ZAP Receives Warning from Pacific Stock Exchange
SANTA ROSA, Calif.--Dec. 28, 2005--Automotive Pioneer ZAP (PCX:ZP) announced that it has been advised by PCX Equities (PCXE), a subsidiary of the Pacific Exchange (the PCXE staff), that the Company is currently not in compliance with the PCXE's listing requirements for share bid price set forth in the PCXE Rule 5.5(h)(4).
The notification does not in itself result in delisting of the Company's securities. ZAP will need to adhere to certain compliance criteria in order to continue trading on the PCX exchange. "We are exploring a variety of options to address this situation. We will be working diligently with PCXE to facilitate their review of the Company's listing eligibility," stated Mr. Steven M. Schneider, CEO of ZAP.
ZAP will be submitting written material to the PCXE by January 9, 2006 which will outline their plans to regain compliance and maintain an active status on the Pacific Exchange, including an updated business plan, corporate investor relations strategy and various other initiatives the Company is taking. A review will take place on January 19, 2006 by PCXE. ZAP will continue to trade on the PCXE under the ticker symbol ZP until further notice.
ZAP, Zero Air Pollution(R), has been a leader in advanced transportation technologies since 1994, delivering over 90,000 vehicles to consumers in more than 75 countries. ZAP has a 10-year license with eight and a half years remaining on the technology developed by Smart-Automobile LLC to Americanize the popular European-made Smart Car for the U.S. marketplace. ZAP "Americanizes" the Smart Car to meet U.S. federal and state safety and emissions standards through registered importers. ZAP currently complies with regulatory requirements in all states except California and four other states. ZAP is not affiliated with, or authorized by, smart gmbh, the manufacturer of Smart automobiles, or the smartUSA division of Mercedes-Benz LLC, the exclusive authorized U.S. importer and distributor of those vehicles. ZAP purchases its vehicles from non-affiliated direct importer Smart-Automobile LLC. For more information, visit http://www.zapworld.com.
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