Jonway Group Funds $18.2 Million to ZAP Jonway to Bring 2012 New Products to Production: ALIAS and JNZ Shuttle – Gas and Electric
SANTA ROSA, Calif., Dec. 19, 2011 (GLOBE NEWSWIRE) — ZAP Jonway (OTCBB:ZAAP.OB – News), a designer and manufacturer of new energy and electric vehicles (EVs), entered a funding agreement with Jonway Group CO. Ltd., to pay for a total of $18.2 million for the already completed interior and exterior design and molding of the JNZ SHUTTLE Van; the completed engineering design, type approval certification and catalogue license of the gasoline transmission of the JNZ SHUTTLE Van; and the ALIAS interior and exterior design and molding, which is underway.
Alex Wang, Co-CEO of ZAP Jonway’s China operation, CEO of Jonway Automobile, and a Director of Jonway Group, stated: “Jonway Group, the original holding company of Jonway Automobile is committed to delivering industry leading full electric new energy vehicles to the market, utilizing the strengths of Jonway Automobile’s manufacturing with ZAP’s EV technology experience and design. We believed in the market potential of the JNZ SHUTTLE Vans and started this design more than a year ago in Jonway Group, funded by the holding company of Jonway Automobile, while ZAP Jonway evaluates the market potential of this new product line. After doing more extensive market research, ZAP Jonway believes the JNZ SHUTTLE Van for both EV and gasoline models have great commercial opportunities, especially in addressing our new strategy focused on the fleet applications. Jonway Group has been paying for the engineering design and molding for the JNZ SHUTTLE Van and will also pay for the ALIAS to go into production within 2012. These two project funding totals more than $18.2 million. The JNZ SHUTTLE Van engineering and molding work is already completed, and the ALIAS work is being completed. Jonway Group stepped in to fund this capital intensive development to ensure the delivery of these new models into production for 2012. The JNZ SHUTTLE Van is ready for production delivery in the second quarter of 2012, and the ALIAS is planned for the fourth quarter of 2012. We are pleased with the progress and the quality of the work done for these models, and we are committed in Jonway Group to support the financing to ensure that we are well positioned to offer competitive and attractive products.” ===> CONTINUED
New Dealership Alvarez ZAP Makes Sale to City of Riverside
SANTA ROSA, Calif.–(BUSINESS WIRE)–Electric vehicle pioneer ZAP (OTCBB:ZAAP – News) today announced that its newest dealer, Alvarez ZAP, has opened in Riverside, California and will be serving commercial and government markets throughout the entire Inland Empire.
Alvarez ZAP has delivered its first shipment of six electric trucks to the City of Riverside during a Grand Opening press conference last week. While accepting keys to one of the vehicles, Riverside Mayor Ron Loveridge said, “Today we take another step forward in the greening of Riverside by transitioning from gas to electrically operated vehicles. We are proud to add ZAP trucks to our fleet.”
Dealer president, Ramon Alvarez is widely recognized as one of the leading Hispanic entrepreneurs in the Inland Empire through his long time affiliation with Lincoln, Mercury and Jaguar. Also attending the Grand Opening were six City Councils members and the City Manager as well as Joel Ayala representing the Governors’ office of Economic Development.
Governor Arnold Schwarzenegger appointed Alvarez to the New Motor Vehicle Board in March 2007 and Alvarez is now a Vice President of that organization. He stated, “As a member of the New Motor Vehicle Board, I have seen the evolution of alternative energy vehicles to the point where they are moving into the automotive mainstream and I believe ZAP represents the best opportunity to capitalize on that trend.”
Commenting on Alvarez’s decision to become the newest ZAP electric vehicle dealer, ZAP CEO Steven Schneider said, “Ramon has passion and understanding…he genuinely gets it. He knows the importance that new energy vehicles play today and in the marketplace of tomorrow.”
ZAP is one of the world’s oldest and most experienced 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. Further news and information is available at https://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.
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