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ZAP Raises $800,000 in New Capital

14 October 1998

ZAP Raises $800,000 in New Capital

    SEBASTOPOL, Calif.--Oct. 14, 1998--Electric vehicle manufacturer ZAP Power Systems (OTC BB: ZAPP) announced today that it has received $800,000 in private capital from Preferred Capital Equities Corporation, a New York based investment banking firm.
    Larry Zuckerman, President of Preferred Capital, said, "We believe that ZAP has strong growth and profit potential, is socially responsible, and has a solid management team that is poised for success."
    The funds will be utilized to expand ZAP's retail and rental electric vehicle "outlet" stores. "We are pleased to gain the confidence of an investment firm such as Preferred Capital," said Gary Starr, managing director of ZAP.
    Meanwhile, ZAP reports that its police program continues to grow. Last week, the company announced the delivery of ten ZAP PatrolBikes(TM) to Salt Lake City police and seven to UCLA campus police. Salt Lake City is establishing a training school for electric bike officers in preparation for the 2002 Winter Olympics where the bikes will enhance security at crowded events. ZAP says 129 law enforcement agencies in the U.S. now use ZAP bikes.
    ZAP Power Systems develops, manufactures, markets, and distributes a full line of electric vehicles to over 50 countries worldwide. Founded in 1994, ZAP products include electric bicycles, tricycles and scooters. For further information, call 1-800-251-4555, or access ZAP's web site at http://www.zapbikes.com.