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Al Yousuf Group and electric car pioneer ZAP (OTCBB: ZAAP) announced today that the Dubai-based manufacturing and distribution company has invested US$5 million ($5,000,000) in ZAP shares.
The Al Yousuf Group, along with its subsidiary Al Yousuf Motors, is one of Dubai's leading distributors of automobiles, off-road vehicles and boats. Founded in 1952, Al Yousuf Group has 18 subsidiaries with branch offices in Abu Dhabi, Al Ain, Cairo, Fujairah, Jeddah, Ras Al Khaimah, Riyadh, and Sharjah, according to the Middle East information resource Zawya ( http://zawya.com/cm/profile.cfm/cid489977/ ).
ZAP has been a pioneer in electric transportation since 1994, delivering more than 100,000 electric cars, trucks, scooters, bicycles and other vehicles to consumers in 75 different countries. Over the past few years ZAP has accelerated its plans to market electric cars and trucks using the latest in advanced technologies. ZAP is manufacturing a full-line of electric vehicles and has plans to develop full-performance models using the latest advances in automotive technologies.
"I really like ZAP's approach to the electric vehicle market," said Eqbal Al Yousuf, President of Al Yousuf Group. "I am impressed with the technology ZAP is developing -- like wheel motors -- as well as its management team and we look forward to building a broader business relationship with them."
The Al Yousuf Group has developed partnerships with many of the world's renowned brand names in Asia, Europe and the USA. A number of these ventures have grown into long-term business relationships. Al Yousuf Motors' portfolio includes General Motors and Daihatsu vehicles, Daewoo buses, Suzuki motorcycles and outboard engines, Yamaha motorcycles, outboard and marine engines, water vehicles, generators, boats etc.
"We believe there is a big demand for clean transportation in The Middle East and we see ZAP in a position to deliver on that demand," said Hossein Asrar Haghighi, Chief Finance Officer of Al Yousuf Group. "We are long-term investors in this endeavor and will focus our efforts with ZAP on this important work to contribute to a green community worldwide through different units of our Group."
"Forming a relationship with Mr. Al Yousuf over the past several months has opened new horizons for ZAP and its business plans," said ZAP CEO Steve Schneider. "Al Yousuf has been one of Dubai's leading business innovators for more than half century. I believe this is the right relationship for ZAP to expand on its global marketing strategy."
About the Al Yousuf Group
With more than 50 years in business, Al Yousuf Group has diversified into a multitude of industries under various subsidiaries, with dealings in Automotive, Information Technology and Telecommunications, Consumer Electronics, Boat Manufacturing, Air Conditioning, Imperbit Membrane manufacturing, Real Estate, Transportation and more.
The Group has grown remarkably through a combination of aggressive marketing and the continuous addition of new agencies and businesses -- a mark of confidence that the community has in the future of Al Yousuf. It now has a network of subsidiaries and associate companies having staff strength close to 3,000.
Al Yousuf is constantly seeking new opportunities to partner with regional and world brands that are themselves looking to expand to new markets. Increasingly, these companies are recognizing the advantages of partnering with Al Yousuf -- a global organisation that has strengthened immeasurably over the past half century.
With its enviable record of strong continuous growth, the solid support of its business partners, dedicated and loyal workforce behind it, and the Royal Family's vision as its guide, Al Yousuf is well placed to realize its ambitions for the next centuries to come.
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 is also developing a new generation of vehicles using 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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