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RenewableEnergyStocks.com Reports: Hedge Funds Back $79 Million Order for ZAP Electric Cars
Green Automotive Company ZAP (OTCBB: ZAAP), Reports Largest Order to Date for Consumer Electric Vehicles
| Source: RenewableEnergyStocks.com, ZAP
POINT ROBERTS, WA and DELTA, BC -- (MARKET WIRE) -- April 18, 2007 --www.RenewableEnergyStocks.com, a leading investor and industry portal for
the renewable energy sector, reports that electric car pioneer ZAP (OTCBB : ZAAP ) has received an order for $79 Million from a Chicago-based start-up,
The Electric Vehicle Company, reflecting the growing ethical and green
purchasing trends for both investors and consumers.
The Electric Vehicle Company (EVC) was founded with the goal of promoting
economical non-polluting electric transportation. EVC is being funded by
two hedge funds, Diversified Equity Funding, L.P. and Diversified
Strategies Fund, LLC, which both have an investment interest in ZAP. EVC
will focus on sales of electric vehicles to municipalities, distributors,
university campuses, auto and recreational dealers, foreign countries and
the military. Additionally, the company has the goal of developing the
first retail chain committed to the sale of all electric vehicles. The two
funds have committed the funding necessary to develop the marketing
organization. The hedge funds will also provide financing for the purchase
of ZAP vehicles by fleets and municipalities.
ZAP CEO Steve Schneider said the order is for ZAP's electric cars, trucks
and other vehicles. Schneider noted that EVC would receive an 8% discount
if orders were filled within the next 12 months. The order is subject to
meeting the performance criteria of EVC and certain terms of ZAP.
"We believe this order, which constitutes thousands of vehicles, is the
largest order for consumer electric vehicles in history," said Steve
Schneider, CEO of publicly owned ZAP. "Many municipalities have been
talking recently about mitigating greenhouse gas emissions, so we are
grateful to be involved in this historic effort."
Schneider noted that in March, large pension funds and business enterprises
called for Congress to place limits on emissions of carbon dioxide and
other gases blamed for global warming, the latest among several
business-oriented groups to call for a national climate policy.
ZAP, the only full-line electric vehicle company in the US, made news
recently with the sale of its XEBRA electric cars and trucks, the first
vehicles designed for the US market by a Chinese automobile manufacturer.
ZAP also recently announced an automotive business plan to design a new
generation of high performance electric vehicles designed by Lotus
Engineering.
About ZAP
ZAP has been a leader in advanced transportation technologies since 1994,
delivering over 90,000 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. The Company recently launched a new portable energy
technology that manages power for mobile electronics, like cell phones and
laptops. For more 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.
Disclosure:
Larry Spatz, of EVC, has entered into a consulting agreement with ZAP in
which he will utilize his relationships and expertise to assist in the
company's growth.
ZAP is a featured Company on RenewableEnergyStocks.com,
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