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Electric car pioneer ZAP (OTCBB: ZAAP) announced today that Mr. Eqbal Al-Yousuf, President of Dubai's Al-Yousuf Group, has joined ZAP's Board of Directors.
The Al-Yousuf Group, one of Dubai's leading business conglomerates, is involved in a multitude of industries under various subsidiaries, with dealings in automobiles, information technology, telecommunications, consumer electronics, boat manufacturing, air conditioning, imperbit membrane manufacturing, real estate, transportation, elevators and escalators and more. Al-Yousuf Motors, a member of the Al-Yousuf family, is one of the leading distributors of automobiles and automotive related equipment in the Middle East.
"ZAP is a pioneer for electric and other advanced technology vehicles," said Mr. Eqbal Al-Yousuf. "The Company markets many forms of advanced transportation vehicles, including electric automobiles, fuel-efficient vehicles, motorcycles, bicycles, scooters, neighborhood electric vehicles and all terrain vehicles. It is a great pleasure to be a strategic partner with ZAP, which is involved in developing and marketing environmentally friendly products. I am highly confident that the investments we made in ZAP will be used for the growth of the company."
Recently, Al-Yousuf Group purchased US$5 million ($5,000,000) in ZAP shares.
"The Al-Yousuf group is making a very serious commitment to clean technologies," said ZAP CEO Steve Schneider. "ZAP is fortunate to have someone with the business pedigree and backing of Mr. Eqbal Al-Yousuf on its Board of Directors."
Founded in 1952, Al-Yousuf Group has 18 subsidiaries with branch offices in UAE, KSA, Qatar, Egypt, and Jordan. Under the leadership of Mr. Eqbal Al-Yousuf, the Al-Yousuf Group has a 55-year history of excellence in the Middle East. With a strategy of aggressive growth and marketing, The Al-Yousuf Group has grown remarkably over the years. Today, Al-Yousuf has a network of subsidiaries and associate companies having staff strength close to 3,000.
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 formed a joint venture with Youngman Automotive Group, one of the largest bus and truck manufacturers in China, to develop, manufacture and distribute a line of electric and hybrid vehicles. ZAP is also developing a new generation of advanced nanotech batteries with Advanced Battery Technologies. The Company recently launched a new technology called Recharge-It-All 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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