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|Company officials are meeting in China today for a the first Board of Directors meeting for a new joint venture to manufacture electric and hybrid vehicles. Pictured here left to right are: Steven Schneider, CEO of ZAP; Hossein Asrar Haghighi, CFO for the Al Yousuf Group; Pang Quingian, Chairman of Youngman Automotive Group; and Albert Lam, Chairman for the new joint venture company.|
Electric vehicle manufacturer ZAP (OTCBB: ZAAP), Youngman Automotive Group and Dubai-based Al Yousuf Motors announced the first Board of Directors meeting today for a new electric and hybrid vehicle joint venture in Shanghai, China.
In September, ZAP and Youngman Automotive Group, one of China's leading manufacturers of luxury motor coach and high-quality commercial trucks, signed a joint venture agreement to manufacture, market and distribute electric and hybrid vehicles for the passenger car, truck and bus markets. The new joint venture company will also focus on the development and manufacturing of electric vehicle charging infrastructure.
Youngman Chairman Mr. Pang Qingnian is attending the joint venture board meeting along with other representatives from Youngman Automotive Group. In the past few years, Youngman has been expanding its manufacturing and distribution into the passenger vehicle market. Earlier this year Youngman joined with Malaysia's Proton to distribute passenger cars.
ZAP and Youngman have invited representatives from the Al Yousuf Group to the board meeting. ZAP formalized a relationship this month with the Dubai-based trading conglomerate, a leading vehicle manufacturer and importer in The Middle East under its subsidiary Al Yousuf Motors. Al Yousuf has purchased $5 million in ZAP shares. Schneider says Al Yousuf Motors will be present to gain a greater understanding of the joint venture and has an interest in distributing vehicles produced by the joint venture through ZAP into the growing Middle Eastern market.
Al Yousuf officials have toured Youngman's manufacturing while meeting with joint venture officials. Based in Jinhua, in the Zhejiang Province of China, Youngman Automotive Group is China's leading manufacturer of luxury motor coaches. The Company also manufactures trucks and is developing plans to manufacture passenger vehicles. Youngman Automotive operates a one million square foot manufacturing facility in Jinhua with 4,000 employees and 700 R&D staff. Youngman has two additional facilities under development, which will result in the capacity to build 200,000 vehicles per year.
"I am very pleased with my visit to Youngman," said Mr. Hossein Asrar Haghighi, Chief Financial Officer for the Al Yousuf Group. "The wide array of high quality vehicles manufactured by Youngman offer very promising synergies between ZAP, Youngman and Al Yousuf Group. Mr Pang is a true visionary and his plans fit well with ours."
Joint venture chairman Mr. Albert Lam will preside over the joint venture board meeting in Shanghai. Lam stepped down from his position as CEO of Lotus Engineering, a subsidiary of Proton, to pursue the opportunity to work on electric and hybrid vehicles with ZAP and Youngman. Lotus Engineering is the leading supplier of engineering services to Youngman. Mr. Lam recently agreed to join ZAP's board of directors.
Albert Lam was the CEO for Lotus Engineering earlier this year when it carried out a feasibility study in collaboration with ZAP to explore a new generation of electric vehicles using the latest advances in technology. Schneider says the joint venture is moving forward with plans to develop several electric and hybrid vehicles with details to be announced in the near future.
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 has a joint venture to manufacture electric and hybrid vehicles with Youngman Automotive Group, one of China's leading manufacturers of buses and trucks. 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 announced a strategic partnership with Dubai-based Al Yousuf Group to expand its international vehicle distribution. ZAP also makes an innovative, 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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China Youngman Automobile Group Co. Ltd.
Rachel Pang Caiping
Al Yousuf Group
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