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http://seekingalpha.com/article/255860-revisiting-kandi-why-i-remain-confident-in-this-stock?source=yahoo
California based ZAP is probably a company that most don’t realize is now a possible “contender” in the EV space, both in the U.S. and China. But for those who do, I suspect they don’t truly realize how expensive this entry was. I can’t imagine how this stock can currently be trading with diluted market cap of $385 million. And this is significantly down from the over half billion market cap it had in early January, right after it completed and announced a multi-part macro private share placement at around $.24 a share with a lot of $.25 warrants totaling some 200 million shares. The placement was used to raise $30 million to buy 51% of a Jonway Automobile a Chinese gas powered carmaker who had supposed revenues last year of around $77 million.
As stated in its Jan. 25 PR, “With ZAP’s electric vehicle (EV) technology expertise and international experience, the combined company intends to build the necessary production platform to address the Chinese EV market,” the company plans on taking its 16 years as a “pioneer in the electric vehicle industry since 1994, engaging in the design, development, commercialization and distribution of 100% pure electric vehicles and power systems,.. (full article)” and teach this Chinese company how to convert its gas powered cars to EVs. Who knows? After generating some $4 million in revenues in 2010 and accumulating a deficit of $143 million over the years developing its“expertise”, maybe the company finally learned a secret or two to teach the Chinese about EVs.
Welch & Forbes Owns 9.8% of GeoVax Labs - cbl
Posted February 28, 2011
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ATLANTA -- Welch & Forbes owns 9.8 percent or 1.54 million shares of GeoVax Labs, Inc. (OTC: GOVX), according to an SEC filing.
The stake is worth $2.27 million based on Monday's closing price of $1.48.
GeoVax, whose president and CEO is Robert T. McNally, Ph.D., is an Atlanta-based biotechnology company that creates, develops, and tests HIV/AIDS vaccines.
GeoVax announced a net loss of $478,784 for the fourth quarter ended December 31, 2010, as compared to a net loss of $843,275 for the comparable period in 2009, as previously reported by citybizlist.
Led by president and portfolio manager John H. Emmons, Jr., Welch & Forbes is a wealth management firm based in Boston that provides investment portfolio management, personal trust and fiduciary services, estate planning and administration, and tax and custodial services.
SEC filing: http://tinyurl.com/4t584ld
Bio:
Robert T. McNally, Ph.D.
Dr. Robert McNally graduated with a Ph.D. in Biomedical Engineering from the University of Pennsylvania and has over 28 years of experience in academic and corporate clinical investigations, management, research, business, quality and regulatory affairs.
Dr. McNally is the President and CEO of GeoVax. Previously, he served as President as well as VP of Quality Assurance of Cell Dynamics, a company he co-founded. Cell Dynamics worked with organ and tissue procurement organizations for the recovery of human tissue processing these tissues into cellular components necessary for research and development, pharmaceuticals and cell therapy. In 1984, Dr. McNally co-founded CryoLife, Inc., a company specializing in the cryopreservation of human tissue for transplant. During his 14 year association with CryoLife, it grew to $50M in revenue, became a public company on NYSE and received world recognition as a leader in transplant technology.
He is a Fellow of the American Institute of Medical and Biological Engineers, serves on the board of the Petit Institute for Tissue Engineering at Georgia Tech and is Past Chairman of the Georgia Biomedical Partnership and recipient of its 2005 Biomedical Industry Growth Award.
Also at citybizlist, see:
GeoVax Labs Reports Q4 2010 Financial Results
Possible .. Have not read the board lately
Financial Reporting/Disclosure
Reporting Status Alternative Reporting Standard
Audited Financials Not Available
Latest Report Feb 22, 2011 Attorney Letter with Respect to Current Information
http://www.otcmarkets.com/stock/MOPN/company-info
" AFTER OPENING WEB GO TO LETTER POSTED ON FEB 22 2011"
CIK
Fiscal Year End 12/31
OTC Market Tier OTC Pink Limited
Profile Data
SIC - Industry Classification 1389 - Oil and gas field services, misc
Business Status Development Stage Company a/o Sep 28, 2006
Incorporated In: NV, USA
Year of Inc. 1999
Employees 15 a/o Jan 10, 2008
Company Officers
Charles M Diamond Chairman, CEO, President, CFO
Wayne D. King Vice President
Company Directors
Charles M Diamond Chairman
Company Notes
Formerly=Cengroup Petroleum Corp. until 12-07
Note=8-12-04 State of Incorporation Delaware changed to Nevada concurrent with name change to Speedteq-Ti
Formerly=Speedteq-Ti, Inc. until 6-06
MOPN Security Details
Share Structure
Market Value1 $13,289,882 a/o Feb 25, 2011
Shares Outstanding 221,498,026 a/o Dec 31, 2010
Float 53,816,670 a/o Dec 31, 2010
Authorized Shares 500,000,000 a/o Dec 31, 2010
Par Value 0.001
Shareholders
Shareholders of Record 60 a/o Dec 31, 2010
Beneficial Shareholders 2,248 a/o Feb 04, 2011
Corporate Actions
Ex. Date Record Date Pay Date
Security Notes
Capital Change=shs increased by 2 for 1 split. Ex-date=06/26/2006.
Non US Stock Exchange Listing
-
Short Selling Data
Short Interest 1,989 (172.47%)
Jan 31, 2011
Significant Failures to Deliver No
Transfer Agent(s)
Routh Stock Transfer
Service Providers
Auditor/Accountant
Reuven I. Rubinson, CPA
10601 Tierrasanta Blvd
San Diego, CA, 92124-2616
United States
Legal Counsel
Weintraub Law Group PC
10085 Carroll Canyon Rd.
San Diego, CA, 92131
United States
Investor Relations Firm
N/A
1Market Value calculated only for respective security
GeoVax Labs Reports Fourth Quarter and Year-End 2010 Financial Results
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ATLANTA, Feb. 25, 2011 /PRNewswire/ -- GeoVax Labs, Inc. (OTC Bulletin Board: GOVX), an Atlanta-based biotechnology company that creates, develops, and tests innovative HIV/AIDS vaccines, today announced its financial results for the fourth quarter and year ended December 31, 2010.
GeoVax reported a net loss of $478,784 for the fourth quarter ended December 31, 2010, as compared to a net loss of $843,275 for the comparable period in 2009. For the full year of 2010, the Company reported a net loss of $2,747,328 as compared to a net loss of $3,284,252 in 2009. Grant revenues were $5,185,257 and $3,668,195 for the years ended December 31, 2010 and 2009, respectively. As of December 31, 2010, the Company reported cash balances totaling $1,079,087. Summarized financial information is attached. Further information concerning the Company's financial position and results of operations are included in its Annual Report on Form 10-K, expected to be filed with the Securities and Exchange Commission before March 31, 2011.
Highlights of the Company's scientific and clinical progress during 2010 are as follows:
Early results from the Phase 2a trial for the preventative version of GeoVax's vaccine indicated an excellent safety profile and highly reproducible immunogenicity. This trial was expanded to include testing of an additional, simpler vaccine regimen, and we expect patient enrollment and vaccinations to be completed during 2011.
During 2010, GeoVax began recruiting and screening patients for a Phase 1/2 trial for the therapeutic version of our vaccine. In order to accelerate enrollment in this important study, a second site at the University of Alabama, Birmingham was recently added to complement the enrollment already underway in Atlanta.
We reported preclinical results using GM-CSF (granulocyte/macrophage colony-stimulating factor) as an adjuvant, or immune system booster, with the DNA priming component of our preventative vaccine. Results using GM-CSF showed protection from infection by a genetically distinct simian immunodeficiency virus (SIV - monkey version of the HIV virus) in 70% of the animals tested. We believe this is the highest level for prevention of an immunodeficiency virus infection ever reported in a nonhuman primate model. Based on the results from this study, we now hope that our DNA/MVA vaccine supplemented with GM-CSF could actually prevent, not just control, HIV infections in humans.
Robert T. McNally, Ph.D., president and chief executive officer, commented, "During 2010 we made solid, steady progress in developing our HIV/AIDS vaccines. For 2011, our goals include advancing our Phase 1/2 therapeutic clinical program to the point of seeing crucial data from vaccinated patients, completion of patient enrollment and vaccinations in the Phase 2a trial of our preventative vaccine, and commencement of planning for the Phase 2b trial in the preventative program. In addition we expect the HIV Vaccine Trials Network (HVTN) to initiate a Phase 1 trial for the GM-CSF adjuvanted version of our preventative vaccine in the latter part of 2011."
Dr. McNally continued, "We continue to benefit from tremendous financial, operational, and technical support provided to us by the National Institutes of Health (NIH) and by the HVTN. The HVTN, funded by the NIH, is the largest worldwide clinical trials network dedicated to development and testing of promising HIV/AIDS vaccines. While we are deeply appreciative of the governmental support we receive, it does not cover all of our activities, so fund-raising is also one of our primary goals for 2011. We began the effort during 2010 and have laid the groundwork for success in 2011 through corporate capital restructuring, establishment of investment banking relationships, and making numerous contacts among potential institutional investors."
About GeoVax
GeoVax Labs, Inc. is a biotechnology company developing human vaccines for diseases caused by HIV (Human Immunodeficiency Virus – that leads to AIDS). GeoVax's AIDS vaccine technology is exclusively licensed from Emory University in Atlanta, GA, and is the subject of more than 20 issued or filed patent applications. GeoVax AIDS vaccines are designed for use in uninfected people to prevent acquisition of HIV-1 and limit the progression to AIDS should a person become infected. GeoVax HIV/AIDS vaccines also may be effective as a therapeutic treatment (for people already infected with the HIV-1 virus).
GeoVax's core AIDS vaccine technologies were developed by Dr. Harriet Robinson, Chief Scientific Officer, through a collaboration of colleagues at Emory University's Vaccine Center, the National Institutes of Health (NIH), the Centers for Disease Control and Prevention (CDC) and GeoVax.
GeoVax's AIDS vaccines have moved forward in human clinical trials conducted by the HIV Vaccine Trials Network (HVTN) based in Seattle, Washington. The HVTN, funded through a cooperative agreement with the NIH, is the largest worldwide clinical trials program dedicated to the development and testing of AIDS vaccines. Preclinical work enabling evaluation of the GeoVax DNA and MVA vaccines was funded and supported by the National Institute of Allergy and Infectious Disease (NIAID), which provided additional support to the GeoVax vaccine development program with an $19 million Integrated Preclinical/Clinical AIDS Vaccine Development (IPCAVD) grant awarded in late 2007.
For more information, please visit www.geovax.com.
About GeoVax's Technology
GeoVax's unique two component vaccine, a recombinant DNA and a recombinant modified vaccinia Ankara (MVA), is designed to stimulate both anti-HIV T cell and anti-HIV antibody immune responses. Stimulation of both T cells and antibodies differentiates the GeoVax vaccine from many other vaccine candidates. GeoVax's DNA and MVA vaccines are used in a prime/boost protocol in which priming is done with the DNA and boosting with the MVA. Both the DNA and MVA express the three major proteins of the AIDS virus: Gag, Pol, and Env, and produce non-infectious virus-like-particles. These particles contain proteins that mimic more than half of the components of the HIV virus, but cannot cause AIDS. This multi-protein approach is designed to elicit a broad multi-target protective T cell response. The Env protein is designed to elicit a protective antibody response against the natural form of the virus envelope glycoprotein as well as protective T cells. GeoVax's vaccines are unique in expressing virus like particles that display the trimeric membrane bound form of the HIV-1 envelope glycoprotein. All preventative Phase 1 human clinical trials conducted to date tested various combinations and doses of our DNA and MVA vaccines, their ability to raise anti-HIV humoral (antibody) and cellular (cytotoxic T cell) immune responses, as well as the vaccines' safety.
About HIV/AIDS
AIDS is an epidemic that can affect anyone, regardless of race, gender, age or sexual orientation. 33 million people are currently infected globally and it is estimated that there will be 2.5 million new infections this year. Since the beginning of the epidemic, over a million people in the U.S. have contracted the virus. Every 9 1/2 minutes, someone in the U.S. is infected with AIDS. Globally, HIV is the top killer among women of reproductive age. HIV is a worldwide disease with different subtypes (or clades) of the virus predominating in different regions of the world. Clade B is the predominant subtype in North America. Globally, most infections involve subtypes AG, B, and C. GeoVax vaccines are currently designed to function against clade B. In 2008, antiretroviral treatment in low and middle income countries was restricted to about 3 million people. In the United States, about 50% of those who are infected are estimated to be on drug treatment.
Forward-Looking Statements
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: HVTN will commence, complete enrollment, and generate data regarding GeoVax vaccine clinical trials as and when expected, GeoVax can develop and manufacture its vaccines with the desired characteristics in a timely manner, GeoVax's vaccines will be safe for human use, GeoVax's vaccines will effectively prevent AIDS in humans, vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete vaccine development, there is development of competitive products that may be more effective, less costly, or easier to use than GeoVax's products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control. GeoVax assumes no obligation to update these forward-looking statements, and does not intend to do so. More information about these factors is contained in GeoVax's filings with the Securities and Exchange Commission including those set forth at "Risk Factors" in GeoVax's Form 10-K.
FINANCIAL TABLES FOLLOW
GeoVax Announces Publication of Phase 1 Clinical Trial in The Journal of Infectious Diseases
http://www.prnewswire.com/news-releases/geovax-announces-publication-of-phase-1-clinical-trial-in-the-journal-of-infectious-diseases-116722724.html
Trial Results Establish Vaccine Safety and Immunogenicity
ATLANTA, Feb. 23, 2011 /PRNewswire/ -- GeoVax Labs, Inc. (OTC Bulletin Board: GOVX) announced today the publication of the results of Phase 1 clinical trial testing of its HIV/AIDS vaccine products. The article, titled "Phase 1 Safety and Immunogenicity Testing of DNA and Recombinant Modified Vaccinia Ankara Vaccines Expressing HIV-1 Virus-like Particles," will appear in the March 1 issue of The Journal of Infectious Diseases. A PDF of the article is available at the following URL:
http://jid.oxfordjournals.org/cgi/reprint/jiq105?ijkey=nT44dx1yCxsiOjV&keytype=ref.
GeoVax is developing two vaccine components: a recombinant DNA-vectored vaccine; and a recombinant MVA-vectored vaccine. Both produce non-infectious virus-like particles in the body of a vaccine recipient. These non-infectious particles are designed to "train" the immune system of the vaccinated person to recognize HIV should the vaccinated person be exposed to the real virus. Both the DNA and MVA vaccines induce humoral (antibody) and cellular (T cell) responses. Antibodies have the potential to block virus before it infects cells. The T cells have the potential to recognize and kill cells that become infected by virus that gets past the antibody.
The publication reports the results of three different trial regimens: (1) priming with two doses of the pGA2/JS7 recombinant DNA vaccine and boosting with two doses of MVA/HIV62B recombinant MVA vaccine (DDMM regimen); (2) priming with one dose of the recombinant DNA and boosting with two doses of the recombinant MVA (DMM regimen); and (3) priming and boosting with a total of three doses of the recombinant MVA vaccine (MMM regimen). The Phase 1 trial, initiated in 2006 and completed in 2009, included 120 participants, was sponsored by the National Institute of Allergy and Infectious Diseases (NIAID), part of the U.S. National Institutes of Health, and was conducted by the NIAID-funded HIV Vaccine Trials Network (HVTN). Support for the development of both DNA and MVA vaccines was also received from NIAID.
The vaccines showed excellent safety characteristics in each of the three regimens. All of the regimens induced both antibody and T cell responses. Antibody-induced immune response rates were highest in the MMM group, whereas T cell response rates were highest in the DDMM group. The DMM group had intermediate response rates. "We are encouraged with the results seen in this trial, as the vaccine is safe and is able to induce a wide variety of immune responses directed against HIV," notes Dr. Paul A. Goepfert, the study's lead investigator.
On the basis of the excellent safety and immune response rates, HVTN has moved both the DDMM and MMM regimens forward into Phase 2a testing, which is currently ongoing in the trial designated HVTN 205. HVTN 205 has 300 participants in both North and South America and is designed to increase the base of information on safety and immunogenicity.
About GeoVax Labs, Inc.
GeoVax is a biotechnology company developing human vaccines for diseases caused by HIV (Human Immunodeficiency Virus – that leads to AIDS) and other infectious agents. Our goals include developing HIV/AIDS vaccines for global markets, overseeing the manufacture and testing of these vaccines under GMP/GLP conditions (FDA guidelines), conducting clinical trials for vaccine safety and effectiveness, and obtaining regulatory approvals to move the product forward. GeoVax's vaccines are unique in expressing virus like particles that display the trimeric membrane bound form of the HIV-1 envelope glycoprotein. All preventative Phase 1 human clinical trials conducted to date tested various combinations and doses of our DNA and MVA vaccines, their ability to raise anti-HIV humoral (antibody) and cellular (cytotoxic T cell) immune responses, as well as, the vaccines' safety. Successful results from Phase 1 testing supported the initiation of the first Phase 2 testing. GeoVax's Phase 2 human trial began in January 2009 and will ultimately involve 300 participants at sites in the United States and South America. Recently GeoVax began enrolling patients in a Phase 1 therapeutic trial for individuals already infected with HIV. For more information, please visit www.geovax.com.
About the HVTN
The HIV Vaccine Trials Network (HVTN) is the largest worldwide clinical trials network dedicated to the development and testing of HIV/AIDS vaccines. The HVTN is an international collaboration that conducts all phases of clinical trials, from evaluating experimental vaccines for safety and the ability to stimulate immune responses, to testing vaccine efficacy. Support for the HVTN comes from the National Institute of Allergy and Infectious Diseases (NIAID), part of the U.S. National Institutes of Health (NIH). The Network's HIV Vaccine Trial Units are located at leading research institutions in 27 cities on four continents. The Network's headquarters are at the Fred Hutchinson Cancer Research Center in Seattle, Washington.
Forward-Looking Statements
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax can develop and manufacture its vaccines with the desired characteristics in a timely manner, GeoVax's vaccines will be safe for human use, GeoVax's vaccines will effectively prevent AIDS in humans, vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete vaccine development, there is development of competitive products that may be more effective or easier to use than GeoVax's products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control. GeoVax assumes no obligation to update these forward-looking statements, and does not intend to do so. More information about these factors is contained in GeoVax's filings with the Securities and Exchange Commission including those set forth at "Risk Factors" in GeoVax's Form 10-K.
Contact
At The Investor Relations Group:
Investor Relations
James Carbonara
or
Public Relations
Janet Vasquez / Laura Colontrelle
(212) 825-3210
GeoVax Launches a Second Clinical Site to Test the Therapeutic Benefit of its HIV Vaccine
University of Alabama at Birmingham to Serve as Second Site for Ongoing Clinical Trial
ATLANTA, Feb. 9, 2011 /PRNewswire/ -- GeoVax Labs, Inc. (OTC Bulletin Board: GOVX), a biotechnology company that creates, develops and tests innovative HIV/AIDS vaccines, announced today the opening of a second clinical trial site at the Alabama Vaccine Research Clinic (AVRC) of the University of Alabama at Birmingham (UAB) to expand the company's HIV therapeutic vaccine trial. Although the GeoVax vaccines are currently being tested clinically for HIV prevention, this is the first clinical trial using the same products for treatment of persons who already have HIV infection. UAB joins the AIDS Research Consortium of Atlanta (ARCA) as the second site used for this trial.
"We are very pleased to be expanding this important clinical trial to include the AVRC, a group with which we have worked successfully for several years," noted Mark Newman, PhD, Vice President of Research and Development at GeoVax.
Sonya Heath, MD, the medical director for the study at UAB, said, "New approaches to HIV treatment are critically needed, and an effective therapeutic vaccine would be an important tool in our ongoing efforts to treat people with HIV infection. A vaccine that enhances the body's ability to control HIV and decreases the dependence on antiretroviral drugs would be a major breakthrough."
To be eligible for the study, potential volunteers need to be diagnosed within the first year of HIV infection and they must have started antiretroviral drug therapy within six months of diagnosis. The study will last up to 77 weeks for each participant. All patients will be followed closely to assess vaccine safety and for the ability of the vaccine to induce therapeutic immune responses. Only 10 to 12 persons will be selected to participate.
About The Alabama Vaccine Research Center
The AVRC, established in 1994, is one of 10 National Institutes of Health (NIH)-sponsored HIV Vaccine Trials Units in the US. The medical staff of the AVRC conducts Phase 1, Phase 2, and Phase 3 clinical trials of experimental HIV vaccines. The goals of these clinical research studies are to evaluate the safety and the ability of new vaccines to induce immune responses capable of protecting individuals from HIV infection and/or controlling disease. The AVRC has contributed to the clinical testing of the GeoVax HIV vaccines in HIV uninfected individuals.
About GeoVax Labs, Inc.
GeoVax is a biotechnology company developing human vaccines for diseases caused by HIV (Human Immunodeficiency Virus – that leads to AIDS) and other infectious agents. Our goals include developing HIV/AIDS vaccines for global markets, overseeing the manufacture and testing of these vaccines under GMP/GLP conditions (FDA guidelines), conducting clinical trials for vaccine safety and effectiveness, and obtaining regulatory approvals to move the product forward. GeoVax's vaccines are unique in expressing virus like particles that display the trimeric membrane bound form of the HIV-1 envelope glycoprotein. All preventative Phase 1 human clinical trials conducted to date tested various combinations and doses of our DNA and MVA vaccines, their ability to raise anti-HIV humoral (antibody) and cellular (cytotoxic T cell) immune responses, as well as, the vaccines' safety. Successful results from Phase 1 testing supported the initiation of the first Phase 2 testing. GeoVax's Phase 2 human trial began in January 2009 and will ultimately involve 300 participants at sites in the United States and South America. Recently GeoVax began enrolling patients in a Phase 1 therapeutic trial for individuals already infected with HIV. For more information, please visit www.geovax.com.
This was sent to me, thought it was an interesting read
About 6 months ago, the writer was watching a news program on oil and one of the Forbes Bros. was the guest. The host said to Forbes, "I am going to ask you a direct question and I would like a direct answer; how much oil does the U.S. have in the ground?" Forbes did not miss a beat, he said, "more than all the Middle East put together." Please read below.
The U. S. Geological Service issued a report in April 2008 that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota, western South Dakota, and extreme eastern Montana ..... check THIS out:
The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable... at $107 a barrel, we're looking at a resource base worth more than $5...3 trillion.
"When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.." says Terry Johnson, the Montana Legislature's financial analyst.
"This sizable find is now the highest-producing onshore oil field found in the past 56 years," reportsThe Pittsburgh Post Gazette. It's a formation known as the Williston Basin , but is more commonly referred to as the 'Bakken.' It stretches from Northern Montana , through North Dakota and into Canada . For years, U. S. oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves..... and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!
That's enough crude to fully fuel the American economy for 2041 years straight. And if THAT didn't throw you on the floor, then this next one should - because it's from 2006!
U.. S. Oil Discovery- Largest Reserve in the World
Stansberry Report Online - 4/20/2006
Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?
They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth.. Here are the official estimates:
- 8-times as much oil as Saudi Arabia
- 18-times as much oil as Iraq
- 21-times as much oil as Kuwait
- 22-times as much oil as Iran
- 500-times as much oil as Yemen
- and it's all right here in the Western United States .
James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.
Don't think 'OPEC' will drop its price - even with this find? Think again! It's all about the competitive marketplace, - it has to. Think OPEC just might be funding the environmentalists?
By the way...this is all true. Check it out at the link below!!!
GOOGLE it, or follow this link. It will blow your mind.
http://www.usgs.gov/newsroom/article.asp?ID=1911
ZAP (OTC-BB: ZAAP): Electric Vehicle Designer for the World
By Justin Kuepper · Wednesday, February 2nd, 2011
http://theotcinvestor.com/zap-otc-bb-zaap-electric-vehicle-designer-for-the-world-964/
ZAP (OTC-BB: ZAAP), one of the world’s oldest manufacturers of electric vehicles (EVs), similar to companies like Tesla Motors, Inc. (Nasdaq: TSLA) and Li-ion Motors Corp. (OTC-BB: LMCO), was recently featured on KQED News in an article entitled “California: EV Designer for the World” that highlighted its recent move into the Chinese market.
ZAP (OTC-BB: ZAAP), one of the world’s oldest manufacturers of electric vehicles (EVs), was recently featured on KQED News in an article entitled “California: EV Designer for the World” that highlighted its recent move into the Chinese market. the article quoted Priscilla Lu, who is board chair of ZAP in Santa Rosa, California.
To read the entire article, please see the following link:
http://blogs.kqed.org/shiftinggears/2011/01/24/california-ev-designer-for-the-world/
About ZAP
ZAP is one of the world’s oldest and most experienced electric vehicle providers, having delivered over 117,000 of a broad range of electric vehicles to more than 75 countries since 1994. Additional information is available at http://www.zapworld.com.
CONTACT: 888-288-5215 · Please read our Full Disclaimer pertaining to this article
Great point .. Because how does a company that has never shown a profit come up with 36 million...
China to build the world's biggest mega-city out of 9 existing citiesThe new urban hub will connect 42 million people over 16,000 square milesby Taylor Hatmaker on January 26, 2011Filed under: Computers China is about to make America's urban cityscapes look quaint. Chinese city planners have just laid out plans to merge together nine independent cities in China's southern Pearl River Delta region into one epic urban sprawl. When combined, the urban spread of the resulting Chinese mega-city would encompass 16,000 square miles, linking together the cities of Guangzhou, Shenzhen, Foshan, Dongguan, Zhongshan, Zhuhai, Jiangmen, Huizhou and Zhaoqing.
For the sake of comparison (and to drive home just how large this area will be), the greater Los Angeles area has a population of 15 million. The notoriously crowded New York City metro area is packed with 22.2 million residents. China's mega-city, all told, would boast a population of 42 million people, almost double the population of New York City.
"It will not be like Greater London or Greater Tokyo because there is no one city at the heart of this megalopolis," according to a senior consultant on the project. While the city planners of the Pearl River Delta project have big plans for the next six years, they don't yet have an official name for the world's soon-to-be largest city.
http://www.tecca.com/news/2011/01/26/china-to-build-the-worlds-biggest-mega-city-out-of-9-existing-cities/
[Image credit: The Telegraph]
[Via: Geekosystem] (Source)
LOOKS LIKE A GOOD REGION FOR EV'S IMO
ZAP Completes 51% Acquisition of China’s Jonway Automobile, Cathaya Capital Funds Total of US$36 Million
Date : 01/25/2011 @ 4:50AM
Source : Business Wire
Stock : ZAP (ZAAP)
Quote : 1.3 0.0 (0.00%) @ 2:05AM
ZAP Completes 51% Acquisition of China’s Jonway Automobile, Cathaya Capital Funds Total of US$36 Million
Zap (OTCBB:ZAAP)
Intraday Stock Chart
Today : Tuesday 25 January 2011
Electric vehicle market pioneer ZAP (OTCBB:ZAAP) announced today that it has completed its acquisition of 51 percent of the capital stock of Zhejiang Jonway Automobile Co. Ltd. of Sanmen, Zhejiang, China. Cathaya Capital LP has funded the aggregate amount of US$36 million.
Electric vehicle market pioneer ZAP completed its acquisition of 51 percent of the capital stock of Zhejiang Jonway Automobile Co. Ltd. of Sanmen, Zhejiang, China to manufacture and sell electric SUVs to fleets in China. (Photo: Business Wire)
The final payment of US$19 million related to the acquisition was made on January 21, 2011 with the funding from Cathaya Capital. Total cash payment for the acquisition of 51 percent of Jonway Automobile was US$30,030,000.
With ZAP’s electric vehicle (EV) technology expertise and international experience, the combined company intends to build the necessary production platform to address the Chinese EV market. The newly combined company, to be renamed ZAP Jonway, will leverage Jonway Auto’s A380 SUV, as well as its established distribution channels to the Chinese market with over 90 direct dealers. ZAP Jonway will manufacture and sell SUVs powered by ZAP’s electric drive train and expects to benefit from the 60,000 RMB (approximately US$9,000) government incentives granted to electric car buyers.
Jonway Automobile anticipates vehicle sales for its gasoline A380 SUV to increase by 40 percent to over 10,000 vehicles in 2011 compared to 2010. In 2009, its first year of sales, Jonway Automobile experienced sales of 4,000 SUVs, which rose to over 7,000 in 2010, each with a sales price of around US$11,000. ZAP Jonway is currently adding to its manufacturing production lines to deliver the A380 EV SUV by the anticipated date of June 2011 and ZAP’s ALIAS EV roadster by September 2011.
“Jonway Automobile’s revenues from selling its gasoline vehicles will help build the foundation for ZAP Jonway’s growth in the electric vehicle market, allowing ZAP to focus on further strengthening its EV technology, reinforced by Jonway’s manufacturing production expertise and ready market access to China,” said Dr. Priscilla Lu, founder and general partner of Cathaya Capital, a Cross Border Fund focused on China. Dr. Lu has served as Chairman of the Board for ZAP since September 2009. Cathaya Capital has invested US$36 million in ZAP since September 2009 with the goal of completing this 51 percent acquisition of Jonway Automobile.
Jonway Automobile is ISO 9000 certified with over 3.6 million square feet of fully provisioned factory space on 141 acres of land.
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=6584291&lang=en
i believe we will see back below 1.00 if zap does not give us some information on production out look
pre market not looking so good
Posted by cashmoney on Jan 07, 2011 | No comment
ZAP (OTC: ZAAP) develops and commercializes electric vehicles and is also engaged in the development and acquisition of electric vehicle power systems. The company is mainly operational in the United States, offering on-campus vans and trucks to various organizations such as Government outfits.
ZAP in December announced commencement of its Shanghai project for development of a Green City Zone. The company has entered into collaboration with the government of Yangpu District of Shanghai, a research and University hub with more than 1.24 million inhabitants. Per the agreement, the company will work in collaboration with the local government for the utilization of electric vehicles for the purpose of public transportation.
In the fall of 2010, ZAP agreed to buy a 51% stake in Jonway Automibile Co., a subsidiary of Jonway Group, for approximately $29.03 million in cash. The company also has formed a joint venture with Holley Group.
ZAP reported $985,000 in revenue for the quarter ended on Sep. 30, 2010, while its net income from continuing operations stood at $(1.887) million. The company valued its total assets as on the end of the quarter at $22.422 million and its total liabilities were valued at $8.117 million. ZAP stock has traded in the range of $0.26 and $1.86 during the last 52 weeks. The company’s EPS is stated at ($0.10). ZAP commands a market cap of $255.92 million.
Read more: http://www.beaconequity.com/hot-otc-stock-in-focus-zaap-in-review-2011-01-07/#ixzz1ANiU4vQm
I want to believe in this company. But history shows lost profits and payout of high salaries.
I hope this next quarter shows that they have a back log of orders, with sales on the books.
It is true zap does not have the most shinning history.
They need to release some real information,not just what if's!
Agreed
we need a little more discloser
I believe we need to see some realistic vehicle production numbers from zap to sustain this level.
Thanks You too
Yes,some intersting reading .. some old, some new
MOP Environmental Solutions, Inc. (MOPN: Pink Quote) | Quarterly Report06. Jan, 2011 0 Comments
Thu, Jan 06, 2011 11:07 – MOP Environmental Solutions, Inc. (MOPN: Pink Quote) released their Quarterly Report. To read the complete report, please visit: https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=41760.
Pink OTC Markets – News, Filings & Corporate Actions
As I stated this is all "IMO" . So yes you are correct mister or miss obvious.
I believe people are beginning to realize the fact that zap is the only U.S car company in history, to ever own controlling interest in a Chinese car company. Meaning that what ever limitations are put on Ford , GM and any other foreign car manufactors, zap will not have to deal with. Also China's consumer base seems to be very positive about electric transportation .. Of coarse all in IMO.
THANK YOU
I'll get right on it, and in true zap fashion. I'll send you an address where you can mail the check for my salary :)
Have a great night...
QUOTE
"Silent evidence is what events use to conceal their own randomness , particularly the Black Swan type of randomness"
Nassim Nicholas Taleb
ZAP’s (OTC-BB: ZAAP) Takover of Jonway Could Generate Big Value
By Justin Kuepper · Wednesday, January 5th, 2011
ZAP (OTC-BB: ZAAP), one of the world’s oldest providers of consumer electric vehicles, similar to companies like Tesla Motors, Inc. (Nasdaq: TSLA) and Li-ion Motors Corp (OTC-BB: LMCO), could see big value from its takeover of Jonway Auto Group in China, according to a recent research report put out by MDB Capital Group LLC (View Complete Report).
ZAP (OTC-BB: ZAAP), one of the world’s oldest provider of consumer electric vehicles, announced the merger/acquisition of 51% of the Jonway Auto Group on July 8, 2010. As a large vehicle manufacturer based in China, the combination could catapult ZAP into the forefront of electric vehicle production and marketing in one of the world’s fastest growing auto markets.
Jonway built its reputation in the production of motorcycles and scooters and began manufacturing high-quality automobiles in late 2008. In the fall of 2009, ZAP and Jonway entered into a joint venture to develop electric vehicles focused on the fleet and government markets. After the JV successfully developed a five-door, all-electric vehicle designed to be an electric taxi, the two companies decided to merge in order to strengthen the relationship and ultimately unlock substantial value.
As a combined entity, ZAP will work closely with the Chinese government to manufacture and market electric taxis for the Chinese and other markets, while it already has a 100 vehicle order for a customer in Korea. Through these contracts and others, analysts expect revenues to approach $90 million on an annualized run-rate with operating margins of between 4% and 5% of revenues.
Click on the link below to read the complete research report:
http://www.zapworld.com/sites/default/files/pdfs/ZAAP-Update-July-2010.pdf http://theotcinvestor.com/zaps-otc-bb-zaap-takover-of-jonway-could-generate-big-value-932/
About ZAP
ZAP engages in the development, acquisition, and commercialization of electric vehicles and electric vehicle power systems in the United States. It offers on-campus trucks and vans to various government organizations including the FAA, US military, state government agencies and local government as well as large corporations and small businesses. ZAP is also developing electric sport utility vehicles with Zhejiang Jonway Automobile Co, Ltd. for the taxi fleet market in China. The company markets various forms of transportation, including alternative energy and fuel efficient automobiles, motorcycles, bicycles, scooters, neighborhood electric vehicles, and commercial vehicles. It also operates a retail car lot for sale of conventional and electric vehicles, as well as selling its products through the Internet via its website http://www.zapworld.com. The company was formerly known as ZAPWORLD.COM and changed its name to ZAP in 2001. ZAP was founded in 1994 and is headquartered in Santa Rosa, California.
CONTACT: 888-288-5215 · Please read our Full Disclaimer pertaining to this article.
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I do know .. that is why I am able to make money at this game !
Read through this old article and then see if you can keep it all staight.. I do believe that zap is on a better road now .. But it has been a rocky ride. Wired Home Subscribe
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WIRED MAGAZINE: 16.04
Cars 2.0 : Future Transport
Hype Machine: Searching for ZAP's Fleet of No-Show Green Cars
By Randall Sullivan 03.24.08
Illustration: Jason Lee Online Extras
ZAP's Long Road Ahead: The Models They've Overpromised and Underdelivered
The Ups and Downs of ZAP's Stock Price
Autopia: Don't Get Zapped by All Zap's Hype
ZAP Corporation Fan Mail
In September 2006, Ehab Youssef, an intellectual property lawyer in San Jose, California, was shopping for a new car. With gas prices surging above $3 a gallon and headlines warning of a disappearing ice cap, Youssef and his wife were looking to offset their Toyota Land Cruiser with something more fuel-efficient. One day, while researching vehicles on the Web, he came across ZAP Corporation. A small California company, ZAP seemed to be doing what Detroit couldn't: bringing environmentally friendly cars to the masses. For starters, ZAP was selling the Xebra, an electric three-wheel buggie imported from China. The Xebra wasn't quite ready to take on the freeways of Silicon Valley, but it was cute and cost less than $10,000. Then there was the Obvio 828, a sleek vehicle from Brazil capable of running on pure ethanol. It was expected to reach showrooms in 2007. ZAP also had a $99,000 fuel-cell vehicle called the Worldcar in the pipeline, and the company said it would soon be selling the Smart Fortwo — the dramatically designed, Mercedes-engineered micro-vehicle from DaimlerChrysler. The Fortwo ran on gasoline but got 37 miles to the gallon and fit in nicely with ZAP's eco line.
The topper, however, was the ZAP-X. Youssef learned about the company's planned supercar from ZAP's chair, Gary Starr, when he visited the company's headquarters that fall. The all-electric crossover SUV — due sometime in 2007 — would not only produce 644 horsepower, rocketing it from 0 to 60 miles per hour in a Ferrari-esque 4.8 seconds, but would travel 350 miles on a single 10-minute charge.
Youssef was no longer just shopping for a car; he was ready to change careers. In November, he and his wife plunked down $100,000 for a ZAP franchise territory covering most of Los Gatos, a wealthy town near San Jose. "We felt that we could do something that was not only good for society but also profitable for us," Youssef says.
The first disappointment came in January, when Youssef went to ZAP headquarters to pick up the new Smart car he intended to drive as his personal vehicle. There were "some problems" getting Smart cars, Starr told Youssef. What Starr didn't say was that DaimlerChrysler had told ZAP more than a year earlier that it wouldn't sell the California company any of its vehicles.
Youssef was frustrated, but he still believed in ZAP's vision. "I thought, Well, OK, at least they have these great new vehicles coming out — the Obvio and the ZAP-X. And the Xebra cars, which are available now, do incredible things for under $10,000.'" It wasn't long, though, before Youssef learned that the Obvio was not coming anytime soon.
Even more crushing, Youssef discovered that the all-electric Xebra sedan did not come close to achieving the 40-mph speed and 40-mile range ZAP claimed. In fact, the Xebra "went about 34 miles per hour on very flat ground with the wind behind it," Youssef says. It stalled on steep hills and, worst of all, had a range of less than 20 miles. When he complained that it would be impossible to sell an electric vehicle with such limited range, Youssef says, he was referred by ZAP's dealer liaison to a larger and more powerful battery set; with that installed, the Xebra would go almost 40 mph and travel nearly 40 miles on a single charge. "Only they wanted us to pay for the battery upgrade out of our own pockets," recalls Youssef, who realized that after expenses he would be making, at most, $100 per vehicle.
Youssef tried to persevere. The ZAP-X was in the news, and he was getting as many as 20 calls a day from people asking to sign up for the supercar. In February 2007, he asked when exactly the company intended to begin delivering the ZAP-X. "Gary Starr told me, Well, it may be two years out, it may be four years out, it may never happen.' I was stunned," Youssef recalls. "That was when I realized what an idiot I had been to trust this guy."
He was hardly alone. Over the years, ZAP has taken millions from investors and dealers eager to see the company's line of green cars hit the road. But that line has never materialized. Of nearly a dozen groundbreaking eco-vehicles ZAP has promised in public announcements and on its Web site, only the Xebra and its sibling, a truck version, have ever made it to market. As a result, fans of electric cars have grown disillusioned, while individuals like Youssef have been financially devastated. What's more, investment firms around the country have become cautious about financing electric vehicles after being repeatedly misled by one of the industry's most visible companies.
In spite of all this, the pair now running the company, Starr and CEO Steve Schneider, enjoy lucrative employment packages that have made them millions. Their compensation — and ZAP's continued existence as a business — heavily depends on the continual issuance of new stock shares. And although ZAP has earned an annual profit only once in its 16 years of existence (even that was the result of a one-time debt conversion) and its stock has been delisted from the New York Stock Exchange, Nasdaq, and the Pacific Stock Exchange, Starr and Schneider have managed to keep ZAP shares from becoming worthless. They've achieved this almost entirely through a relentless flow of press releases in which ZAP describes itself as "a world leader in electric transportation" and constantly claims to be on the verge of innovations and business deals that will yield breakthroughs in green transportation — claims that consistently fall short.
None of this would be possible without the optimism and naïveté of those eager to put their faith in the electric car future. When it comes to green technology, some people just want to believe. It's easy to see why: Electric cars, after all, don't run on gas, so they produce virtually no emissions. They do consume some fossil fuels, since they charge their batteries from the grid, which mostly uses coal and natural gas to generate power. But because electric cars are more efficient than gas cars at turning energy into miles, their carbon footprint averages out to be 50 to 90 percent less than that of traditional vehicles. (And that figure drops to nearly zero if the car is plugged into a renewable energy source like a solar panel array.) Electric cars could decrease dependence on oil, reduce global carbon emissions, and save consumers money. But while Honda, Toyota, Nissan, Ford, and General Motors all toyed with electric vehicles in the '90s, these companies had effectively ended development by 2003, when California stopped requiring automakers to offer zero-emissions vehicles. Since then, electric car enthusiasts have been forced to pin their hopes on small independent companies — like ZAP.
"They tug at your heartstrings," says Joseph Gottlieb, a ZAP dealer from the San Diego area who has filed an official complaint against ZAP with the Securities and Exchange Commission. "If ZAP was in any other business, the company would have been dead long ago. But they keep taking advantage of how much environmentalists — like me — want to see electric cars come to market."
ZAP declined to comment on the allegations in this article on several occasions. Starr and Schneider cut off communication with Wired when they learned "the direction you're going with this story," as Schneider put it. Wired also ran the major points of the story by a PR consultant working for the company, but ZAP again declined to address most of the issues raised here. Schneider will only say that he and Starr never knowingly committed any illegal acts. While "mistakes have been made," he admits, "it's all been based on trying to make the company work."
ZAP began as the vision of the aptly named Jim McGreen. In 1991, McGreen, then 38, was looking to start a business that would be "both green and profitable." A consummate garage inventor, he began building and selling parts and kits for electric bicycles. The next year, McGreen launched ZAP Power Systems (for zero air pollution), his electric vehicle company.
Based in Alameda, across the bay from San Francisco, McGreen was looking for cash to expand his operation when he met Gary Starr. A short, wiry fellow with bushy brown hair and a habit of giggling at awkward moments, Starr had founded the electric vehicle division of Solar Electric Engineering, a struggling solar cell company based in Sonoma County, California, in 1983. After settling in Santa Rosa, the company changed its name to US Electricar in February 1994. Soon thereafter Starr was asked to leave, according to a former company executive.
McGreen knew only that Starr had departed US Electricar with a pile of cash and was looking for investment opportunities. "There were a lot of money people who came to Jim," McGreen's wife, Nancy Cadigan, says, "but Gary was the first one who wrote a check."
On September 21, 1994, ZAP filed incorporation papers. There were four people on the board of directors: McGreen, Cadigan, Starr, and Starr's wife, Susan. The next year, ZAP moved to Sebastopol, a hamlet just west of Santa Rosa. In the fall of 1996, ZAP made a direct public offering of its stock, eventually netting over $2 million.
In 1997, McGreen invented the Zappy, a two-wheeled stand-up scooter with a top speed of 15 mph. It quickly became a national sensation. "When Kevin Spacey rode it on Letterman's show, we felt like screaming," Cadigan recalls. "Edward Norton was calling me," McGreen says, "saying he wanted his Zappy to be faster than Spacey's."
In 1998, ZAP sold more than 2,000 scooters at $650 a pop — for a total of $1.4 million. But the company still wasn't making a profit, and tensions started to grow between Starr and McGreen. Starr wanted to relocate manufacturing to Asia to cut costs, but McGreen worried quality would suffer.
Starr, who had persuaded investors to support the expansion of ZAP's board to seven members, decided to push McGreen out. In September 1999, the board voted five to two (McGreen and Cadigan being the only dissenters) to remove McGreen as president and CEO. Gary Starr was now in charge.
Under starr, ZAP all but collapsed. The trouble started right away: Between December 1999 — the month McGreen officially resigned from the board — and April 2000, ZAP's stock price dropped from an all-time high of $13 a share to $5.50. This fall was fueled in part by the company's botched attempt to purchase a North Dakota-based electric cart maker named Global Electric Motorcars.
To repair the damage, ZAP's new board brought in electric-vehicle veteran John Dabels to manage operations with Starr. Dabels, who was appointed president in June 2000, made rapid progress: In just seven months, year-on-year sales more than doubled. But Dabels, like McGreen before him, fought with Starr over moving manufacturing to China and resigned in January 2001.
As always, Starr was hungry for more money. But a deal he started shortly before Dabels left ZAP would soon make raising capital almost impossible. According to Scott Cronk, ZAP's chief engineer at the time, Starr told the board that the investment group Union Atlantic was going to buy several million dollars worth of ZAP stock. The plan, Starr said, was for Union Atlantic to quickly sell the shares if the price increased. Starr assured the board, however — according to both Cronk and Dabels — that Union Atlantic couldn't sell below a certain price.
By the summer of 2001, with Dabels gone and the threat of Zappy knockoffs hurting ZAP's share price, Union Atlantic had started unloading its investment. In September, the share price fell below 50 cents, but the sell-off continued. "That's when we all knew there was no floor," says Cronk, who resigned a short time later.
By 2002, the company had laid off 80 of its 100 workers and moved the bulk of manufacturing to Taiwan. Cheap Zappy copies from Asia soon flooded the market. "ZAP was still selling the Zappy for $500," Cronk says, "while Wal-Mart was offering knockoffs for a quarter of that." Annual revenue, which had reached $12 million in 2000 under Dabels, was down to less than $5 million. Operating expenses, on the other hand, continued to rise.
With its stock price decimated and its sales sinking, ZAP filed for Chapter 11 bankruptcy reorganization on March 1, 2002. The company's stock was suspended by Nasdaq with a final share price of 21 cents.
Convinced that Starr had destroyed the value of the options he and other employees had taken in lieu of higher salaries, Cronk contacted the SEC in May 2002, faxing a detailed summary of concerns to the agency's San Francisco office. In his complaint, Cronk alleged that Starr had guaranteed Union Atlantic a return and cost the company $25 million in market capitalization. Cronk also provided the SEC with a chart correlating the decline of ZAP's stock price with the Global Electric and Union Atlantic deals, which he said were promoted with false or misleading press releases.
Cronk says an SEC rep told him that the agency was swamped with complaints against small-cap companies and might not be able to take immediate action. Pat Huddleston, a former enforcement branch chief with the Atlanta office of the SEC, isn't surprised. "Because of its limited resources, the SEC has to target bigger companies first," says Huddleston, who now runs the site Investor's Watchdog. "The commission simply can't investigate all the companies it should." SEC spokesperson John Heine will say only that the commission refuses comment "on any case other than those in which we have filed a complaint."
In July 2002, ZAP emerged from the Chapter 11 reorganization with Starr as ZAP's new board chair. This position would permit him to bring in a new partner, Steve Schneider, a used-car dealer with stable cash flow and his own grandiose ambitions. Their new direction would drastically reshape ZAP, enrich both men, and leave a new round of green believers feeling burned.
Schneider is handsome and charming, though he can come across as the used-car salesman that he is. In the late 1990s, he made his living as owner of the Repo Outlet, a lot specializing in automobiles that had been seized for nonpayment. The business is a quarter-acre of asphalt just beyond the city limits of Santa Rosa in a neighborhood inhabited primarily by working-class Latino immigrants. Repo Outlet did well, but Schneider's methods were sometimes questionable. According to the Santa Rosa Press Democrat, in 1997 the Sonoma County District Attorney sued Schneider's enterprise for selling unsafe vehicles and engaging in misleading advertising. Schneider settled for $9,382. Then, in 2001, the business was fined $40,000 by the state of California for importing uncertified Volkswagen Beetles from Mexico.
Schneider joined ZAP while it was going through bankruptcy proceedings. The idea was that Schneider, as a car guy with steady income, would help the company move from electric scooters and bikes to selling full-blown electric cars.
ZAP purchased Schneider's business with stock (which it also used to pay off its creditors), giving him 39 percent of the company and making him the largest single shareholder. Since Starr held on to 16 percent of ZAP, the pair were now in control of the company.
In April 2003, ZAP relocated its headquarters to one of the most historically significant buildings in Santa Rosa, which the company purchased with stock, warrants (the right to buy stock at a preset price), and a $2 million note. In fact, according to SEC filings, after the bankruptcy ZAP began using stock to cover a range of expenses, from legal fees and advertising to "janitorial services." As it happened, Schneider and Starr had written themselves employment agreements — still in effect today — that allowed them to issue stock freely: Every year, each receives "a grant of stock options or warrants equal to 1 percent of the outstanding common stock of ZAP." In other words, the more shares ZAP issues, the greater the number of options or warrants the duo gets annually. "This is the sort of thing that can happen when the officers of a company control its board of directors," says Huddleston, the former SEC enforcement branch chief. "Investors should realize that, unless they're prepared to read and understand SEC filings, they can't possibly understand what they're getting into with a company like this."
Although Schneider boasted about how little he was paid as CEO of a publicly traded company ($74,100 in 2003, ZAP's first full year of business after emerging from bankruptcy), the truth was that his portfolio, like Starr's, was expanding. Schneider's holdings of stock, warrants, and options ballooned from the 2,822,222 shares he received after the bankruptcy deal to more than 14 million in 2004. Starr's holdings rose from around 1 million shares to more than 5 million during this period.
Such massive issuances of purchase rights dilute the stock, of course. In fact, even as their holdings increased, the percentage of Starr and Schneider's stake in the company had actually slightly declined. And all those warrants and options weren't worth very much at the beginning of 2004, when ZAP stock was trading at a mere 60 cents a share. But soon a wave of press releases promised new business connections and potential acquisitions. That was on top of the introduction of new vehicles, like the remarkable $99,000 fuel-cell Worldcar that ZAP said it would soon be importing. All the attention helped push ZAP's stock to $1.85 a share by May. The share price jumped to $2.60, though, after Schneider announced later that month that DaimlerChrysler Smart cars — all but unavailable in America — would soon be sold through "ZAP dealers in select states."
In the fall of 2004, Steven Kim, an analyst at the Bank of New York, flew to California to hear Steve Schneider lay out the company's ambitious Smart car plan. Kim was so impressed that he decided to take a pay cut of more than 50 percent and relocate to become ZAP's director of investor relations. He was convinced that the stock options he received as a signing bonus would more than make up the difference in his salary.
For the first few months, the news was good. ZAP had managed to purchase roughly 100 imported Smart cars from a US dealer and reported that they were being converted to meet US emissions standards at a plant in Southern California. Once it secured approval from the EPA, ZAP planned to begin selling Smart cars to American customers by mid-2005 at the latest. The only sour note, Kim says, came when several institutional investors he knew refused to buy ZAP stock, citing the company's history of promising things it couldn't deliver.
In January 2005, Schneider created a sensation at the annual convention of the National Automobile Dealers Association. Standing in front of a gleaming new Smart car, Schneider offered dealers the opportunity to take delivery of the micro-vehicles within the year, and returned to Santa Rosa claiming $55 million in purchase orders. Soon, investors all over the country began to pony up as much as $150,000 to secure their territorial rights as ZAP dealers.
Though ZAP still hadn't sold any Smart cars, Schneider was styling himself as an auto industry big shot. He and Starr tooled around Santa Rosa in cars that were hardly the eco-vehicles ZAP promoted — a Porsche for Schneider and a BMW for Starr. And under Schneider's leadership, ZAP started recruiting a team of attractive young women. "Get Known as a ZAP! Girl," urged the heading on an application asking for both a full-body photo and head shot. At zapgirls.org, the company depicted the life of a ZAP! Girl as one of almost constant parties and public promotions. Photo galleries provided "the Latest, Hottest Pics of ZAP! Girls in Action."
The ZAP! Girl-in-chief was Renay Cude, who, according to former employees, including a president and a director of consumer products, had been engaged in a romantic relationship with the married Schneider for several years. (Cude declined to comment for this article.) The two allegedly became involved during the Chapter 11 reorganization, when Cude was working for the attorney who represented Schneider. The affair was an open secret at ZAP headquarters, where Cude rose rapidly through the ranks. She had earned an associate's degree in general education from Santa Rosa Junior College but now served as ZAP's corporate secretary. She also had a seat on the ZAP board, which included Starr and Schneider among its five members, allowing the trio to exercise control of the company. And Cude, now 31, received the same generous package of options and warrants as Schneider and Starr.
While ZAP execs worked at getting the Smart cars it already owned to pass US emissions standards, company reps traveled to Germany on March 21, 2005, to propose a direct relationship with DaimlerChrysler. Daimler executives heard the pitch but said they wouldn't consider a deal until ZAP signed a nondisclosure agreement and revealed more about its plans. Schneider refused to sign the agreement. Instead he simply submitted a purchase order to Daimler for 76,500 Smart cars — worth more than $1 billion. Never mind the fact that ZAP had only a few million in cash and the garage it was using to bring Smart cars up to US standards could convert only 15,000 vehicles a year.
The audacious move was met with silence. "Steve heard nothing," Kim recalls. "It was obvious the company was blowing him off." Early on the morning of May 24, 2005, ZAP turned up the pressure, publicly announcing the deal with a florid press release. Later that day, DaimlerChrysler informed Reuters that the company had no idea what Schneider was talking about. Two weeks later, DaimlerChrysler made its first formal statement regarding ZAP. Ulrich Walker, head of DaimlerChrysler's Smart division, said he and his associates had decided not to sell any Smart cars to ZAP. The automaker had taken a closer look at the California company, Walker explained, and "decided that we do not want to have any kind of business relationship with ZAP, either now or in the future."
By June, after touting its Smart car distributorships for more than a year, ZAP had sold just one of the vehicles. Nevertheless, Schneider told the Press Democrat that ZAP was negotiating with unidentified secondary dealers for the purchase of Smart cars to meet US demand and even claimed ZAP would begin delivering vehicles to dealers within the week.
Eventually, ZAP would manage to buy and sell just over 300 Smart cars through the gray market. But without Daimler's support, ZAP wouldn't come close to delivering as many cars as the company had promised.
In October, ZAP sued DaimlerChrysler in Los Angeles County Superior Court. In the complaint, ZAP claimed that it had been "systematically targeted for destruction by one of the world's largest auto industry conglomerates." More specific charges included defamation and unfair business practices; ZAP was seeking more than $500 million in damages. DaimlerChrysler filed a motion to dismiss the lawsuit, declaring that ZAP's behavior revealed "both the sham nature of its purported business and a lack of trustworthiness that is nothing short of stunning." Daimler's filing also said that the company's Smart division never had any intention of engaging in a partnership with ZAP, despite ZAP's "misleading press release clearly issued to create the false impression that ZAP would have a steady supply of Smart vehicles." In June 2006, a superior court judge ruled that ZAP had no jurisdiction to sue Daimler in a California court. (ZAP lost its appeal and is taking its case to the California Supreme Court.)
Meanwhile, ZAP was turning to other ventures. Just prior to filing the lawsuit, the company announced it had signed an agreement to become the exclusive US distributor for the Obvio 828, a Brazilian subcompact under development that would run on gas, pure ethanol, or a blend of the two. ZAP said it planned to start selling the "trybrid" in 2007.
Disillusioned, Kim was preparing to resign when he learned the company had hired a new consultant: Max Scheder-Bieschin. "I did some research on Max and found he had amazing credentials," says Kim, who was impressed with his track record at Deutsche Bank in Germany. "I thought I'd stick around and see what happened."
A tall, trim triathlete with an easy smile and elegant manners, Scheder-Bieschin grew up in New York, earned his bachelor's in economics at Stanford, and worked for several years in Europe. He moved to Sonoma County in 2005 at the behest of his wife, who had family nearby, and followed the Smart fiasco at ZAP through the pages of the Press Democrat. "I thought I could be of assistance," says Scheder-Bieschin. Like others before him, Scheder-Bieschin loved the idea of building a profitable company on a foundation of environmental idealism. "I am for electric vehicles," he explains. "The electric motor is just a much more efficient technology than the internal combustion engine, far superior in terms of emissions and noise. We as a society will go that way eventually."
Scheder-Bieschin became ZAP's president in December 2005. Six months later he was in negotiations with the brokerage and investment firm National Securities for an infusion of $15 million to $20 million to help ZAP further develop its vehicle line. But, like so many before it, the deal fell through. There were several reasons, according to both Scheder-Bieschin and National Securities. The first was that Schneider and Starr refused to tear up their stock-contingent employment agreements. "Those two have a staked interest in continuing to issue more and more shares to anybody," Scheder-Bieschin says. "No bank is going to loan money to a company run that way." Another problem was that ZAP's board was controlled by the company's executives rather than independent outsiders. But what really killed the deal was ZAP's refusal to address these issues. "ZAP's management made absolutely no effort to correct any of the problems we pointed out to them," says a National Securities official involved in the negotiations who asked not to be identified.
As he watched the deal fall through, Scheder-Bieschin realized how little influence he had, even as president. Melissa Brandao, hired by Scheder-Bieschin to serve as ZAP's director of consumer products, felt similarly powerless. She says Starr not only interfered with her sales, but he and Schneider also refused to honor warranty claims on recently introduced Xebras, leaving her to deal with irate customers. After six months at ZAP, Brandao says, the only time she felt enthusiasm for her job was when someone brought in one of the old Zappy scooters built by Jim McGreen for service. "They were 10 years old but beautiful, like vintage cars," she recalls. "They make the stuff ZAP sells now look like crap."
"From a fundamental standpoint, the company has never been at a better place," Schneider told reporters at the San Francisco International Auto Show in November 2005. The company's display unapologetically included a Smart car alongside the flex-fuel Obvio, the fuel-cell Worldcar, and the all-electric Xebra. Schneider urged investors "not to wait another second" before purchasing ZAP stock.
Not everyone was impressed. Larry Martin, a Bay Area investor in clean-air companies, told the Press Democrat that ZAP had marketed "a fabulous dream" but that "consistently, the results have disappointed us." And Wayne Schenk, owner of Subaru Santa Cruz, who had signed up as a ZAP dealer, also complained to the paper that ZAP has issued "a million press releases on stuff that has never happened." By the end of 2005, ZAP's stock price was back down to 26 cents.
Starr and Schneider, though, would demonstrate once again the power of PR. On March 22, 2006, USA Today ran a story that sympathetically chronicled ZAP's efforts to sell the Smart car in domestic markets. The day the article came out, ZAP's stock price shot up, closing at $1.23. That same day, SEC records show, Schneider cashed out 200,000 warrants. (He also notified the commission of nine other transactions dating back to January 2005 for which he had yet to file paperwork.) Two days later, Renay Cude exercised 75,000 ZAP options at a price of 25 cents per share. During the next three weeks, as ZAP's stock price climbed steadily, Cude sold that same number of shares in eight separate transactions for an average price of over $2 per share, netting more than $150,000. These cashed-out shares were soon replaced. On August 11, 2006, ZAP awarded Schneider, Cude, and Starr an additional 355,424 in warrants and 355,424 in options — part of their yearly compensation package, which would come to just over $500,000 each. In fact, even though Schneider had unloaded more than a million and a half shares in 2005 and 2006, his total holdings of warrants, stock, and options reached 15 million in April 2006.
By early 2007, Kim, Scheder-Bieschin, and Brandao had all resigned their positions. Brandao filed a sexual discrimination complaint against ZAP with the state of California, alleging that she had been underpaid because of her gender and that Starr had verbally abused her.
Scheder-Bieschin says that Starr and Schneider have been insulated from criticism because of the business they are in. "Steve plays the game that nobody's ever gonna be tough on us because we're the EV guys.'" (Indeed, Robert Taicher, a consultant for ZAP, called Wired editors as this story was in process, asking the magazine to tread lightly on ZAP, given that "we're in the green space.") "Gary Starr and Steve Schneider have likely done more damage to the EV industry than Detroit and the Japanese combined," Scheder-Bieschin says. "And the failure of this industry to thrive has affected everything from global warming to the war on terror. How do you put a price on that?"
Brandao thinks the EV industry itself bears some responsibility for ZAP's depredations. "Nobody wants to talk about how bad ZAP is," she says. "Everybody wants the EV space to be protected from scandal or bad publicity."
A video from NBC affiliate KCRA on ZAP's dealership in Davis, California (November 2007)
There have been a few official complaints, however. In addition to Cronk's grievance to the SEC, Gottlieb, the San Diego-area ZAP dealer, also filed a report with the agency, alleging that senior ZAP executives had misled him when he purchased 100,000 shares of ZAP stock in exchange for a dealership territory. So far, though, Wired has found no evidence that the SEC has followed up on either complaint.
Meanwhile, ZAP continues to do what it always has: claim it is on the verge of delivering the dream. In February 2007, Schneider officially unveiled plans for the ZAP-X supercar at the National Automobile Dealers Association convention in Las Vegas, telling potential dealers and customers that they could place a $25,000 deposit on the vehicle. The ZAP-X, Schneider said, would be based on a car design by Lotus, much like the Tesla Roadster electric sports car, which had been unveiled six months earlier. A Lotus Engineering official confirms that Lotus made a deal with ZAP allowing the Santa Rosa firm to use Lotus' gas-powered APX prototype as a physical model for a new car, but that was all. And the deal, as far as he knows, has gone dormant. Though the APX could conceivably be adapted to an electric motor, the exec told Wired, the expense and engineering challenge would be enormous. Would it be possible to manufacture and sell such a vehicle for ZAP's promised price of $60,000? "That depends," the exec replied with a laugh, "on whether you want to make money or lose money."
Touring ZAP's Santa Rosa headquarters and vehicle warehouse (April 2007).
Regardless of the limited nature of the official relationship between Lotus and ZAP, Lotus CEO Albert Lam was clearly impressed with the California company. In September, Lam brokered a joint venture agreement between ZAP and Youngman Automotive Group, a Chinese bus maker, that ZAP says will allow it to get the fabled ZAP-X on American roads in 2009. Lam — who had been with Lotus four years — left the company a month later and signed on with Starr and Schneider, first as a new member of the ZAP board, then as part of ZAP's management team. (Lam didn't respond to Wired's requests for an interview.) Almost as soon as he arrived, ZAP unveiled specs for a second high-performance electric vehicle — a three-wheel, 322-horsepower two-seater called the Alias.
The Alias, ZAP says, will be built and marketed by the venture jointly run by ZAP and Youngman Automotive Group. The name of this partnership is Detroit Electric, a brand originally created by the Anderson Electric Car company, which existed between 1907 and 1939. Detroit Electric (now located in California and run by Lam) says it will be bringing a whole range of electric vehicles to market in the next 14 months. "Our plan is to launch with a 12-meter pure electric transit bus, the ZAP Alias, and two family sedans as early as the summer of 2009," Lam said in a press release. Analysts familiar with the Alias say delivering even that car on this timeline is unlikely, given that ZAP is reportedly still looking for suppliers to design components to make the car feasible.
In February, after losing more than $500,000 on his dealership, Ehab Youssef was preparing a lawsuit against ZAP when the company offered to settle his claim for 50,000 shares of ZAP stock. Youssef declined, and a few weeks later ZAP filed a suit of its own claiming that Youssef hadn't lived up to the terms of his ZAP dealership contract. At press time, the matter was pending in Sonoma County Superior Court, and Youssef was preparing a counter claim. Earlier, Youssef had talked to a number of other dealers about a possible class action case. Among those who considered joining was John Martin, a schoolteacher from Austin, Texas.
Martin says he met Schneider once, in spring 2006, when "I flew to California to sign the papers and write a check." He says he made it clear that he had limited funds — less than $160,000 from savings and a small inheritance. Company officials assured Martin that this would be enough to get "up and running."
After quitting his job, Martin leased a prime Austin location and spent much of his remaining cash remodeling and rewiring the building for his new dealership. He was thrilled by the publicity his October 2006 grand opening generated among the local media. Attracted by stories in the newspaper and on TV, dozens of potential customers showed up at the dealership that first week, though Martin could offer them little more than a ride in the Xebra sedan he had purchased as his personal car — ZAP had failed to deliver any vehicles for him to sell.
In December 2006, Martin laid off his staff and became a one-man operation. He received his first shipment of Xebras shortly before Christmas. But by then, Martin explains, he had realized how quickly the Xebras ran out of charge. "When I had to tell people about the range, I could see it in their eyes," Martin recalls. "This was the deal killer."
Martin sold one Xebra in January 2007, two in February, and three in March. "Then business just dried up completely," he says. Martin's first customer, an attorney, had to have his car hauled back to the dealership for warranty repairs four times in the first month. Martin managed to remain optimistic, he says, because he knew that the new Obvio model was supposed to begin arriving from ZAP sometime in the spring. "But of course the Obvio never came," Martin says, and he was forced to close the doors of his new business at the beginning of August. By then, his $160,000 was gone. The lawyer who bought that first Xebra from Martin sent a threatening letter to ZAP on Martin's behalf, and ZAP replied by promising to repay at least some of the money he had lost. Then Martin heard nothing for five months — ZAP didn't return his calls. Finally, in January, as Wired prepared this story for print, ZAP settled with Martin, giving him 50,000 shares of ZAP stock in exchange for his agreement not to sue and not to talk to the media.
Martin was able to get his teaching job back, but the school soon had to lay him off. Strapped for cash, he had to pull two of his three young daughters from the private school where they had been enrolled since kindergarten. (Parents, teachers, and friends took up a collection to pay the tuition of his oldest daughter.) As of January, Martin was supporting his family by working construction during the day and delivering pizzas in the evening.
"I wanted so much to believe," he says.
What I was told .
Is that they received parts from overseas and assembled them at there facility .. And I was quoted a number .. Which at the time seemed low. I have a long history with zap. Was buying shares from there beginning and was able to make a profit before they went Bankrupt the first time.. In my opinion it has always been a cat and mouse game with Steve, and if I was lied to it would not surprise me . But to clarify, the statements I have made are true too the best of my knowledge
.
Yes I know ..old news I don't understand your point
"Electric vehicle retailer Zap lost ownership of its flagship building in downtown Santa Rosa after reaching a settlement with one of its investors.
The 15-year-old company was sued by investor Al Yousuf Group in Sonoma County Superior Court for failing to pay $5.6 million to the Dubai-based investor, according to the settlement.
Zap agreed to transfer ownership of its headquarter's building on 5th Street to the Al Yousuf Group, repay $1.3 million over the course of a year and relinquish ownership of another property it owns in Mendocino County, according to the settlement finalized on April 16.
Zap's building, located at 501 Fourth Street, is directly across from the downtown Santa Rosa Plaza mall. The company's net loss was $10.7 million in 2009, following a loss of $9.8 million in 2008, according to its annual financial report released this month.
Gary Starr, co-founder of Zap, said in a brief interview Thursday that he did not know if the company would have to relocate its headquarters.
“I haven't been directly involved,” he said. “All I know is (the lawsuit) has been settled.”
He declined further comment.
The Al Yousuf Group is a Dubai-based conglomerate and a major shareholder of Zap, according to Zap's financial statements. Eqbal Al Yousuf, who is president of the Al Yousuf Group, was chairman of Zap at the time of the loan.
The Dubai company agreed to loan Zap up to $10 million in July 2008, with an initial loan payment of $1.76 million.
Zap failed to make its payments, according to the lawsuit. The two sides entered negotiations about repayment last summer, but after that process failed, Al Yousuf sued on September 25.
A call placed to the attorney representing the Al Yousuf Group had not been returned by Thursday afternoon.
Zap has long touted its electric vehicles and over the years has consistently heralded new vehicles it said were under development. Executives have appeared on national television shows and worked with UPS to test Zap vehicles for delivering packages during the Holidays.
Starr and Steve Schneider, Zap's chief executive offer, were the two highest paid employees at publicly traded companies in the North Bay in 2008, according to The North Bay Business Journal. Schneider received $7 million in total compensation and Starr received $3.1 million, according to the publication.
The company spent $8.5 million on general and administrative expenses, and $551,000 on research and development, according to its 2009 annual report."
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I agree, and after calling the California facility and finding that is was only being used for low quantity assembly and storage. I can see why they would let him have the property and move on with what the had going in China
I believe they were willing to part with the property because of this deal that was in the works ..
ZAP Acquires Majority Stake of Jonway Auto
Chinese Market Reach Expands
By Jimmy Mengel
Wednesday, September 22nd, 2010
California electric vehicle company ZAP has acquired a majority stake in China's Jonway Auto.
The move will allow ZAP to capitalize on the growing electric vehicle (EV) market in China.
ZAP will acquire 51% of Zhejiang Automotive Co. Ltd. for a total of $29 million in cash. Jonway Auto is a subsidiary of Jonway Group, whose annual revenues in 2009 totaled around $40 million, and $20 million for the first quarter of this year.
After final regulatory approval, ZAP intends on purchasing the other 41% of Jonway.
“By combining ZAP’s experienced team of EV engineers with Jonway’s manufacturing capabilities, the combined ZAP Jonway will be able to scale up with the fast-growing worldwide market for affordable electric and fuel-efficient vehicles,” said CEO Steve Schneider.
Jonway's distribution channels include over 80 factory direct dealerships that feed hundreds of factory authorized dealerships.
The company's 3.6 million square foot plant in Sanmens is currently churning out around 1,000 vehicles a month, but has the capability to produce 30,000 vehicles a year.
"ZAP’s engineering enables us to expand into the EV market and position our company to be one of the leaders in China’s EV market,” said Alex Wang, CEO of Jonway Automobile.
“The ZAP team also brings us international market access and automotive distribution channels for the new models that we are designing, and ZAP will help us meet the required international standards for these new markets."
Earlier this year, ZAP and Jonway entered a joint venture called ZAP Hangzhou to produce electric vehicles.
The group unveiled an electric SUV, modeled after Jonway's 5-door A380, at the Beijing Motor Show in April. They plan to release a smaller version of the A380 — dubbed the A280 — in the coming year.
Since China overtook the United States last year as the world’s largest automobile market, U.S. companies are seeking to expand their Chinese operations and distribution.
This partnership should allow both ZAP and Jonway to broaden market reach not only in the U.S. and China, but into Europe as well.
Media / Interview Requests? Click Here.
Electric vehicle retailer Zap lost ownership of its flagship building in downtown Santa Rosa after reaching a settlement with one of its investors.
The 15-year-old company was sued by investor Al Yousuf Group in Sonoma County Superior Court for failing to pay $5.6 million to the Dubai-based investor, according to the settlement.
Zap agreed to transfer ownership of its headquarter's building on 5th Street to the Al Yousuf Group, repay $1.3 million over the course of a year and relinquish ownership of another property it owns in Mendocino County, according to the settlement finalized on April 16.
Zap's building, located at 501 Fourth Street, is directly across from the downtown Santa Rosa Plaza mall. The company's net loss was $10.7 million in 2009, following a loss of $9.8 million in 2008, according to its annual financial report released this month.
Gary Starr, co-founder of Zap, said in a brief interview Thursday that he did not know if the company would have to relocate its headquarters.
“I haven't been directly involved,” he said. “All I know is (the lawsuit) has been settled.”
He declined further comment.
The Al Yousuf Group is a Dubai-based conglomerate and a major shareholder of Zap, according to Zap's financial statements. Eqbal Al Yousuf, who is president of the Al Yousuf Group, was chairman of Zap at the time of the loan.
The Dubai company agreed to loan Zap up to $10 million in July 2008, with an initial loan payment of $1.76 million.
Zap failed to make its payments, according to the lawsuit. The two sides entered negotiations about repayment last summer, but after that process failed, Al Yousuf sued on September 25.
A call placed to the attorney representing the Al Yousuf Group had not been returned by Thursday afternoon.
Zap has long touted its electric vehicles and over the years has consistently heralded new vehicles it said were under development. Executives have appeared on national television shows and worked with UPS to test Zap vehicles for delivering packages during the Holidays.
Starr and Steve Schneider, Zap's chief executive offer, were the two highest paid employees at publicly traded companies in the North Bay in 2008, according to The North Bay Business Journal. Schneider received $7 million in total compensation and Starr received $3.1 million, according to the publication.
The company spent $8.5 million on general and administrative expenses, and $551,000 on research and development, according to its 2009 annual report.
[
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- Current report filing (8-K)
Date : 01/04/2011 @ 1:55PM
Source : Edgar (US Regulatory)
Stock : (ZAAP)
Quote : 1.33 0.03 (2.31%) @ 3:09PM
- Current report filing (8-K)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------------------------------------------------------------------
FORM 8-K
--------------------------------------------------------------------------------
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): December 30 , 2010
--------------------------------------------------------------------------------
ZAP
(Exact name of Registrant as specified in its charter)
--------------------------------------------------------------------------------
California 0-303000 94-3210624
(State or other jurisdiction of
incorporation) (Commission
File Number) (IRS Employer
Identification Number)
501 Fourth Street
Santa Rosa, CA 95401
(Address of principal executive offices) (Zip Code)
(707) 525-8658
(Registrant’s telephone number, including area code)
not applicable
(Former name or former address, if changed since last report)
--------------------------------------------------------------------------------
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-14(c) under the Exchange Act (17 CFR 240.13e-4(c))
--------------------------------------------------------------------------------
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 30, 2010, Mr. Eqbal Al Yousuf informed ZAP of his resignation from the Board of Directors of ZAP, effective immediately. Mr. Al Yousuf resigned for personal reasons and there were no disagreements between him and ZAP on any matter that resulted in his resignation. Mr. Al Yousuf also informed ZAP that he is waiving any right he might have under any agreement to designate a member of ZAP’s Board of Directors.
- 2 -
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ZAP
Dated: January 4 , 2011 By: /s/ Steven M. Schneider
Steven M. Schneider
Chief Executive Officer
TOP 5 COMPANIES IN THE AEROSPACE & DEFENSE INDUSTRY WITH THE LOWEST OPERATING MARGIN (AVAV, EDAC, ORB, KTOS, GY)Print Share Dec 28, 2010 (SmarTrend(R) News Watch via COMTEX) -- Below are the top five companies in the Aerospace & Defense industry as ranked by lowest operating margin. A healthy operating margin is required for a company to pay for its fixed costs and generate cash.
Aerovironment (NASDAQ:AVAV) has an operating margin of 0.6% on trailing 12 months sales of $262.2 million and sales growth of 24.2%.
Edac Technologies (NASDAQ:EDAC) has an operating margin of 2% on trailing 12 months sales of $71.5 million and sales growth of 22.4%.
Orbital Sciences (NYSE:ORB) has an operating margin of 6.2% on trailing 12 months sales of $1.2 billion and sales growth of 13.5%.
Kratos Defense & Security Solutions (NASDAQ:KTOS) has an operating margin of 6.2% on trailing 12 months sales of $362.9 million and sales growth of 39.3%.
GenCorp (NYSE:GY) has an operating margin of 6.8% on trailing 12 months sales of $871.7 million and sales growth of 4.6%.
SmarTrend currently has shares of Orbital Sciences in an Uptrend and issued the Uptrend alert on September 21, 2010 at $14.49. The stock has risen 21.4% since the Uptrend alert was issued.
Write to Chip Brian at cbrian@tradethetrend.com
I agree.
With zap being the first U.S. car company to own controlling interest in a China car company, seems it would be all over the news.
Former oil executive: Expect $5 gas in 2012
Critics say John Hofmeister's prediction has to do with his new venture, wind energy Video
By Michelle Fitzsimmons
energy.ca.gov
Tweets are aflutter with something a former oil executive said over the weekend -- gas could reach $5 a gallon by 2012.
In an interview with Platts Energy Weekly, John Hofmeister, ex-head honcho of Shell Oil, said that the moratorium on drilling in the Gulf of Mexico and global demand will lead to a surge in gas prices over the next two years.
Some think Hofmeister is being a bit too sensational in his prediction and that gas will cost a five-spot in a decade, not in two years. One dubious analyst at a local Fox affiliate in Washington, D.C., says Hofmeister might be crying wolf because he runs a grass-roots group called Citizens for Affordable Energy. He is the CEO of Cape Wind and just wrote a book called "Why We Hate Oil Companies."
However, with gas prices the highest they've been since 2008, Hofmeister might be on to something. He's got some startling predictions for the next few years:
http://www.salon.com/news/trending/2010/12/28/5_dollar_gas
Thank you SUNB. May you and yours be blessed in all that you do!
It has been a pleasure to know you .
ZAP (OTC-BB: ZAAP) Featured by Earth2Tech Media’s Green Overdrive
By Justin Kuepper · Wednesday, December 22nd, 2010
ZAP (OTC-BB: ZAAP), a developer of fully-electric and other alternative energy vehicles, similar to companies like Daimler AG (Pink Sheets: DDAIF) and Honda Motor Co., Ltd. (NYSE: HMC), was recently featured by Earth2Tech Media’s Green Overdrive program that tested its latest vehicles.
ZAP (OTC-BB: ZAAP), a developer of fully-electric and other advanced technology vehicles, showcased its latest electric vehicles to Earth2Tech Media through its Green Overdrive program. As one of the oldest electric vehicle companies in the U.S., the company offers affordable electric vehicles that also offer high performance characteristics.
Read the whole story here:
http://zapglobal.wordpress.com/category/media-coverage/