ZAP Signs Agreement to Acquire Electric Scooter Company
20 December 1999
ZAP Signs Agreement to Acquire Electric Scooter Company
SEBASTOPOL, Calif.--Dec. 20, 1999--ZAPWORLD.COM (OTC BB:ZAPP) announced today that it has reached an agreement to acquire emPower Corporation, a Cambridge, Massachusetts electric scooter company. Under the terms of the agreement, ZAPWORLD.COM (ZAP) will acquire all technology, assets, shares, as well as one million dollars in cash from emPower in exchange for up to 525,000 shares of ZAP common stock. The operations of emPower will be moved to ZAP's Sebastopol location. EmPower manufactures a three wheel electric scooter called the Transport that incorporates advanced brushless DC motor and charging technology. EmPower was founded by engineers from Massachusetts Institute of Technology. This announcement marks the second acquisition ZAP announced this month. On December 7, ZAP announced it had reached an agreement to acquire Global Electric Motorcars of Fargo, North Dakota. GEM is the world's largest manufacturer of Neighborhood Electric Vehicles (NEVs)."Over $5 million has been invested in emPower's technology by its shareholders towards our mission of bringing light electric vehicles to the marketplace," said emPower President Michael Benjamin. "We believe that, by becoming part of ZAP, we will be better able to accomplish this mission. Furthermore, since ZAP is the emerging market leader of cost effective, low speed electric vehicles, we also believe that this alignment will produce the best return for our shareholders."
"I am excited to see the technology developed by emPower rolling into a larger firm with the marketing strength of ZAPWORLD," said David Kirkpatrick, Managing Director of Sustainable Jobs Fund, a community development venture capital fund and investor in emPower. "We are also pleased with the prospect of ZAPWORLD creating more quality domestic jobs in their established California plant and in their recently acquired GEM North Dakota facility."
To view and purchase any of ZAP's electric vehicles go to http://www.zapworld.com. View the emPower Transport scooter at http://www.emPowerev.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.