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ZAP Power Systems Attracts $450,000 in Additional Financing

13 April 1999

ZAP Power Systems Attracts $450,000 in Additional Financing

    SEBASTOPOL, Calif.--April 13, 1999--ZAP Power Systems (OTC BB:ZAPP) of Sebastopol, California, announced today it has received $457,712 in additional financing.
    On March 30, the company announced the placement of $2.25 million of stock, bringing the total financing in less than two weeks to $2,707,712.
    Of the $457,712 in new financing, $200,000 was received through the exercise of warrants attached to convertible debentures issued in September 1998, which were placed by Preferred Capital, a New York investment banker. The balance was sold through a conversion of other company expenses into common stock and through the exercise of stock options.
    On March 30, ZAP announced it had received $2.25 million in financing from a fund managed by Ridgewood Power Corporation and from Preferred Capital.
    ZAP is a publicly owned company with stock trading under the symbol ZAPP. For additional information go to http://www.zapbikes.com, or call 800-251-4555.