ZAP CEO Holds Electric Car Meetings in Europe, Middle East
SANTA ROSA, Calif., May 31, 2007 -- Steve Schneider, CEO for transportation pioneer ZAP (OTC BB: ZAAP), recently held business meetings in Europe and The Middle East and says demand for electric cars is growing globally.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070130/SFTU060LOGO )
"In the Middle East, where you would think people have all the oil they need, ZAP has received a tremendous amount of interest for all-electric cars," said Schneider. "When you see the incentives places like Europe are giving to create electric car sales, it feels like the United States has fallen behind."
ZAP's CEO Schneider is traveling again this week to expand on new business developments and follow up on new ones that are developing rapidly. Schneider will be joined this trip by former United Airlines Shuttle President Amos S. Kazzaz who joined ZAP recently as Chief Operating Officer. The two have visits scheduled in Holland, Portugal, Denmark and the United Kingdom.
Schneider is meeting with companies and individuals representing almost every aspect of automotive development, design, manufacturing and distribution. Part of the trip is to build on existing relationships with companies like PML FlightLink Limited of Hampshire, United Kingdom, makers of a proprietary wheel motor technology.
"After evaluating motor technology from around the world, in my opinion this technology is a more significant breakthrough than the battery technology," said Schneider. He notes the efficiency of PML's motor system and how it can translate into greater regenerative braking, not to mention its state-of-the-art, space-saving ability that inspires innovation throughout the vehicle.
Schneider issued praise to some of the countries he visited for creating electric car incentives. London has created a congestion zone where it charges a modest toll for gas cars, but allows electric cars to pass free. In Holland, Schneider estimated that taxes on conventional cars are nearly 50 percent, but electric cars are exempt; Denmark, where taxes are as much as 150 percent, electric cars are exempt.
In January ZAP signed an exclusive distribution agreement with Lithium Balance of Denmark for an advanced battery management system for electric cars.
About ZAP
ZAP has been a leader in advanced transportation technologies since 1994, delivering over 90,000 vehicles to consumers in more than 75 countries. At the forefront of fuel-efficient transportation with new technologies including energy efficient gas systems, hydrogen, electric, fuel cell, ethanol, hybrid and other innovative power systems, ZAP is developing a high-performance crossover SUV electric car concept called ZAP-X engineered by Lotus Engineering. The Company recently launched a new portable energy technology that manages power for mobile electronics from cell phones to laptops. For product, dealer and investor information, visit http://www.zapworld.com/ .
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.
FCMN Contact: acampbell@zapworld.com
Photo: http://www.newscom.com/cgi-bin/prnh/20070130/SFTU060LOGOAP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com