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Archive for February, 2010

ZAP Receives Order for 100 New Electric SUVs from Samyang Optics

February 23, 2010 2 comments

SEOUL, South Korea, SANTA ROSA, Calif., and HANGZHOU, China, Feb. 24 /PRNewswire-FirstCall/ — Electric vehicle pioneer ZAP (OTC Bulletin Board:ZAAP.obNews) has accepted a purchase order from Samyang Optics Co. Ltd. (KSE: 008080.KS) of Korea for 100 electric SUVs to be built through a partnership with China auto manufacturer Zhejiang Jonway Automobile Co. Ltd.

Samyang Optics Orders 100 ZAP/Jonway Electric SUVs

Samyang Co-CEO Christopher Kang, M.D. says he is committed to bringing ZAP to Korea as part of a government wide push for electric vehicles.

ZAP’s design of the electric version of Jonway’s A380 5-door SUV, targeting the fleet market, would conform to Korean motor vehicle regulations and be capable of 70 MPH with a range of 100 miles per charge. The target market in Korea is intra-campus transportation for large government, military, corporate and university campuses. ZAP has 15 years experience in electric vehicle systems integration and sees a growing market for conversions of gas fleet vehicles. A video of ZAP’s road testing in Santa Rosa, California is available at http://zapglobal.wordpress.com.

“The electric Vehicle market is a key new strategic focus of Samyang, and we are committed to our partnership with ZAP in developing the market for Korea,” said Samyang co-CEO Christopher Kang, MD.  “This initial purchase order is phase one of our business plan in introducing ZAP’s electric vehicles to Korea.”

Samyang, widely known for its camera lenses, is expanding into cleantech business opportunities in Korea, focusing on the electric vehicle market, an area supported by the Korean government.  Korea has announced an investment of 400bn won (US$342.6m) by 2014 for electric vehicle market development. ZAP and Samyang officials have held meetings with representatives of the Korean government to start the process of gaining government approval to import and eventually manufacture the electric SUVs domestically.  Samyang’s website is http://www.syopt.co.kr.

The initial order is expected to be assembled in China at ZAP Hangzhou, a joint venture recently formed with Holley Group, a global supplier of electric power meters based in Hangzhou, and Better World International Limited, funded by Cathaya Funds.

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.

Images:

(Photo: http://www.newscom.com/cgi-bin/prnh/20100224/SF59206)

(Logo: http://www.newscom.com/cgi-bin/prnh/20070130/SFTU060LOGO)

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

Pat Meier-Johnson
Pat Meier Associates Public Relations, for ZAP
415.389.1700
patmeier@patmeier.com

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

Zhejiang Jonway Automobile Co. Ltd.
Alex Wang (Chinese & English Language)
+86 13968699888
wg@jonway.com

Categories: Uncategorized

US Postal Service Awards ZAP Engineering Contract for Conversion of Long Life Vehicle from Gas to Electric

February 17, 2010 4 comments

Image Gallery: US Congresswoman Lynn Woolsey visits ZAP

SANTA ROSA, Calif., Feb. 17 /PRNewswire-FirstCall/ — The United States Postal Service (USPS) has awarded electric car pioneer ZAP (OTC Bulletin Board: ZAAP) an engineering contract for the design and development of an electric version of its Long Life Vehicle (LLV).

Congresswoman Lynn Woolsey visits ZAP

Click photo for image gallery: Congresswoman Lynn Woolsey visited ZAP in February to learn more about an engineering contract with the United States Postal Service.

ZAP will convert the gasoline mail truck to run on electricity as specified by the USPS at facilities in Santa Rosa, California. Following completion the converted vehicle will undergo field trials in the Washington, DC metropolitan area later this year. ZAP was selected along with four other firms in a competitive bid process held nationwide by the USPS.

Yesterday, US Congresswoman Lynn Woolsey, D-California, toured ZAP’s facility, commenting on job creation by ZAP and the Postal Service: “I so appreciate ZAP for hanging in there all these years, knowing what we should be doing as a country. I think a majority of members of Congress, the House in particular, know that they were right and that this is where we need to be investing.” A video and slideshow of the tour are available at http://zapglobal.wordpress.com/.

The USPS operates a fleet of approximately 142,000 LLVs as part of the largest civilian fleet in the world, according to USPS sources, with 218,684 vehicles traveling more than 1.25 billion miles each year. The USPS fleet consumed 444 million gallons of fuel in 2009, costing roughly $1.1 billion. Agency vehicles average 10.4 miles per gallon since most drive slowly and make frequent stops with the engine idling between mailboxes.

Rep. Jose E. Serrano (D-New York) has introduced legislation calling for at least 20,000 electric vehicles to be put into service with the USPS to reduce fuel consumption. Rep. Serrano also called for the allocation of $1.86 billion to the Energy Department and Postal Service to convert current mail trucks or manufacture new ones. H.R. 4399 entitled the American Electric Vehicle Manufacturing Act has been referred to the Committee on Oversight and Government Reform.

ZAP believes the use of electric mail trucks in the postal fleet could be a multi-billion dollar market opportunity for manufacturers of electric vehicles and have a positive impact on the environment by increasing efficiency while reducing air pollution and gasoline consumption.

About ZAP

ZAP is one of the world’s oldest consumer electric vehicle providers, having delivered over 117,000 of a broad range of electric vehicles to more than 75 countries since 1994. ZAP supplies electric trucks and vans to military and government fleets and is an innovator of electric motorcycles, scooters and ATVs. ZAP supplies 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. More information is available at 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 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. Investors should consider the risk factors described in the Company’s Form 10-K for the fiscal year ended December 31, 2008 and Form 10-Q for the fiscal quarter ended September 30, 2009, as well as other filings.

CONTACT:

Public Relations
ZAP
Alex Campbell
+1-707-525-8658, ext. 241
acampbell@zapworld.com;

Pat Meier Associates PR
+1-415-389-1700
mobile
+1-415-717-9677
patmeier@patmeier.com, for ZAP

International team working on the ZAP Alias

February 12, 2010 2 comments
ZAP Alias Electric Car Engineering Team

(Left to right) Joseph Rajakaruna, born in Sri Lanka; Frederic Marangone, France; Prasanth Radhakrishnan, born in India; Tony Wang, Chinese-Canadian; Gary Starr, Bay Area, California; and Charles Turney, from Toledo, Ohio.

ZAP is ramping up its efforts on the Alias electric car project, especially with the Progressive Insurance Automotive X Prize competition taking place in approximately two months.  Today we were walking through the facility as the engineering team meeting was finishing up. Gary Starr, who is the co-founder of ZAP, was remarking on ZAP’s diverse international engineering background.

The team comprises major automotive experience from such companies as GM, Honda and Peugeot, backed by ZAP’s 15 years electric vehicle experience.  One of these people is a veteran of the Google Lunar X Prize, can you guess who?

One final consideration is that the ZAP Alias is just one of many engineering projects currently taking place at ZAP.  ZAP has an electric SUV project with Jonway in China, further testing on its new line of ATVs, not to mention building trucks and vans to spec for fleet customers.

We are proud of the talent gathered at ZAP, but let us not forget all the others who have made this possible, every customer, stakeholder, employee, partner, contractor, supplier, dealer, as well as their friends and family members, for their commitment to transportation alternatives.

Categories: Uncategorized

Samyang Optics Reinforces Korea Electric Vehicle Partnership With ZAP by Increasing Investment to US$5 Million, ZAP Reciprocates With US$2M Investment in New EV Entity

February 2, 2010 Leave a comment

SEOUL, KOREA–(Marketwire – 02/02/10) – Samyang Optics Co. Ltd. (Korea: 008080) announced today that they are reinforcing their partnership with ZAP (OTC.BB:ZAAPNews) by increasing their original commitment of US$2 million in convertible notes, that was closed at the end of last year, to US$5 million. ZAP reciprocates Samyang Optic’s commitment by investing US$2 million in convertible bonds in the new electric vehicle business in Korea.

This agreement follows the previously announced distribution agreement entered by the parties on January 27, 2010, granting Samyang exclusive distribution rights in Korea for ZAP’s electric vehicles and agreement to support Samyang doing local assembly and possibly manufacturing ZAP’s complete line of electric trucks, vans, motorcycles, scooters and ATVs for the Korea market.

This investment further enhances the commitment between Samyang and ZAP to develop the electric vehicle market in Korea and solidifies the foundation of their strategic alliance with financing. Samyang’s investment in ZAP is part of Samyang’s core strategy in placing priority on the development of the electric vehicle market in Korea.

Electric Vehicles are one of the more visible Green Energy Industries promoted by Korea’s National Energy Committee under Korea’s President Lee Myung Bak with nationally targeted environmental metrics to be attained by 2030. This “Green Growth” initiative is stimulating a new industry sector in electric vehicles, an area that Samyang believes is rapidly gaining market momentum; it is supported by Korean government subsidies, tax benefits and funding allocations of over 400 billion won (close to US$500 million) managed by Ministry of Knowledge Economy (MKE) [Oct 15, 2009 MKE bulletin].

Further information regarding the investment agreement may be found in the Form 8-K filed by ZAP with the Securities and Exchange Commission on February 2, 2010.

Samyang, known for its camera lens manufacturing business, held a press conference to announce their entry into the new strategic business priority in Electric Vehicle market and their partnership with ZAP. The event took place at the Hilton Convention Center in Seoul, Korea last week, attended by over 500 media and related industry partners and associates. In show of support, representatives from Hangzhou government’s International Investment Group, and also the CEO of ZAP’s Chinese partner Jonway Automobile Ltd, attended the signing ceremony.

About Samyang

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 more news and information, visit http://zapglobal.wordpress.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=1166932

Contact:

Contacts:
ZAP
Alex Campbell (English Language Only)
707-525-8658 x 241
acampbell@zapworld.com
Samyang
Mr. Dong Hoon, Kim (Korean Language Only)
+82-2-6005-8719
kdh5240@syopt.co.kr
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