ZAP Orders for Smart Car Top $40 Million
SANTA ROSA, Calif., Feb. 2 /PRNewswire-FirstCall/ -- Major U.S. automotive dealers gave industry pioneer ZAP (OTC Bulletin Board: ZAPZ - News) an additional $16,000,000 in purchase orders for the Smart Car Americanized by ZAP. This is in addition to the original $21,000,000 reported on February 1. This brings the total amount of purchase orders received from the NADA show to over $37,000,000, bringing orders in hand to over $40,000,000. The company is still in the process of tallying up all the purchase orders received at the show.
ZAP now has U.S. compliant Smart Cars available for sale and today is hosting a demonstration to the media by appointment in the Los Angeles area. The Smart Car needs to undergo testing to meet California emissions standards, followed by New York, Maine, Massachusetts and Vermont, before it can be sold in these states.
"We had just an understated 10-by-10 booth, the smallest one there," said CEO Steven Schneider, "but the desire for the car was overwhelming, as evidenced by the orders received."
The SMARTCAR enables ZAP to accelerate its business plan of establishing a ZAP auto dealer network that caters to socially responsible car buyers with advanced automotive technologies, including fuel-efficient automobiles powered by gasoline, electric, hydrogen and other fuels. The publicly owned Northern California Company made a name for itself over the past decade pioneering the market for electric cars, bikes and scooters.
Smart-Auto LLC is an independent, privately-held company that oversees the direct importation and modification of automobiles to meet U.S. standards.
ZAP has been a leader in clean transportation technologies since 1994, delivering more than 85,000 vehicles to customers in more than 60 countries. A public company, ZAP is traded on the Over-the-Counter Bulletin Board under the stock symbol ZAPZ. The company offers a variety of advanced technology vehicles, including electric cars, bicycles, scooters, motorbikes, underwater scooters and more. For more information, visit http://www.zapworld.com or call +1-707-525-8658. 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-Auto LLC.
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 Commission.
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ZAP's complaint, filed on October 28, 2005 in the Los Angeles Superior Court, details a series of anti-competitive tactics, aimed at defaming ZAP and disrupting its third-party business relationships.
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