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By special invitation, advanced transportation pioneer ZAP (OTCBB: ZAAP) met in California this week with a delegation of 46 experts in the electric car and related fields from throughout China.
The Chinese electric vehicle (EV) delegation is composed of officials, experts and entrepreneurs engaged in electric, hybrid and fuel cell vehicle and related component developments, including motors, batteries, power electronics, and energy management.
The delegation met with ZAP in a special closed session at the 23rd International Electric Vehicle Symposium and Exposition (EVS-23) in Anaheim, California. EVS is the world's largest electric drive industry event.
The delegation comprises key members of the Chinese EV industry, part of what is called "The China National 863 Major EV Projects." Mr. Wei Feng, the Secretary-General of the Electric Vehicle Association of Asia-Pacific (EVAAP), and Director of China Electrotechnical Society, was the leader of the delegation and recognized ZAP as one of the only Companies in the world successfully developing and manufacturing electric vehicles in China.
"ZAP's expertise in design, marketing and distribution is well-known," said Mr. Feng. "Our delegation wanted to visit with ZAP to further establish the business and technical cooperation I believe will strengthen the relationships between ZAP and its Chinese partners."
"We feel we have met with the leaders of the EV industry in China," said ZAP Chairman Gary Starr. "As a result we have created new relationships in motor, controller, and battery technologies. With our current partnerships in China, we feel that we will now be able to accelerate our leadership role in providing low-cost, high-quality electric vehicles for the world."
ZAP recently formed a joint venture in China with Youngman Automotive Group, one of China's leading manufacturers of luxury motor coaches and high-quality commercial trucks. ZAP and Youngman have 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.
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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