| | Press Release Source: ZAP
Zero Air Pollution Company ZAP Obtains Revolving Line of Credit
Monday October 3, 5:26 pm ET
Plans to Import Fuel-Efficient Automobiles
United States Based ZAP Secures $425 Million Line to Be Used for the Purchase of the Brazilian Made Obvio! Car as Well as Smart and Other Energy Efficient Automobiles
SANTA ROSA, Calif.--(BUSINESS WIRE)--Oct. 3, 2005-- Transportation pioneer ZAP (PCX:ZP - News) announced that the company has secured a $425 million revolving line of credit. This line of credit shall be used for the purchase of the Brazilian made Obvio! car as well as Smart and other energy efficient automobiles.
"We are now in a position to immediately and continuously purchase large quantities of vehicles from qualified manufacturers and distributors," said Steven Schneider, CEO of ZAP. "This transaction, which is the culmination of many months of discussions, was a key element in executing our strategic plan, and I am pleased to report that we have crossed this critical hurdle."
OBVIO! is arranging meetings for ZAP Chief Executive Officer Steve Schneider with its various suppliers for the various components of the cars. According to officials from OBVIO!, the Rio-based automobile company has attracted the attention of the Brazilian government and media interested in its manufacturing of urban cars for export to the United States.
ZAP's business plan is to develop a distribution network that caters to buyers of fuel-efficient and advanced technology automobiles. ZAP is working to create an auto dealer package that will market automobiles from companies like OBVIO!. Schneider noted that ZAP plans to offer new advances in automotive technology, including high efficiency internal combustion and electrically driven vehicles.
About ZAP
ZAP, Zero Air Pollution®, has been a leader in advanced transportation technologies and energy products since 1994, delivering more than 90,000 vehicles to 75 countries. ZAP is publicly owned with shares trading on the Archipelago Exchange (PCX) under the trading symbol ZP. For more information, visit zapworld.com.
Cautionary Statement
This press release contains forward-looking statements. 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 on 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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Contact:
ZAP
Steve Kim, 707-525-8658 ext. 298 (Investor Relations)
investor@zapworld.com
Alex Campbell, 707-525-8658 ext. 241 (Media Relations)
acampbell@zapworld.com |
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