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Former Lotus Engineering CEO, Youngman Officials and ZAP to Meet With Advanced Battery Technologies and UQM Technologies
Electric car manufacturer ZAP (OTCBB: ZAAP) announced today that officials from its new US-China joint venture will be in California over the next few weeks to move ahead with plans to manufacture electric and hybrid cars, buses and trucks.
"Part of the meeting is to identify the potential key partners that would provide suitable and proven technology for the electric vehicles while using California as a springboard for the wide adoption of electric drive vehicles for the rest of the world," said Albert Lam, former CEO of Lotus Engineering and Chairman to the joint venture between ZAP and Youngman Automotive Group.
Last month ZAP signed a joint venture with Youngman for electric and hybrid cars, buses and trucks. Representatives from Youngman will be attending the meetings to be held at ZAP's Santa Rosa Headquarters and Beverly Hills.
ZAP has invited technology partners to provide input to the Joint Venture. Officials from Advanced Battery Technologies (AMEX: GBT) will attend meetings in Los Angeles with distribution partner CCT Power. ZAP and Advanced Battery Technologies have partnered in the development of nanotechnology for advanced battery applications.
Also present will be Bill Rankin, President and CEO of UQM Technologies, Inc. (AMEX: UQM) to discuss the use of advanced electric drive trains. UQM ( http://www.uqm.com ) of Frederick, Colorado is a developer and manufacturer of power dense, high efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, medical, military and industrial markets.
"With Youngman Automotive Group we have the ability to draw upon a multitude of vehicle platforms, including cars, buses and trucks," said ZAP CEO Steve Schneider. "The joint venture is planning what will be well-suited for the California market, which we feel will be an important proving ground."
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. 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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