts the core research for the Company's flow battery technology development, and also conducts several key research activities in connection with the Company's Collaboration Agreement with Honam Petrochemicals.The Australian R & D tax credits offset program was created by the Australian government to provide Australian businesses with a reward for research and development innovation. By introducing the
R & D tax credit program, the Government is seeking to motivate Australian business with an additional incentive to dedicate increasingly scarce resources to R & D activities.The tax credit refund is a cash payment to the Company. $180,000 of the refund was recognized as an accrued tax refund receivable in the third quarter and is shown as a provision (benefit) for income taxes. The balance of the $700,000 is anticipated to be recognized as an additional tax provision (benefit) in the fourth quarter."We're very pleased with the execution of the Honam Collaboration Agreement and with our capabilities in Australia to conduct activities necessary for the agreement. Our personnel in Australia are important for the successful achievement of the goals under the agreement. We are also appreciative of the resources in the form of the R & D tax credit provided by the Australian government for this type of research activity," said Eric Apfelbach, CEO and President of ZBB Energy. "We plan to expand our research efforts in Australia."About ZBB Energy Corporation
ZBB Energy Corporation (AMEX:ZBB - News) provides advanced electrical power management platforms targeted at the growing global need for distributed renewable energy, energy efficiency, power quality, and grid modernization. ZBB and its power electronics subsidiary, Tier Electronics, LLC have developed a portfolio of intelligent power management platforms that directly integrate multiple renewable and conventional onsite generation sources with rechargeable Zinc-Bromide flow batteries and other storage technology. The company also offers advanced systems to directly connect wind and solar equipment to the grid and systems that can form various levels of micro-grids. Tier Electronics participates in the energy efficiency markets through their hybrid vehicle control systems, and power quality markets with their line of regulation solutions. Together, these platforms solve a wide range of electrical system challenges in global markets for utility, governmental, commercial, industrial and residential end customers. A developer and manufacturer of its modular, scalable and environmentally friendly power systems ("ZESS POWR™"), ZBB Energy was founded in 1998 and is headquartered in Wisconsin, USA with offices also located in Perth, Western Australia. For more information visit www.zbbenergy.com.Safe Harbor
Certain statements made in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or other comparable terms. Forward-looking statements in this press release may address the following subjects among others: statements regarding the sufficiency of our capital resources, expected operating losses, expected revenues, expected expenses and our expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports of Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.