ZAP Announces $100 Million in Orders
SANTA ROSA, Calif.--(BUSINESS WIRE)--March 9, 2005---ZAP (OTCBB: ZAPZ), pioneering the next generation of advanced transportation and energy technologies, has announced that the Company has crossed the $100 million threshold for purchase orders for its SMARTCAR high gas mileage vehicles. Steve Schneider, CEO of ZAP, made the announcement.
"The high rate of new purchase orders we've been booking for the Smart Car has further confirmed that the American public is eager to purchase cars that will help drivers save significantly on gasoline costs as well as enable them to take meaningful steps to protect the environment," said Mr. Schneider. "Millions of American consumers have already demonstrated a strong interest in fuel-efficient transportation, as evidenced by the popularity of minicars and fuel-efficient hybrid vehicles from leading automotive makers. We believe the Smart Car, which is already a major success throughout Europe, will define the next generation of fuel-efficient and hip transportation for Americans."
The new orders follow the Company's announcement last month totaling $55 million from dealers who want to supply consumer demand for cars that provide substantial advantages in gas mileage, in a safe and stylish vehicle. The Smart Car, one of ZAP's next-generation automobiles, was debuted for dealers in January, at the annual convention of the National Automobile Dealers Association Dealers (NADA) in New Orleans. The Company booked approximately $21 million in purchase orders at that convention and anticipates it will receive continuing SMARTCAR purchase orders from U.S. dealers as it further expands its national dealer network for its line of innovative ZAP Cars(R).
ZAP is continuing to assess potential additional partners to supply the fast-growing U.S. demand for Smart Cars. It has been meeting with prospective manufacturing partners and suppliers in the U.S., China and in other countries. The Company added that efforts to broaden its Smart Car auto dealer network throughout the country have proceeded faster and more successfully than initially projected.
"Demand for the Smart Car growing sharply, and we're focusing a great deal of energy on our business plan to build strong relationships worldwide with vendors, subcontractors, suppliers and all of the government agencies to help ZAP bring Smart Cars and other advanced transportation vehicles to the U.S. market," said Mr. Schneider.
ZAP "Americanizes" the European-made Smart Car to meet U.S. safety and emissions standards at its facility in California. The small and maneuverable SMARTCAR is one of the most fuel-efficient internal combustion vehicles available. With the ability to park in the space of a motorcycle, the two-passenger SMARTCAR coupe is designed to address many of the serious problems of crowded urban traffic and rising fuel prices. Its unique Tridion Safety Cell, manufactured from high-tensile steel, forms the core safety element of each SMARTCAR. It creates a cage-like safety structure for the occupants, making the SMART coupe one of the safest small cars on the road. Additional SMARTCAR design features include advanced "crashbox" low-speed dent-resistant body panels, dual airbags, performance engine and transmission technology, and a range of standard features and options. ZAP also produces all-electric cars, scooters, bikes and ATVs.
ZAP, Zero Air Pollution(R), has been a leader in advanced transportation technologies and energy products since 1994. ZAP serves the multi-billion-dollar markets for next-generation transportation and power products through three divisions: ZAP Automotive; ZAP Personal Transportation; and ZAP Energy. The Company has delivered more than 90,000 fuel-efficient and pollution-free vehicles powered by gasoline, electric, hydrogen and other fuels to customers in more than 75 countries around the world.
ZAP holds exclusive license from Smart-Automobile LLc to deliver the popular European-made Smart Car, a high-efficiency gas vehicle, to the American marketplace. ZAP "Americanizes" the Smart Car to meet U.S. federal and state safety and emissions standards. The U.S. Environmental Protection Agency and the Department of Transportation have approved a Smart Car model Americanized by ZAP for domestic use in 45 U.S. 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.
The Company's all-electric vehicles include the ZAP Intimidator LUV and ZAP Worldcar neighborhood and urban electric cars, ZAPPY(R) Scooters, Mobility Scooters, Bikes, and All Terrain Vehicles (ATV). These products offer convenient, dependable and fun transportation that's heavy duty, powerful, and noise-free. The ZAP Portable Energy division has developed a next-generation, multi-use battery for electronic products that deliver up to four times the power of typical batteries, to charge or power a variety of devices, including cell phones, digital cameras, DVD and MP3 players, camcorders and laptops. To view online videos about ZAP, visit http://www.zapworld.com/about/video.asp. For more information, visit http://www.zapworld.com. For investor-specific information, please visit http://www.trilogy-capital.com/tcp/html/zap.htm.
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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