Zhejiang Jonway Automobile Co. Ltd. of Taizhou, China announced its acquisition agreement with U.S. electric vehicle pioneer ZAP (OTCBB:ZAAP) to the Chinese media Friday, which included a ceremony and celebration attended by thousands at its factory for the A380 SUV.
ZAP CEO Steve Schneider with Jonway Auto officials celebrate new auto and electric vehicle venture i ...

ZAP CEO Steve Schneider with Jonway Auto officials celebrate new auto and electric vehicle venture in China. (Photo: Business Wire)

ZAP's acquisition of Jonway Auto is the most significant business transaction of its kind this year in Taizhou, a coastal city of six million people, said ZAP CEO Steve Schneider and Jonway Auto CEO Alex Wang. The two hosted an event Friday with thousands in attendance, including autoworkers, politicians, business leaders and media.

The celebration for the new venture between ZAP and Jonway Auto continued over the weekend. ZAP Jonway sponsored Taizhou's Green Crab Festival on Saturday, an annual event that attracted more than 18,000 people, including several Hong Kong movie stars and celebrities. The Green Crab festivities aired on major television networks throughout China, highlighting the "green" connection to ZAP Jonway.

The celebration and ceremonies accompany a series of business meetings to advance the goals of the newly formed company, ZAP Jonway, which combines ZAP electric vehicle expertise with Jonway's manufacturing capabilities. Business proceedings continue this week and company officials expect further announcements over the next several days.

About ZAP

ZAP is one of the oldest and most experienced EV providers, having delivered over 117,000 of a broad range of vehicles to more than 75 countries since 1994. ZAP supplies electric trucks and vans to military, government and corporate fleets and is an innovator of electric motorcycles, scooters and ATVs. The Santa Rosa, California based company offers some of the only electric city-speed cars and trucks in production today. ZAP is also developing a freeway capable electric vehicle called the Alias. Further news and information is available at http://zapglobal.wordpress.com.

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.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6443931&lang=en

Copyright Business Wire 2010