ZAP - 'Zero Air Pollution' vehicles Message Board

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Technology Stocks : ZAP - 'Zero Air Pollution' vehicles

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From: Done, gone.	11/14/2006 11:18:52 AM
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One hand puts out this rosy PR: "ZAP (OTCBB: ZAAP) Posts Profit, Record Sales for 2006" biz.yahoo.com The other hand reports the facts to SEC: "In August and September 2006, the Company further amended its agreements with Smart Auto, due to the unavailability of Smart Cars, and Daimler-Chrysler’s announcement that they will be selling Smart Cars in the United States in the near future. These amendments released ZAP from any remaining obligations to Smart Auto under its previous agreements and also released ZAP from any obligation to purchase the remaining assets and rights of Smart Auto. As a result, ZAP recorded a gain of $7 million on the settlement of its remaining obligations under its agreements with Smart Auto. ZAP also recognized a $2.3 million impairment loss on the license with Smart Auto, which is recorded as an operating expense in the condensed consolidated statements of operations." Excerpt from: sec.gov

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