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ZAP, Smart-Automobile Sign Stock Conversion Deal.

Electric vehicle interest ZAP announced this week it has signed an agreement allowing Smart-Automobile, LLC, to convert, based upon performance objectives, $8 million in preferred ZAP stock to common stock.

ZAP also announced it has filed with the California secretary of state papers to amend and restate its articles of incorporation to adjust its preferred stock issuance rules.

Smart-Automobiles has the rights to import and modify Europe's SmartCar micro-mobiles to meet U.S. standards. ZAP and Smart-Automobile are partnering to market and distribute the car in the U.S. next year, pending federal approval.

Contact: Steven Kim, ZAP, phone 707-525-8658 ext 298, e-mail skim@zapworld.com.

(EIN STAFF: 11/8)
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Title Annotation:Smart-Automobile, LLC
Publication:Electric and Hybrid Vehicles Today
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 10, 2004
Words:110
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