MEDIA RELEASE PR38487
ZAP Receives Order for 100 New Electric SUVs from Samyang Optics
SEOUL, SANTA ROSA, Calif., and HANGZHOU, Feb. 24 /PRNewswire-AsiaNet/ --
Electric vehicle pioneer ZAP (OTC Bulletin Board: ZAAP) has accepted a purchase
order from Samyang Optics Co. Ltd. (KSE: 008080.KS) of Korea for 100 electric SUVs to
be built through a partnership with China auto manufacturer Zhejiang Jonway
Automobile Co. Ltd.
ZAP's design of the electric version of Jonway's A380 5-door SUV, targeting the
fleet market, would conform to Korean motor vehicle regulations and be capable of 70
MPH with a range of 100 miles per charge. The target market in Korea is intra-campus
transportation for large government, military, corporate and university campuses. ZAP
has 15 years experience in electric vehicle systems integration and sees a growing
market for conversions of gas fleet vehicles. A video of ZAP's road testing in Santa
"The electric Vehicle market is a key new strategic focus of Samyang, and we are
committed to our partnership with ZAP in developing the market for Korea," said
Samyang co-CEO Christopher Kang, MD. "This initial purchase order is phase one of
our business plan in introducing ZAP's electric vehicles to Korea."
Samyang, widely known for its camera lenses, is expanding into cleantech business
opportunities in Korea, focusing on the electric vehicle market, an area supported by
the Korean government. Korea has announced an investment of 400bn won (US$342.6m) by
2014 for electric vehicle market development. ZAP and Samyang officials have held
meetings with representatives of the Korean government to start the process of
gaining government approval to import and eventually manufacture the electric SUVs
The initial order is expected to be assembled in China at ZAP Hangzhou, a joint
venture recently formed with Holley Group, a global supplier of electric power meters
based in Hangzhou, and Better World International Limited, funded by Cathaya Funds.
Safe Harbor 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 ZAP's products, increased levels of
competition, new products and technological changes, ZAP's dependence upon third-
party suppliers, intellectual property rights and other risks detailed from time to
time in the ZAP's periodic reports filed with the Securities and Exchange Commission.
SOURCE: ZAP
CONTACT: Alex Campbell (English Language Only)
of ZAP
+1-707-525-8658, ext. 241
acampbell@zapworld.com
or Pat Meier-Johnson
of Pat Meier Associates Public Relations
+1-415-389-1700
patmeier@patmeier.com
for ZAP
or Mr. Dong Hoon, Kim (Korean Language Only)
of Samyang
+82-2-6005-8719
kdh5240@syopt.co.kr
or Alex Wang (Chinese & English Language)
of Zhejiang Jonway Automobile Co. Ltd.
+86 13968699888
wg@jonway.com
Translations:
NEWS 
