ZAPWORLD.COM Changes Name to ZAP

    SEBASTOPOL, Calif.--June 18, 2001--To help solidify its brand name in the electric vehicle market, ZAPWORLD.COM today announced that on Saturday, June 16 its shareholders approved a name change to ZAP.
    Director of Communications Alex Campbell said the name ZAPWORLD.COM was designed to help jump-start sales and worldwide marketing exposure for its electric bicycles and scooters over the past few years. The Company was one of the earliest companies to use its website to conduct a direct IPO and leveraged the name in its publicity to drive traffic to its website. But with Internet sales in fiscal 2000 making up about five percent of their business and the majority of order coming through retail stores and other outlets, ZAP felt the timing was right for a change.
    "ZAP is our registered trademark and is recognized as one of the strongest brands in the industry today," said Campbell. "ZAP is short, simple, catchy and fun and is the name that consumers remember the most. Our customers and even our competitor's customers have started referring to the products as ZAP bikes instead of electric. At the same time, ZAP truly is a brick and mortar company and with the tremendous opportunity for alternative transportation these days, we felt the name ZAP helps build the brand recognition that's crucial in emerging markets."
    ZAP is a publicly owned company with shares trading on the Nasdaq Small Cap stock exchange under the trading symbol "ZAPP." For further information about ZAP, visit http://www.zapworld.com or call 800/251-4555.

    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.