Integrity Automotive, LLC; ZAP: Integrity Automotive Completes Application for Advanced Technology Vehicles Manufacturing Loan

Published in Stocks and Investing on Thursday, January 8th 2009 at 16:54 GMT, Last Modified on 2009-01-08 16:55:48 by Market Wire
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SHEPHERDSVILLE, KY--(Marketwire - January 8, 2009) - Integrity Automotive, LLC along with electric vehicle partner ZAP (OTCBB: [ ZAAP ]) announced today important progress in the Kentucky company's plan to manufacture all-electric vehicles. Integrity has completed its application for a $200 million loan from the U.S. Department of Energy's (DOE) Advanced Technology Vehicles Manufacturing Loan Program.

"These are major steps forward in our effort to make Kentucky the first state in the nation to manufacture all-electric vehicles," said Randall S. Waldman, Integrity Automotive's Chief Executive Officer. "We are very optimistic that the new DOE Advanced Technology Vehicles loan program will provide the capital needed to begin production of ZAP all-electric cars and trucks here in Kentucky later this year."

"The Small Business Administration says that up to 80 percent of new jobs in America are created by small businesses," said ZAP CEO Steve Schneider. "As a US company ZAP contracted offshore manufacturing to meet its business goals of affordable electric vehicles and we hope the US government will recognize our efforts to create new jobs at home."

In a speech today, President-elect Obama said: "To finally spark the creation of a clean energy economy... we will put Americans to work in new jobs that pay well and can't be outsourced -- jobs building solar panels and wind turbines; constructing fuel-efficient cars and buildings; and developing the new energy technologies that will lead to even more jobs, more savings, and a cleaner, safer planet in the bargain."

Kentucky state government last year approved economic development incentives for Integrity Automotive, and issued a new regulation making ZAP electric vehicles legal for use on limited access Kentucky highways. Franklin and Simpson County, Kentucky, officials reached an agreement with Integrity last year to locate the automaker's Kentucky manufacturing facility at a 270-acre site there.

"We are confident that we meet all of the criteria for funding under DOE's Advanced Technology Vehicles loan program," said Gary Dodd, President of Integrity Automotive. "We will be ready to utilize the federal loan funds rapidly when they are approved by the Department of Energy. We are committed to bringing electric-vehicle manufacturing jobs to Kentucky, and are poised to begin an exciting new chapter in our state's economic development."

Integrity Automotive, LLC, ([ www.integritymotives.com ]) is a privately held Kentucky company headquartered in Shepherdsville, Kentucky, outside Louisville. It will solely own and operate its future electric-vehicle manufacturing facility in Franklin, Kentucky. Integrity has an exclusive worldwide manufacturing agreement with ZAP of Santa Rosa, California ([ www.zapworld.com ]), to build ZAP electric vehicles and other fuel-efficient transportation products at the new Franklin, Kentucky facility, subject to certain terms and conditions. Integrity's Franklin plant is projected to produce over 100,000 vehicles annually and employ up to 4,000 people.

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 the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.

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