Former Lotus Engineering CEO Joins ZAP Board of Directors
Santa Rosa, California, United States October 2, 2007
Engineering Executive Makes Move to Pursue Electric
and Hybrid Cars
Electric car pioneer ZAP (OTC
BB:ZAAP.OB) announced today that veteran automotive and technology
executive Albert Lam has agreed to join its Board of Directors.
In September, Albert Lam, and ZAP CEO Steve Schneider attended a
joint venture signing ceremony with China Youngman Automotive Group
in Jinhua. Mr. Lam stepped down as CEO of Lotus Engineering to pursue
business opportunities making electric and hybrid cars. He has accepted
a position as the Chairman of the new joint venture company and
has agreed to join ZAP's Board of Directors.
Mr. Lam remains a consultant with Lotus Group, but recently stepped
down as CEO of Lotus Engineering to pursue new business opportunities
between Lotus, its parent company Proton, and one of its key clients
in China, Youngman Automotive Group. Mr. Lam was responsible for
bringing Youngman, ZAP and Lotus Engineering together.
A British national, Mr. Lam attended Coventry University where he
earned a Masters of Science degree in robotics and manufacturing,
and registered for a PhD program in Complex Knowledge Systems.
Since 2003, Mr. Lam served as the CEO for Lotus Engineering as well
as Executive Director for Lotus Group International (2003-2006).
Over the past few years he helped restructure Lotus Engineering
into a client-focused business by winning major engineering contracts
and playing a key role in bringing the Company back to profitability.
Mr. Lam has 13 years' experience in the auto industry with companies
like Jaguar, Land Rover, Ford and others. Prior to joining Lotus,
Mr. Lam started a major professional services group as Managing
Director for Sun Professional Services, building it from a small
team to a multi-million dollar services business employing over
200 people. Mr. Lam has experience with startup companies and a
track record in growing and expanding businesses. He has held executive
positions with Sun Microsystems and Apple Computer.
"Having someone with the industry credentials of Albert Lam join
the ZAP team will be important as we launch the next level of full
performance vehicles," said ZAP CEO Steve Schneider.
"This project with ZAP is a dream come true because it involves
integrating new technologies for the next generation of automobiles,"
said Mr. Lam. "The technology is ready for electric vehicles so
they will not have the stigma that they used to have; they don't
have to be slow; they can have a long range; and they can be exciting
to look at."
Last week, ZAP announced a joint venture with Youngman, one of China's
leading manufacturers of luxury motor coaches and trucks, to make
electric and hybrid cars, buses and trucks. In addition to joining
ZAP's Board, Mr. Lam has been named Chairman of the Board for the
new joint venture company. Recently, Youngman made headlines by
working with Proton, Malaysia's National automaker, to distribute
passenger cars in China.
Mr. Lam was CEO for Lotus Engineering when it conducted a feasibility
study with ZAP to explore a new generation of electric vehicles
using the new advances in technology. In February 2007, ZAP and
Lotus Engineering introduced an electric crossover SUV concept called
the ZAP-X at the National Auto Dealer Association. In June, ZAP
introduced a second high performance electric vehicle design that
will be more affordable and available sooner than the ZAP-X.
ZAP has been a leader in advanced transportation technologies since
1994, delivering over 100,000 vehicles to consumers in more than
75 countries. At the forefront of fuel-efficient transportation
with new technologies including energy efficient gas systems, hydrogen,
electric, fuel cell, ethanol, hybrid and other innovative power
systems, ZAP is developing a high-performance crossover SUV electric
car concept called ZAP-X engineered by Lotus Engineering. ZAP has
opened a joint office in Beijing to co-develop advanced nanotech
batteries with Advanced Battery Technologies. The Company recently
launched a new portable energy technology that manages power for
mobile electronics from cell phones to laptops. For product, dealer
and investor information, visit http://www.zapworld.com.
Forward-looking statements in this release are made pursuant to
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. 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.
Source: ZAP
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