ZAP Closes Agreement to Acquire Electric Sea Scooter Company
22 June 2000
ZAP Closes Agreement to Acquire Electric Sea Scooter Company
SEBASTOPOL, Calif.--June 22, 2000--California electric vehicle manufacturer ZAPWORLD.COM announced today that it has closed its agreement to acquire Aquatic Propulsion Technology, Inc. (APT), a Florida electric sea scooter company.Under the terms of the agreement, ZAPWORLD.COM (ZAP) will acquire five patents on electric sea scooters, designed for pulling a diver or swimmer through water. The scooters are used for ocean diving and snorkeling and as a recreational device for swimming pools and lakes. For further information on the Sea Scooter, visit http://www.zapworld.com/catalog.
ZAP also acquired all technology, assets, current operations and shares from APT in exchange for 120,000 shares of ZAP common stock, $20,000 in cash and the assumption of APT's liabilities. All manufacturing and distribution of APT products will shift over to ZAP effective July 1, 2000. ZAP will maintain the Florida location for the sales and distribution of sea scooters alongside ZAP's electric bicycles, scooters, motorbikes and other electric transportation products. According to APT President Tom Furbish, sea scooters match well with ZAP's other electric vehicles.
"I am excited about joining the ZAP team and about broadening the marketplace for non-polluting land and sea vehicles," said Furbish. "Already in the month of June, we have seen the results of our joint marketing efforts."
Furbish will give a brief presentation on Sea Scooters at the ZAP annual shareholder meeting, June 24 in Sebastopol. For information on attending the shareholder meeting visit http://www.zapworld.com/invest/events.html.
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.