ZAP Acquires Electric Motorcycle Company.Business Editors & Automotive Writers SEBASTOPOL, Calif.--(BUSINESS WIRE)--Oct. 10, 2000 Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern electric vehicle manufacturer ZAPWORLD.COM (1) (Computer Output Microfilm) Creating microfilm or microfiche from the computer. A COM machine receives print-image output from the computer either online or via tape or disk and creates a film image of each page. (Nasdaq:ZAPP ZAPP - Zero Assignment Parallel Processor. A virtual tree machine architecture in which a process tree is dynamically mapped onto a fixed, strongly connected network of processors communicating by message passing. ) announced today it has completed the acquisition of Electric Motorbike Inc. (EMB EMB eosin-methylene blue. ) of Sebastopol, Calif., a developer of one of the world's only electric motorcycles. Under terms of the agreement, ZAPWORLD.COM (ZAP) acquires all assets, technology, engineering capabilities and customer contacts from EMB for 140,000 shares of ZAP stock and $100,000 cash. The technology consists of all proprietary components and designs for the LECTRA motorcycle and its proprietary VR24 drive system. As part of the agreement, ZAP acquires the engineering team that developed the LECTRA, including EMB founder Scott Cronk Verb 1. cronk - utter a hoarse sound, like a raven croak let loose, let out, utter, emit - express audibly; utter sounds (not necessarily words); "She let out a big heavy sigh"; "He uttered strange sounds that nobody could understand" 2. , who will take on the role as Chief Engineer for ZAP. Cronk, 36, spent 12 years working for General Motors in various engineering and management positions. First developed by EMB in 1996, the LECTRA is believed to be one of the world's only production-ready electric motorcycles. Over 100 have been delivered and ZAP plans to reintroduce a new LECTRA design in 2001. "This acquisition underscores our belief that the market for light electric transportation is ready to take off," said ZAP Chief Executive Officer Gary Starr. "With this world-class motorcycle design and the engineering ability that Scott Cronk brings to ZAP, we plan to accelerate the development of electric motorbikes, scooters and motorcycles." EMB is the fourth electric vehicle company acquired by ZAP in the past 12 months. In December, ZAP acquired emPower Corp., a Massachusetts scooter company founded by MIT MIT - Massachusetts Institute of Technology graduates. In February, ZAP acquired Electric Vehicle Systems, developer of a new form of power skating called the PowerSki. In June, ZAP acquired Aquatic Propulsion Technologies, a maker of electric sea scooters. ZAP builds and distributes many styles of electric vehicles, including bicycles, pedicabs, go-karts, neighborhood cars and more. The Company is publicly owned with shares trading on the Nasdaq Small Cap market under the trading symbol Trading symbol See: Ticker symbol ZAPP. To see or purchase a ZAP visit http://www.zapworld.com or call 800/251-4555. |
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