SANTA ROSA, Calif., April 2, 2012 (GLOBE NEWSWIRE) -- ZAP Jonway (OTCBB:ZAAP), a manufacturer of gasoline and new energy electric vehicles (EVs), delivered a company update.
Alex Wang, Co-CEO of ZAP, and CEO of Jonway Automobile, stated, "This has been a year of transformation for ZAP Jonway. Focusing on the key priority of establishing the company as a leader in the EV space, we moved our EV strategic business development office to Shanghai. In addition, we restructured the organization and installed new executives, including VP of Sales, Zhang Da Chi. Under his leadership, we relocated our sales and customer service support centers to Hangzhou, eliminated dealers we deemed unable to meet the quality service we demand for our customers, and signed new dealers with stronger financial resources and more in-depth experience in their territories."
In March, ZAP Jonway hosted a very successful annual dealership conference for over 450 attendees. During the event, the company launched the new 2012 JNZ A380 G-5 SUV with its fully re-styled interior and unveiled its concept vehicle designed by Maggiora, a renowned Italian auto designer well known for its exquisite stylish design of Italian sports cars.
"2012 is a critical year of growth for ZAP Jonway. We are pleased with our progress to date and plan to launch our EV A380 SUV in China mid-year followed by our EV Van. We are adding new international partners to our sales channels globally and will invest in type approval of our vehicles in key strategic countries. To support these efforts, we are building up our international sales team and intend to provide a more succinct plan of our international sales strategy over the next few months," concluded Wang.
2011 is the first year of consolidated ZAP Jonway financial statements. The company has postponed its April 2nd conference call to April 16th to allow time to complete all of the work for finalizing the report. The company expects to file the Form 10-K by no later than April 15th 2012, compliant to the allowable extension period.
About ZAP Jonway
ZAP Jonway combines the attributes of both companies, ZAP and Jonway Automobile, to design and manufacture quality, affordable gasoline and new energy electric vehicles (EVs). With Jonway Automobile's established ISO 9000 manufacturing facilities, research and development and sales and customer services facilities in China, ZAP Jonway is well positioned to scale up production and sales for both gasoline and EVs for China and the international markets. ZAP, an early pioneer of EVs, brings to the new combined company a broad range of EV design experience that is being applied to new product lines. ZAP Jonway is focused on addressing on EV fleets targeting city delivery trucks and vans used by university campuses, government and corporate markets in China and the United States, while utilizing its gasoline vehicle production quantities to gain economy of scale through its common vehicle parts and platforms. ZAP Jonway benefits from the established China dealership and customer support network developed by Jonway Automobile for its China sales and services. ZAP Jonway is headquartered in Santa Rosa, California and its production facility is located in Zhejiang Province of the People's Republic of China. Additional information about ZAP Jonway is available at http://www.zapworld.com.
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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 ZAP's periodic reports filed with the Securities and Exchange Commission.
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