ZAP (OTCBB: ZAAP)
SANTA ROSA, Calif., Jan. 5 /PRNewswire-FirstCall/ — Alternative transportation and energy pioneer ZAP (OTC Bulletin Board: ZAAP – News), 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.
Source: ZAP
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