ZAPJonway's Good Performance on Stock Market with providing Update on Jonway Acquisition

 Zap(BB) Stock Chart (ZAAP)

• Electric vehicle pioneer ZAP completed its initial down payment of US$10 million towards the 51% acquisition of Jonway Automobile. 
• Jonway Automobile plans to complete an audit of its financial statements by December 31, 2010 and thereafter, ZAP intends to finalize the acquisition with the payment of the US$19 million balance of the US$29 million purchase price.  
• Jonway Automobile plans to ramp up production of the A380 SUV electric vehicle (EV) in the first half of 2011 together with ZAP’s Alias EV by third quarter 2011 at their Sanmen, Zhejiang factory. 
•  Jonway Automobile reported sales of over 4,000 gasoline vehicles through the end of September 2010, and projects total sales of over 6,500 vehicles by December 31, 2010.
• Read more:http://finance.yahoo.com/news/ZAP-Provides-Update-on-Jonway-bw-2656306336.html?x=0&.v=1

Nov,22,2010