ZAP (OTC BB: ZAAP) to Address Naked Short Position in Its Stock
January 05 2007 - 7:00AM
PR Newswire (US)
SANTA ROSA, Calif., Jan. 5 /PRNewswire-FirstCall/ -- Alternative
transportation and energy pioneer ZAP (OTC:ZAAP) (BULLETIN BOARD:
ZAAP) , during periodic reviews, has identified a discrepancy in
the shares being reported. For the record date December 26, 2006,
ZAP's transfer agent Continental Stock Transfer & Trust Company
reported 25,014,345 shares being held in "street name" by
brokers/dealers. However, an Automatic Data Processing, Inc.
("ADP") broker search reported 25,997,758, which could indicate a
naked short position of 983,413 shares. In light of these findings,
ZAP will take proactive measures to address this apparent short
position. ZAP believes that mitigating these naked shorts will
benefit its shareholders. The Company has retained legal council to
assist in the investigation and will continue to update its
shareholders on these actions. About ZAP ZAP has been a leader in
advanced transportation technologies since 1994, delivering over
90,000 vehicles to consumers in more than 75 countries. ZAP is at
the forefront of fuel-efficient transportation with new
technologies including energy efficient gas systems, hydrogen,
electric, fuel cell, alcohol, hybrid and other innovative power
systems. ZAP has entered the alternative energy market with the
introduction of its Portable Energy products that manage power for
mobile electronic devices. For more information, visit
http://www.zapworld.com/ . Forward-Looking Statements Statements in
this press release that relate to future plans or projected results
of ZAP are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended by the
Private Securities Litigation Reform Act of 1995 (the "PSLRA"), and
Section 21E of the Securities Exchange Act of 1934, as amended by
the PSLRA, and all such statements fall under the "safe harbor"
provisions of the PSLRA. ZAP's actual results may vary materially
from those described in any "forward-looking statement" due to,
among other possible reasons, the continued acceptance of ZAP's
products, increased levels of competition, new products and
technological changes, ZAP's dependence on third-party suppliers,
intellectual property rights, and the realization of any of the
other risks described in ZAP's Annual Report on Form 10-KSB, or in
any of ZAP's other filings with the Securities and Exchange
Commission. Readers of this press release are cautioned not to put
undue reliance on forward-looking statements. DATASOURCE: ZAP
CONTACT: investors, Sherri Haskell, +1-707-525-8658, ext. 232, or ,
or media, Alex Campbell, +1-707-525-8658, ext. 241, or , both of
ZAP Web site: http://www.zapworld.com/
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