ZAP Announces Increased Revenues and Breakout Year for Automotive Distribution at Annual Meeting
ZAP's Steve Schneider, Chief Executive Officer, discussed the transition in 2005 to automobile distribution at the annual meeting of shareholders and said that 2006 will be a year of implementation.
ZAP began shipping Smart Cars Americanized for ZAP recently and over 200 cars have been sold through May 2006. This has helped increase ZAP revenues to $5.7 million through May 31, 2006, more in five months of 2006 than all of 2005. Schneider noted that ZAP's XEBRA electric vehicle has a backlog of over half a million dollars and that the company is beginning to ship models. He added that progress continues on a new ethanol-powered sports car from Brazil called OBVIO !™ which ZAP plans to distribute in North America by next year.
ZAP President Max Scheder-Bieschin, who joined ZAP in late 2005, was introduced for the first time to ZAP stakeholders. He gave an update on ZAP's operational goals for expanding distribution, introducing new technologies, enhancing current product lines while expanding ZAP's niche in the marketplace. He also talked about ZAP's position in the emerging market for advanced vehicle technologies, noting that ZAP has become a magnet for new technologies from all over the world.
Scheder-Bieschin highlighted developments with ZAP's new personal transportation vehicles, including three new, improved designs for the ZAPPY3 electric scooter, as well as two new off-road electric vehicles. Several of the new cars and vehicles were showcased at the annual meeting, including ZAP's new iZAP Portable Energy, advanced battery storage and charging systems for mobile electronics.