ZAP is pleased to announce their largest order for consumer electric
SANTA ROSA, Calif., April 18 /CNW/ -- Electric car pioneer ZAP (OTC
Bulletin Board: ZAAP) has received an order for $79 Million from a
Chicago-based start-up, The Electric Vehicle Company.
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The Electric Vehicle Company (EVC) was founded with the goal of promoting
economical non-polluting electric transportation. EVC is being funded by two
hedge funds, Diversified Equity Funding, L.P. and Diversified Strategies Fund,
LLC, which both have an investment interest in ZAP. EVC will focus on sales of
electric vehicles to municipalities, distributors, university campuses, auto
and recreational dealers, foreign countries and the military. Additionally,
the company has the goal of developing the first retail chain committed to the
sale of all electric vehicles. The two funds have committed the funding
necessary to develop the marketing organization. The hedge funds will also
provide financing for the purchase of ZAP vehicles by fleets and
ZAP CEO Steve Schneider said the order is for ZAP's electric cars, trucks
and other vehicles. Schneider noted that EVC would receive an 8% discount if
orders were filled within the next 12 months. The order is subject to meeting
the performance criteria of EVC and certain terms of ZAP.
"We believe this order, which constitutes thousands of vehicles, is the
largest order for consumer electric vehicles in history," said Steve
Schneider, CEO of publicly owned ZAP. "Many municipalities have been talking
recently about mitigating greenhouse gas emissions, so we are grateful to be
involved in this historic effort."
Schneider noted that in March, large pension funds and business
enterprises called for Congress to place limits on emissions of carbon dioxide
and other gases blamed for global warming, the latest among several
business-oriented groups to call for a national climate policy.
ZAP, the only full-line electric vehicle company in the US, made news
recently with the sale of its XEBRA electric cars and trucks, the first
vehicles designed for the US market by a Chinese automobile manufacturer. ZAP
also recently announced an automotive business plan to design a new generation
of high performance electric vehicles designed by Lotus Engineering.
Larry Spatz, of EVC, has entered into a consulting agreement with ZAP in
which he will utilize his relationships and expertise to assist in the
ZAP has been a leader in advanced transportation technologies since 1994,
delivering over 90,000 vehicles to consumers in more than 75 countries. At the
forefront of fuel-efficient transportation with new technologies including
energy efficient gas systems, hydrogen, electric, fuel cell, ethanol, hybrid
and other innovative power systems, ZAP is developing a high-performance
crossover SUV electric car concept called ZAP-X engineered by Lotus
Engineering. The Company recently launched a new portable energy technology
that manages power for mobile electronics, like cell phones and laptops. For
more product, dealer and investor information, visit http://www.zapworld.com.
Forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties, including, without limitation, continued acceptance of the
Company's products, increased levels of competition for the Company, new
products and technological changes, the Company's dependence upon third-party
suppliers, intellectual property rights, and other risks detailed from time to
time in the Company's periodic reports filed with the Securities and Exchange
707-525-8658 ext. 241
707-525-8658 ext. 232
The Electric Vehicle Co.
For further information:
For further information: Media, Alex Campbell, (707) 525-8658, ext. 241,
email@example.com, or Investors, Sherri Haskell, (707) 525-8658, ext.
232, firstname.lastname@example.org, both of ZAP; or Sonya Stay of The Electric Vehicle
Co., (847) 656-8100, Web Site: http://www.zapworld.com