ZAP Discloses California Superior Court Ruling on the Composition of the Board of Directors of ZAP
SANTA ROSA, CA--Feb. 7, 2013: ZAP (ZAAP) an automotive company headquartered in Santa Rosa, California confirmed today that at the hearing held on February 4, 2013, in the Superior Court of the State of California, County of Los Angeles (Case No. BC499106), the Superior Court Ruling invalidates all actions taken by Mark Abdou, Steve Schneider and Alex Wang, members of the Board of Directors of ZAP, at a meeting that was held on December 31, 2012.
At this hearing in the Superior Court of the State of California, the Court ruled from the bench that the purported actions taken at the December 31, 2012 meeting of the Board of Directors (the "Board") of ZAP (the "Company"), including the appointment of Luo Hua Lian and Juan Gao to alleged vacancies on the Board, were null and void. As a result of the rulings made by the Court, the Board is comprised of the directors that were members of the Board prior to the December 31, 2012 meeting, except for the recently announced resignation of Alex Wang at a meeting of the Board held on January 20, 2013, and the appointment of Wang Huai Yi (Founder of Jonway Auto and Chairman of Jonway Group) as a member of the Board at the same meeting to fill the vacancy created by Alex Wang's resignation. The directors on the board are Dr. Priscilla Lu as Chairman of the Board and the appointment of Wang Huai Yi, as director on the board of ZAP, replacing Alex Wang who resigned as director on ZAP's board upon the appointment of Wang Huai Yi as his replacement. This was done at a board meeting held on January 20 th, 2013 in China.