SANTA ROSA, Calif., July 26 /PRNewswire-FirstCall/ — Advanced technology vehicle company ZAP (OTC Bulletin Board: ZAPZ – News) introduced the new SMART Car to shareholders at its annual meeting over the weekend as well as announcing an infusion of $1.5 million in new capital.
During the shareholder meeting, which took place at the Hyatt Vineyard Creek Hotel on Sunday, ZAP presented the SMART Car to its shareholders for the first time and announced several recent financial developments. ZAP Chief Financial Officer William Hartman detailed ZAP's financial results for 2003 and closed with a number of transactions impacting the Company's unaudited financial position so far in 2004, as follows:
— ZAP's cash position has increased by $1.5 million to over $2.0
million
— Assets have increased by $9 million to over $18 million
— A $45 million floor plan line of credit has been secured for auto
dealers
— Two legal matters have been settled with minor financial effects
"In the three years I have been with ZAP, the Company is in its strongest financial position," said Hartman.
In May, ZAP signed an agreement with SMART-Automobile LLC to be the exclusive distributor and licensed manufacturer in the United States for their SMART Car. SMART-Automobile LLC is an independent, privately held company that oversees the direct importation and modification of SMART Cars to meet U.S. standards.
During the ZAP shareholder meeting, SMART-Auto President Thomas Heidemann was on hand to introduce the car while unveiling his latest project, a HUMMER Sport Utility Vehicle with a SMART Car chassis built into the bed, as a way to promote his partnership with ZAP.
"We think the SMART Car will have much of the same excitement and market-appeal as the HUMMER, particularly now with higher gas prices," said Heidemann. "My SMART-HUMMER shows both ends of the automotive spectrum and illustrates that everyone has room in their lives for an SUV and, equally, a fun, fuel-efficient micro-car like the SMART."
About ZAP
ZAP has been a leader in clean transportation technologies since 1994, delivering more than 85,000 vehicles to customers in more than 60 countries. A public company, ZAP is traded on the Over-the-Counter stock exchange under the symbol ZAPZ. The company offers a variety of advanced technology vehicles, including cars, bicycles, scooters, motorbikes, underwater scooters and more. For more information, visit http://www.ZAPworld.com or call +1-707-525-8658.
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.
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