ZAP Announces New CEO, Shareholder Meeting Results

SEBASTOPOL, Calif., Oct. 29. 2002; ZAP announced today that during its annual shareholder meeting on Saturday, October 26, 2002 its Board of Directors elected Steven M. Schneider as the Company's Chief Executive Officer. The Company also announced an initiative to pursue the acquisition of Ford's electric vehicle program as well as reporting its pro forma financial results for the third quarter of fiscal 2002 that include mergers with two automotive companies.

Voting unanimously to name Schneider as CEO, ZAP's Board of Directors noted that Schneider was the founder of the two Companies that ZAP merged with on July 1, 2002, RAP Group and Voltage Vehicles. Schneider has a long history of success in building profitable businesses in the automotive market. Former ZAP CEO Gary Starr was named as the Chairman of the Board.

According to Schneider: "I merged my two Companies into ZAP because I believe in the future of ZAP. I also feel that with my management team we can bring positive returns to the shareholders yet continue the same values of bringing advanced non-polluting transportation to the marketplace."

During the annual meeting, ZAP received overwhelming support from its shareholders to pursue acquisition of electric vehicle technology from Ford Motor Corporation. According to published reports, Ford has announced that they have shut down the Ford Think electric vehicle project after spending $123 million. The original vehicle design and research was completed by Norwegian engineers and includes several innovations. It is one of the only freeway-capable vehicles specifically designed to be an electric in production.

ZAP Chief Financial Officer Bill Hartman spoke to shareholders during the meeting, offering an overview of the merger results with RAP Group and Voltage Vehicles. Hartman announced that ZAP is projecting combined third quarter sales to be up six times, or approximately $2 million versus $360,000 when compared to ZAP's second quarter results for the period ended June 30, 2002.

According to investment banker Jeff Baclet: "These are times that the world needs a company like ZAP, a company that is dedicated towards getting us off of foreign oil and a company that is focused on making our world a better place to live."

ZAP shares trade on the Over-The-Counter Bulletin Board