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ZAP: ZAP Cheers Electric Car Tax Credits in Stimulus Act

^{Published on 2009-02-18 11:13:25, Last Modified on 2009-02-18 11:14:08 - Market Wire}
 

WASHINGTON, DC--(Marketwire - February 18, 2009) - Officials from ZAP (OTCBB: [ ZAAP ]) say the Stimulus Act signed into law by President Barack Obama yesterday carries a provision in which buyers of its electric cars and trucks can receive a 10 percent tax credit up to $2,500.

The plug-in tax credit in the Stimulus Act can be applied for on vehicles purchased starting today. The tax credit applies towards ZAP's Xebra sedan (MSRP $11,700) and truck (MSRP $12,500) as well as its new low-speed vehicles, the ZAP Shuttle (MSRP $14,700) and ZAP XL Truck (MSRP $14,500).

The tax credits were initially slated to have an effective date starting January 1, 2010, but ZAP argued that the tax credits would meet the spirit of the Stimulus Act if started immediately. CEO Steve Schneider expressed appreciation to Congressman Mike Thompson (California 1st District) who successfully argued for immediate implementation of the tax credits in the House Committee on Ways and Means.

About ZAP

ZAP has been a leader in electric transportation since 1994, delivering over 100,000 vehicles to consumers in more than 75 countries. ZAP manufactures a line of electric vehicles, including electric city-cars and trucks, motorcycles, scooters, bicycles, and ATVs. ZAP sells some of the only electric city-speed cars, trucks and vans in production today and is developing a freeway capable electric vehicle called the ZAP Alias. For product, dealer and investor information, visit [ http://www.zapworld.com ].

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.