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ZAP Jonway Announces Extension of US$19 Million Convertible Note

December 29, 2011 1 comment

SANTA ROSA, Calif., Dec. 29, 2011 (GLOBE NEWSWIRE) — ZAP (OTCBB:ZAAP), also known as ZAP Jonway, a designer and manufacturer of electric vehicles (EVs), announced ZAP and China Electric Vehicle Corporation, or CEVC, an entity affiliated with Cathaya Capital, have agreed to extend the maturity date of the US$19 million convertible note held by CEVC until August 12, 2012.

Dr. Priscilla Lu, Chairman of ZAP and General Partner of Cathaya Capital, stated: “We are pleased with ZAP Jonway’s progress on its new EV model rollout planned for the first half of 2012. The ZAP and Jonway teams are working very well together with the common goal of executing on our new model rollout plan and delivering revenue from our next generation models. This extension gives the company time to achieve its 2012 deliverables and results.” CONTINUED===>

Webcast and Transcript – ZAP Jonway 1Q2011 Financial Results Conference Call

May 25, 2011 1 comment
Dr. Priscilla M. Lu, the Chairman of the Board for ZAP

ZAP Board Chair, Dr. Priscilla M. Lu

Date: 1:30 PM PDT, May 25, 2011

Audio WebcastClick Here

Presenters

Priscilla Lu, Ph.D, Chairman

Steve Schneider, Co-CEO USA

Alex Wang, Co-CEO China

Benjamin Zhu, CFO

Priscilla Lu: Good afternoon ladies and gentlemen; greetings to everyone in the other time zones. Welcome to ZAP’s 1Q2011 Earnings Call.  We plan to be doing these quarterly earnings calls on a regular basis from now on.

I am Dr. Priscilla Lu, the Chairman of ZAP.  With me are Steve Schneider, Co-CEO of ZAP Jonway, Alex Wang, Co-CEO of ZAP Jonway for the Jonway Automobile manufacturing and sales in China, and Benjamin Zhu, our CFO for ZAP Jonway.  I will start with the Safe Harbor Statement, Forward-Looking Statement that we will proceed to read.

Read more…

PODCAST: KQED Public Radio Interviews ZAP Execs

January 27, 2011 2 comments

The KQED News LogoKQED Radio’s Rachael Myrow visited ZAP in December for a series they are doing as part of their California Report, called “Shifting Gears.”  She interviewed ZAP’s founder Gary Starr as well as ZAP Chairwoman Dr. Priscilla Lu in a piece called “California: EV Designer for the World.” The two ZAP executives offered incite into ZAP’s plans in China, including plans for acquiring Zhejiang Jonway Automobile Co. Ltd., which was announced yesterday. Tune into the podcast and view the slide show on KQED’s website.

Source: KQED News

See Also: ZAP Completes 51% Acquisition of Jonway Automobile of China, Cathaya Capital Funds a Total of US$36 Million

ZAP Completes 51% Acquisition of China’s Jonway Automobile, Cathaya Capital Funds Total of US$36 Million

January 25, 2011 11 comments

New U.S.-China Automaker Aims at Emerging Electric Car Market

SANTA ROSA, California (January 25, 2011) – Electric vehicle market pioneer ZAP (OTC BB: ZAAP) announced today that it has completed its acquisition of 51 percent of the capital stock of Zhejiang Jonway Automobile Co. Ltd. of Sanmen, Zhejiang, China. Cathaya Capital LP has funded the aggregate amount of US$36 million.

White ZAP SUV-style Taxi

The ZAP Jonway Electric Taxi SUV is anticipated for production by June 2011.

The final payment of US$19 million related to the acquisition was made on January 21, 2011 with the funding from Cathaya Capital. Total cash payment for the acquisition of 51 percent of Jonway Automobile was US$30,030,000.

With ZAP’s electric vehicle (EV) technology expertise and international experience, the combined company intends to build the necessary production platform to address the Chinese EV market. The newly combined company, to be renamed ZAP Jonway, will leverage Jonway Auto’s A380 SUV, as well as its established distribution channels to the Chinese market with over 90 direct dealers. ZAP Jonway will manufacture and sell SUVs powered by ZAP’s electric drive train and expects to benefit from the 60,000 RMB (approximately US$9,000) government incentives granted to electric car buyers.

Jonway Automobile anticipates vehicle sales for its gasoline A380 SUV to increase by 40 percent to over 10,000 vehicles in 2011 compared to 2010. In 2009, its first year of sales, Jonway Automobile experienced sales of 4,000 SUVs, which rose to over 7,000 in 2010, each with a sales price of around US$11,000. ZAP Jonway is currently adding to its manufacturing production lines to deliver the A380 EV SUV by the anticipated date of June 2011 and ZAP’s ALIAS EV roadster by September 2011.

The ZAP Alias Electric Car

The Alias is anticipated for production by September 2011.

“Jonway Automobile’s revenues from selling its gasoline vehicles will help build the foundation for ZAP Jonway’s growth in the electric vehicle market, allowing ZAP to focus on further strengthening its EV technology, reinforced by Jonway’s manufacturing production expertise and ready market access to China,” said Dr. Priscilla Lu, founder and general partner of Cathaya Capital, a Cross Border Fund focused on China. Dr. Lu has served as Chairman of the Board for ZAP since September 2009. Cathaya Capital has invested US$36 million in ZAP since September 2009 with the goal of completing this 51 percent acquisition of Jonway Automobile.

Jonway Automobile is ISO 9000 certified with over 3.6 million square feet of fully provisioned factory space on 141 acres of land.

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.

Contact:
Alex Campbell
ZAP Jonway USA
+1-707-525-8658 x 241
acampbell@zapworld.com

Jessica Gao
ZAP Jonway China
+86 13511038395
juan.gao@zapworld.com

ZAP Provides Update on Jonway Automobile Acquisition

November 18, 2010 Leave a comment

SANTA ROSA, Calif., Nov 18, 2010 (BUSINESS WIRE) — Electric vehicle pioneer ZAP (Stock Symbol: ZAAP) completed its initial down payment of US$10 million towards the 51% acquisition of Jonway Automobile. Jonway Automobile plans to complete an audit of its financial statements by December 31, 2010 and thereafter, ZAP intends to finalize the acquisition with the payment of the US$19 million balance of the US$29 million purchase price.

The Logo for Zhejiang Jonway Automobile Co. Ltd.Jonway Automobile reported sales of over 4,000 gasoline vehicles through the end of September 2010, and projects total sales of over 6,500 vehicles by December 31, 2010. Jonway Automobile reported that wholesale sales prices of the vehicles averaged US$10,000. Jonway Automobile projects year-end revenues for 2010 to increase more than 40% compared to last year with its current gasoline vehicle product line. Jonway Automobile reports that it is debt-free, cash flow positive and able to finance its gasoline product revenue growth at the same rate for 2011.

Under the new equity structure, Jonway Automobile will be 51% owned by ZAP, and 49% by its original parent Jonway Group. This equity ownership transfer was approved by the Chinese government on October 3, 2010. Jonway Automobile plans to ramp up production of the A380 SUV electric vehicle (EV) in the first half of 2011 together with ZAP’s Alias EV by third quarter 2011 at their Sanmen, Zhejiang factory. By combining Jonway Auto’s ISO 9000 manufacturing facilities, capable of delivering over 50,000 vehicles per year, with ZAP’s EV technologies, products and expertise, the company aims to lead the emerging EV fleet market in China.

Alex Wang (Wang Gang) was recently appointed by ZAP’s board to be Co-CEO of ZAP. ZAP (Jonway) will expand the market to sell both gasoline and EVs from China to rest of the world.

ZAP (Jonway) recently showcased its EV product line at the 25th Electric Vehicle Symposium in Shenzhen to launch its EV sales in China targeting volume production delivery by the first half of 2011.

Focused on delivering quality products, Jonway started to sell its A380 SUV product line last year, offering quality and value incorporating a Mitsubishi power train. ZAP (Jonway) plan to enhance manufacturing facilities to produce electric vehicles in Jonway’s 3.6 million square feet of factory facilities on the 141 acres of land in Sanmen, Zhejiang Province, China.

About ZAP

ZAP is one of the oldest EV companies with extensive industry experience in EV product design and conversions. ZAP supplies electric trucks and vans to the military, government and corporate fleets and is one of the early pioneers of electric motorcycles, scooters and ATVs. The Santa Rosa, California based company offers a product line of all electric trucks, vans, sedans and motorcycles in production today. ZAP news and information is available at https://zapglobal.wordpress.com.

About Jonway Automobile

Zhejiang Jonway Automobile Co. Ltd. (Jonway Automobile), headquartered in Sanmen, Zhejiang Province, manufactures, markets and sells SUVs in China with over 90 direct dealers all over China. Their SUV has been type approved for sale in Europe. Jonway Group holds the automobile license and granted irrevocable right for SUV manufacturing to Jonway Automobile. Jonway’s factory, with production capacity of 50,000 vehicles per year, opened in 2009 and is ISO9000 certified with factory space of over 3.6 million square feet on 141 acres of land in Sanmen, Zhejiang Province, China.

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.

SOURCE: ZAP

ZAP (Jonway) USA
Alex Campbell, +1-707-525-8658 ext. 241
acampbell@zapworld.com
or
ZAP (Jonway) China
Jessica Gao, +86 13511038395
juan.gao@zapworld.com
SANTA ROSA, Calif., Nov 18, 2010 (BUSINESS WIRE) — Electric vehicle pioneer ZAP /quotes/comstock/11k!zaap (ZAAP 0.76, +0.10, +15.50%) completed its initial down payment of US$10 million towards the 51% acquisition of Jonway Automobile. Jonway Automobile plans to complete an audit of its financial statements by December 31, 2010 and thereafter, ZAP intends to finalize the acquisition with the payment of the US$19 million balance of the US$29 million purchase price.

Cathaya Invests $11 Million in ZAP for Jonway Acquisition

July 13, 2010 Leave a comment

SANTA ROSA, California (July 12, 2010) – Cathaya Capital, L.P. is investing US$11 million in ZAP (OTC BB: ZAAP) to finance the 51 percent majority interest acquisition of Zhejiang Jonway Automobile Co. Ltd. upon final closing of the transaction. The new company combines ZAP’s 15 years electric vehicle experience with Jonway’s ISO 9000 quality auto manufacturing capabilities to accelerate electric car production while opening new markets in China’s growing auto industry.

Dr. Priscilla M. Lu, the Chairman of the Board for ZAP

ZAP Board Chair, Dr. Priscilla M. Lu

Cathaya invested in ZAP last year with the objective of realizing this opportunity.  Since then ZAP has been focused on developing electric vehicle (EV) products for the partnership with Jonway, and also in finalizing this acquisition. Cathaya Capital is a cross border fund aimed at accelerating growth opportunities in China by combining international companies with technologies or global market presence to enhance the competitive edge of high growth potential Chinese companies. It is founded and managed by Dr. Priscilla Lu, a 30-year international technology and manufacturing veteran who now serves as Chairman of the Board of ZAP.

“Together these two companies with their complementary strengths form a new company reinforced by EV technology, mass production manufacturing skills, a strong sales presence in China, and access to international markets,” said Dr. Priscilla Lu. “The new team is focused on delivering revenues and profits while expanding international market presence with quality products aimed at addressing new market demands for alternative energy vehicles. We are pleased with China’s commitment to reduce pollution and the incentives being put in place that encourage adoption of EVs.  With our new company ZAP Jonway, we are well positioned to address this stimulated market.”

China has resolved to continue the retooling of China’s industries to reduce pollution, according to a July 4 New York Times article. China’s goal is to reduce carbon emissions by 40 to 45 percent in 2020 compared with 2005.  China’s rapidly growing economy has ambitious plans to control pollution and invest in energy efficient technologies like EVs.

About Cathaya Capital, L.P.
Cathaya Capital, L.P. is a cross border fund focused on investing in technology based growth opportunities in China by combining international companies that bring technologies or could give global market presence to high growth potential Chinese companies. The fund works with the ventures to leverage complementary strengths to create global companies with market strengths in China, matching international companies with technology or global market access.

Forward-Looking 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.

Contact:

ZAP USA
Alex Campbell
707-525-8658 x 241
acampbell@zapworld.com

USA Media
Pat Meier-Johnson
+1 415-717-9677
patmeier@patmeier.com

ZAP China
Jessica Gao
+86 13511038395
juan.gao@zapworld.com

Corporate
Alex Wang
+86 13968699888
wg@jonway.com

International Media
Ron Theis
+1 248-644-3330
rlt@theis.com

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