ZAP Board Elects to Hold on Stock Split
December 10 2004 - 4:30PM
PR Newswire (US)
ZAP Board Elects to Hold on Stock Split SANTA ROSA, Calif., Dec. 10
/PRNewswire-FirstCall/ -- Automotive manufacturer ZAP (OTC:ZAPZ)
(BULLETIN BOARD: ZAPZ) announced today that its Board of Directors
have decided to hold on the forward stock split announced on
November 23 because of recent developments. "We believe our
Shareholders would benefit more from the current capital
structure," said Steve Schneider, Chief Executive Officer of ZAP.
"We listen to our shareholders and to the investment community and
this decision is based this feedback as well as the view that our
recent actions to strengthen our capital structure and
marketability of our stock to potential new investors is working.
Furthermore, with the current price of the stock, there is the
potential for institutional investors to create a position in ZAP."
"Indeed, today I am announcing that an institution has recently
purchased over 500,000 shares of ZAPZ common stock," added
Schneider. "With the growing volume in our stock, it is likely that
this institution and others are already beginning to trade stock in
ZAP. We expect that with the recent developments at the Company,
combined with continued progress in growing our business, will
contribute to greater shareholder value creation going forward." On
November 22, ZAP announced that the SMART Car was granted a
certificate of conformity by the U.S. Environmental Protection
Agency, clearing the way for ZAP to organize distribution in the
U.S. for the first time. A ten-year old public Company, over the
past two years ZAP has expanded its business plan to include
automobiles powered by fuel efficient technologies, including
electric and hydrogen energy systems. About ZAP ZAP has been a
leader in clean transportation technologies since 1994, delivering
more than 85,000 vehicles to customers in more than 60 countries. A
public company, ZAP is traded on the Over-the-Counter stock
exchange under the symbol ZAPZ. The company offers a variety of
advanced technology vehicles, including electric cars, bicycles,
scooters, motorbikes, underwater scooters and more. For more
information, visit http://www.zapworld.com/ or call
+1-707-525-8658. 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-Auto LLC.
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.
DATASOURCE: ZAP CONTACT: Alex Campbell of ZAP, +1-707-525-8658,
ext. 241 Web site: http://www.zapworld.com/
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