ZAP Signs Agreement to Merge With Electric Car Rental Company
7 February 2000
ZAP Signs Agreement to Merge With Electric Car Rental Company
SEBASTOPOL, Calif., Feb. 7 -- ZAPWORLD.COM
(OTC Bulletin Board: ZAPP) announced today that it has reached an agreement to
merge with electric car rental company EV Rental & Management Company, LLC of
(EVR) of Fargo, ND.
Under the terms of the agreement, EVR will receive 232,000 shares of
ZAPWORLD.COM (ZAP) common stock. EVR will merge with ZAP simultaneously upon
the completion of the merger of electric car manufacturer Global Electric
Motorcars (GEM) with ZAP. On December 7, ZAP issued a press release announcing
it had reached an agreement to acquire GEM of Fargo, North Dakota for
4.3 million shares of ZAP common stock. GEM is the world's largest
manufacturer of Neighborhood Electric Vehicles (NEVs). The December 7 press
release can be accessed via ZAP's website at
http://www.zapworld.com/news/news_factories.html .
EVR manages the nation's largest fleet of Neighborhood Electric Vehicles
manufactured by GEM. Under the terms of the agreement, ZAP will manage the
placement of the rental vehicles and receive all the rental income from the
electric cars currently managed by EVR. At the time of signing, EVR was
managing 190 electric vehicles.
To view and purchase any of ZAP's electric vehicles go to
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.
Company Overviews
ZAP GEM EVR
Structure Public Company LLC LLC
(Stock Symbol: ZAPP)
Shareholders 3,000 40 7
Product Electric bikes, Neighborhood Electric car
scooters, electric cars rentals
motorcycles
Revenues 1998 $3.5 million; 1998 $2.3 1998 --
1999 (proj.) 1999 (proj.) 1999 (proj.)
$6+ million $13.8 million $2 million
Employees 72 72 4
Location Sebastopol, CA Fargo, ND Fargo, ND
Distribution 350+ dealers, 45+ dealers 20 dealers
3-company owned 43 locations
stores
Electric vehicles 35,000 2,250 Rental fleet
sold since of 190
incorporated vehicles