ZAP and Fusion Capital Mutually Terminate Financing Agreement

Share Name	Share Symbol	Market	Type
Zap (MM)	NASDAQ:ZAPZ	NASDAQ	Common Stock

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Zap (MM)

NASDAQ:ZAPZ

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Common Stock

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ZAP and Fusion Capital Mutually Terminate Financing Agreement

25/02/2005 7:37pm

PR Newswire (US)

Zap (NASDAQ:ZAPZ)
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ZAP and Fusion Capital Mutually Terminate Financing Agreement SANTA ROSA, Calif., Feb. 25 /PRNewswire-FirstCall/ -- Automotive technology pioneer ZAP (OTC:ZAPZ) (BULLETIN BOARD: ZAPZ) today announced that it has mutually agreed with Fusion Capital Fund II, LLC to terminate their existing $24 million common stock purchase agreement. "We entered into this agreement with Fusion in the middle of 2004," said Steve Schneider, ZAP's CEO. "In a short amount of time a lot has changed at ZAP. We would like to take this opportunity to thank Fusion for their help and support. The Company is in negotiations for debt financing that would be better for shareholders long-term without the dilution inherent in any equity transaction. We will continue to dialogue with Fusion and evaluate future financing opportunities with them." Under the agreement, Fusion had purchased $500,000 of ZAP common stock and committed to purchase up to an additional $24 million of common stock. In connection with the termination, the company repurchased the $500,000 of common stock originally purchased by Fusion Capital. A more detailed description of this mutual termination is set forth in ZAP's report on Form 8-K, recently filed with the SEC. About ZAP ZAP has been a leader in clean transportation technologies since 1994, delivering more than 90,000 vehicles to customers in more than 75 countries. A public company, ZAP is traded on the Over-the-Counter stock exchange under the symbol ZAPZ. The company offers a variety of advanced technology vehicles, including electric cars, bicycles, scooters, motorbikes, underwater scooters and advanced battery devices. For more information, visit http://www.zapworld.com/ or call 707-525-8658. About Fusion Capital Fusion Capital Fund II, LLC is a broad based investment fund, based in Chicago, Illinois. Fusion Capital makes a wide range of investments ranging from special situation financing to a long-term strategic capital. DATASOURCE: ZAP CONTACT: media, Alex Campbell, ext. 241, or , or investors, Steven Kim, ext. 298, or , both of ZAP, +1-707-525-8658 Web site: http://www.zapworld.com/

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