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|In September, Albert Lam and ZAP CEO Steve Schneider attended a joint venture signing ceremony with China Youngman Automotive Group in Jinhua. Mr. Lam stepped down as CEO of Lotus Engineering to pursue business opportunities making electric and hybrid cars. He has accepted a position as the Chairman of the new joint venture company and has agreed to join ZAP's Board of Directors.|
Engineering Executive Makes Move to Pursue Electric and Hybrid Cars
Electric car pioneer ZAP (OTCBB: ZAAP) announced today that veteran automotive and technology executive Albert Lam has agreed to join its Board of Directors.
Mr. Lam remains a consultant with Lotus Group, but recently stepped down as CEO of Lotus Engineering to pursue new business opportunities between Lotus, its parent company Proton, and one of its key clients in China, Youngman Automotive Group. Mr. Lam was responsible for bringing Youngman, ZAP and Lotus Engineering together.
A British national, Mr. Lam attended Coventry University where he earned a Masters of Science degree in robotics and manufacturing, and registered for a PhD program in Complex Knowledge Systems.
Since 2003, Mr. Lam served as the CEO for Lotus Engineering as well as Executive Director for Lotus Group International (2003-2006). Over the past few years he helped restructure Lotus Engineering into a client-focused business by winning major engineering contracts and playing a key role in bringing the Company back to profitability. Mr. Lam has 13 years' experience in the auto industry with companies like Jaguar, Land Rover, Ford and others. Prior to joining Lotus, Mr. Lam started a major professional services group as Managing Director for Sun Professional Services, building it from a small team to a multi-million dollar services business employing over 200 people. Mr. Lam has experience with startup companies and a track record in growing and expanding businesses. He has held executive positions with Sun Microsystems and Apple Computer.
"Having someone with the industry credentials of Albert Lam join the ZAP team will be important as we launch the next level of full performance vehicles," said ZAP CEO Steve Schneider.
"This project with ZAP is a dream come true because it involves integrating new technologies for the next generation of automobiles," said Mr. Lam. "The technology is ready for electric vehicles so they will not have the stigma that they used to have; they don't have to be slow; they can have a long range; and they can be exciting to look at."
Last week, ZAP announced a joint venture with Youngman, one of China's leading manufacturers of luxury motor coaches and trucks, to make electric and hybrid cars, buses and trucks. In addition to joining ZAP's Board, Mr. Lam has been named Chairman of the Board for the new joint venture company. Recently, Youngman made headlines by working with Proton, Malaysia's National automaker, to distribute passenger cars in China.
Mr. Lam was CEO for Lotus Engineering when it conducted a feasibility study with ZAP to explore a new generation of electric vehicles using the new advances in technology. In February 2007, ZAP and Lotus Engineering introduced an electric crossover SUV concept called the ZAP-X at the National Auto Dealer Association. In June, ZAP introduced a second high performance electric vehicle design that will be more affordable and available sooner than the ZAP-X.
ZAP has been a leader in advanced transportation technologies since 1994, delivering over 100,000 vehicles to consumers in more than 75 countries. At the forefront of fuel-efficient transportation with new technologies including energy efficient gas systems, hydrogen, electric, fuel cell, ethanol, hybrid and other innovative power systems, ZAP is developing a high-performance crossover SUV electric car concept called ZAP-X engineered by Lotus Engineering. ZAP has opened a joint office in Beijing to co-develop advanced nanotech batteries with Advanced Battery Technologies. The Company recently launched a new portable energy technology that manages power for mobile electronics from cell phones to laptops. For product, dealer and investor information, visit 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.
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