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Samyang Optics Announces Partnership With US Electric Car Maker ZAP for Korea Market With Press Conference Extravaganza at the Grand Hilton Convention Center, Seoul, Korea

January 27, 2010 Leave a comment
Execs from Jonway, ZAP and Samyang Optics Shake Hands to Partner for Electric Transportation

(Left to Right) Alex Wang of Jonway, Steve Schneider of ZAP, and Christopher Kang, MD, of Samyang shake hands on an electric vehicle manufacturing and global marketing partnership signed Jan. 27, 2010 in Seoul, Korea

SEOUL, KOREA–(Marketwire – 01/27/10) – Samyang Optics Co. Ltd. (Korea: 008080) announced today at a special press conference extravaganza event held at the Grand Hilton Convention Center in Seoul, Korea, that it has signed a distribution agreement with California electric transportation pioneer ZAP (OTC.BB:ZAAPNews) for the exclusive rights to manufacture, assemble and market ZAP’s complete line of electric trucks, vans, motorcycles, scooters and ATVs in Korea. This event was well attended by more than 500 people, with 150 people from the media, including media coverage by SBS, YTN, and MBN television stations in Korea.

This partnership is part of Samyang’s broader strategic plan to enhance its core business with a new thrust in cleantech, focusing on Korea’s increasing market opportunities in electric vehicles. The agreement establishes Samyang as ZAP’s exclusive distributor and assembly partner, leading to potential manufacturing for its electric vehicles in Korea. The distribution agreement commits Samyang to set up manufacturing facilities and distribution hubs in Korea with annual procurement quotas. The electric vehicle bodies will be produced by ZAP’s recently announced manufacturing partner, Zhejiang Jonway Automobile Co. Ltd., and use the electric power train technology and engineering designed by ZAP and produced by ZAP Hangzhou, the joint venture between ZAP, Holley Group and Better World International.

Samyang, known for its camera lens manufacturing business, held a press conference today to announce this new strategic core business strategy targeting global growth in clean technologies. Under the distribution agreement, Samyang has secured the exclusive Korean distribution, assembly and eventually manufacturing rights for ZAP’s latest and upcoming electric vehicle models, including the ZAP Alias electric car and the recently announced A380 5-door electric SUV (sports utility vehicle), developed by ZAP and Jonway. Preproduction models of each were showcased in Korea for the announcement. Samyang will be taking delivery of ZAP’s electric vehicles from ZAP Hangzhou until their facilities are equipped to begin assembly in Korea.

Samyang’s Co-CEO Christopher Kang, MD established the framework of this partnership with ZAP’s President Gary Dodd at the North American International Auto Show held recently in Detroit. Dr. Kang says, “Samyang decided to partner with ZAP because of its extensive industry knowledge in electric vehicle production and the breadth and maturity of its current line of electric vehicles.” According to Mr. Dodd, the expansion of ZAP’s market through this partnership with Samyang in Korea further solidifies its strategic goals of supplying electric vehicles to global markets.

The Ministry of Knowledge Economy for Korea has announced plans to commercialize electric vehicles with an investment of 400bn won (US$342.6m) by 2014 on research and development for high-performance batteries and other related electric vehicle subsystems. The Ministry of Knowledge Economy has announced a goal of capturing 10 percent of the global market for zero-emission plug-in cars by 2015 with the target of having all-electric vehicles comprise 10 percent of domestic sales of small-size cars by 2020. This partnership is focused on addressing this opportunity.

Attending the press conference today were Samyang Co-CEOs and Directors Christopher Kang, MD and Sang-Yoon Rhee, along with ZAP Chairwoman Dr. Priscilla Lu, ZAP CEO Steve Schneider, ZAP President Gary Dodd, ZAP Hangzhou CEO Raymond Yang, Jonway CEO Alex Wang, Junfeng Feng, VP of International Investments for the Yuhang District of China, home to ZAP Hangzhou, and other officials.

Samyang Optics Co., Ltd.

Samyang, located in Masan, Korea, is a developer of optical lenses and a range of applications for closed circuit television systems used extensively in highly important security settings such as casinos and banks, as well as government and commercial buildings. Founded in 1972, Samyang’s securities are publicly traded on the Korean stock exchange. Samyang is an exclusive supplier for “Made in Korea” lenses to Sears and has made lenses for Nikon, Canon, Minolta and Yashica. In 2004 Samyang merged with Japanese optical device maker Seikou.

About ZAP

ZAP is one of the world’s oldest electric vehicle providers, having delivered over 117,000 of a broad range of vehicles to more than 75 countries since 1994. ZAP supplies electric trucks and vans to military, government and corporate fleets and is an innovator of electric motorcycles, scooters and ATVs. The Santa Rosa, California based company offers some of the only electric city-speed cars and trucks in production today and is leveraging its accrued technology know-how in developing a cost effective high-speed electric car called the ZAP Alias. For further information visit http://www.zapworld.com.

About Holley Group

Holley Group is the parent of Holley Metering Limited, a global leader in electric metering with diversified businesses spanning pharmaceuticals, real estate, telecommunications and IT. Holley employs more than 12,000 people and over 800 R&D personnel worldwide. Headquartered in Hangzhou, Holley operates manufacturing in China, Thailand, Argentina and Uzbekistan. Holley products are sold through offices in major cities throughout China, India as well as South East Asia and the European markets. For more information, visit http://www.holleymeter.com/en.

Safe Harbor Statement

This press release contains forward-looking statements. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of ZAP’s products, increased levels of competition, new products and technological changes, ZAP’s dependence upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the ZAP’s periodic reports filed with the Securities and Exchange Commission.

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1162864

Contact:

ZAP
Alex Campbell, English Language Only
+1-707-525-8658 x 241
acampbell@zapworld.com

Samyang
Mr. Dong Hoon, Kim (Korean Language Only)
+82-2-6005-8719
kdh5240@syopt.co.kr
Categories: Press Releases

ZAP, Jonway Partner to Target China Electric SUV Market

January 21, 2010 2 comments

Companies Agree to Develop, Manufacture and Market Electric Compact SUVs and Other Vehicles in China for Worldwide Distribution

SANTA ROSA, CA and TAIZHOU, CHINA–(Marketwire – 01/21/10) – US electric vehicle pioneer ZAP (OTC.BB:ZAAPNews) and China auto manufacturer Zhejiang Jonway Automobile Co. Ltd. announced a commercial agreement to produce electric sport utility vehicles (SUVs), cars and other electric vehicles in China for domestic and global distribution.

ZAP and Jonway partnered on the production of the 5-door Jonway A380 SUV, integrating the latest AC propulsion and lithium battery system technologies to produce a high performance mid-range electric vehicle (EV) that ZAP intends to offer to the fleet market in China. Jonway currently manufactures several thousand units per month of its A380 compact SUV in 3- and 5-door models and is expanding its product line with new model sedans and other automobiles.

The agreement with Jonway is part of a multi-phase business plan ZAP is implementing to target the China electric vehicle market. ZAP chose the Jonway partnership in part because last year Jonway produced one of the first vehicles made in China to meet international standards of quality, including ISO 9000, China Compulsory Certification (CCC) and most recently passing certification for import to the European Union. The Taizhou-based automaker markets and sells vehicles in China through a network of over 600 auto dealerships. Jonway has the capacity to produce up to 50,000 vehicles per year currently at its facilities in Taizhou with capacity and support from the government to expand as the business scales.

ZAP and Jonway believe the partnership will leverage ZAP’s long-standing history in electric vehicles, experience in systems integration and worldwide sales for a broad range of EVs. Under the exclusive agreement, ZAP and Jonway take the electric drive systems designed by ZAP and integrate them into the reengineered EV SUV that will be produced by Jonway. ZAP will perform research and development of the core technology in Santa Rosa, California and license the technology for this partnership. ZAP and Jonway will jointly market and sell electric vehicles in China, North America and Europe to broaden market reach.

In 2009, China overtook the United States as the world’s largest automobile market with sales increasing 46 percent from 2008 to 13.6 million vehicles in 2009, according to the China Association of Automobile Manufacturers.

ZAP hopes to leverage a stimulus from the government for plug-in forms of transportation. The Chinese State Council General Office announced that it intends to raise its annual production capacity to 500,000 all-electric cars, hybrids and buses by the end of 2011. To stimulate the growth, China’s Economic Construction Department has put in place a 60,000 RMB, approximately US$8,800, manufacturers subsidy per electric vehicle produced and sold in China.

About Jonway

Jonway is the trade name of Zhejiang Jonway Automobile Co., Ltd., an automobile manufacturer based in Taizhou, Zhejiang, China that currently produces two SUV models, the A380 3-door and the A380 5-door configurations. Zhejiang Jonway Auto is a subsidiary of Jonway Group, which has been a leader in the manufacturing of motorcycles, ATVs and related products for more than 20 years. In 2009, the Company sold more than 120,000 vehicles internationally in the European Union and the United States and has a capacity to build up to 400,000 vehicles annually. The Company recently began producing electric motorcycles and related vehicles. Jonway Group and its subsidiaries also produce motor parts, light building materials, air-compressors and plastic components while managing a portfolio of real estate holdings. Jonway Group owns several manufacturing subsidiaries throughout China with a total manufacturing space of 57.3 hectares employing more than 1,000 personnel.

About ZAP

ZAP is one of the world’s oldest electric vehicle providers, having delivered over 117,000 of a broad range of vehicles to more than 75 countries since 1994. ZAP supplies electric trucks and vans to military, government and corporate fleets and is an innovator of electric motorcycles, scooters and ATVs. The Santa Rosa, California based company offers some of the only electric city-speed cars and trucks in production today and is leveraging its accrued technology know-how in developing a cost effective high-speed electric car called the ZAP Alias. For further information visit http://www.zapworld.com.

Safe Harbor Statement

This press release contains forward-looking statements. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of ZAP’s products, increased levels of competition, new products and technological changes, ZAP’s dependence upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the ZAP’s periodic reports filed with the Securities and Exchange Commission.

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1158269

Contact:

Contacts:
Alex Campbell
ZAP
707-525-8658 x 241
acampbell@zapworld.com
Alex Wang
Jonway
+86 13968699888
wg@jonway.com
Categories: Press Releases
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