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Date Posted: 13:45:39 09/21/05 Wed
Author: Frank
Subject: News out on ZP
In reply to: zapz 's message, "zapz" on 17:07:42 04/04/05 Mon

ZAP Signs Exclusive Agreement for OBVIO!(TM) Urban Cars of Rio de Janeiro
Wednesday September 21, 4:26 pm ET
California Company Projects Brasilian Car Available for Export to the U.S. by 2007

SANTA ROSA, Calif.--(BUSINESS WIRE)--Sept. 21, 2005--Transportation pioneer ZAP (PCX:ZP - News) announced today that it has signed an agreement for the exclusive North American distribution of a new urban car from Brasil with OBVIO! Automotoveiculos S.P.E. Ltda., of Rio de Janeiro.

ZAP and OBVIO! have agreed to collaborate in the design and manufacture of high efficiency, high performance urban cars. OBVIO! intends to manufacture two models for export to the USA. ZAP will work closely with OBVIO! to ensure these advanced technology vehicles are fully compliant with United States regulatory requirements and will serve as the exclusive representative and distributor for OBVIO! in North America.

ZAP and OBVIO! expect to unveil the prototypes in the U.S. by the end of 2005. Initial plans are to roll out the vehicles in 2007. Under the terms of the agreement, ZAP is ordering 50,000 vehicles from OBVIO! during the three year period following initial delivery. Given the level of interest ZAP continues to receive from its dealer network coupled with the "greening" of the American market, the partners see growing market demand for fuel efficient cars. According to the Wall Street Journal, the potential market for small, fuel-efficient cars could be as high as one million vehicles per year.

"Over two million cars a year are manufactured in Brasil," said ZAP Chairman Gary Starr. "We are pleased that OBVIO! has chosen ZAP to be the first U.S. distributor of cars designed and made in Rio de Janeiro. We believe the OBVIO! is part of a new generation of automobiles that address rising energy costs."

ZAP and OBVIO! intend to deliver urban cars with a uniquely fresh design that achieve high levels of passenger safety, performance, fuel efficiency and sophistication. The two models -- an economy and a performance version -- would include a number of exciting advances in design, features and options.

"ZAP and OBVIO! share a lot in common in bringing change to the global automotive industry," said ZAP CEO Steve Schneider. "Fuel prices are on the rise and whether they go back down or level off, I think consumers today clearly demand more environmentally friendly vehicles. Unlike the Smart Car, having the manufacturer direct relationship with OBVIO! simplifies the importation process and the consumer benefits."

ZAP's business plan is to develop a distribution network that caters to buyers of fuel-efficient and advanced technology automobiles. ZAP is working to create an auto dealer package that will market automobiles from companies like OBVIO!. Schneider noted that ZAP plans to offer new advances in automotive technology, including high efficiency internal combustion and electrically driven vehicles.

"OBVIO! has spent several months investigating the right partner for the U.S. market," said Ricardo Machado. "We concluded that ZAP was uniquely positioned to be able to successfully market our cars and we look forward to bringing these refreshing new automotive designs to North American consumers. ZAP recently secured a $425 million credit facility and their experience in delivering alternative vehicles to the marketplace has shown that ZAP is capable of selling and servicing the dealer and customer that is motivated to purchase advanced transportation vehicles. We believe that with the backing and support of the manufacturer, ZAP will be very successful in this history making venture."

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