Archive - Nov 6, 2002

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ZAP Subsidiary Voltage Vehicles Increases Offer for Ford's Think Electric Car Program

Submitted by acampbell on Wed, 11/06/2002 - 21:00.
SEBASTOPOL, Calif. (November 7, 2002) - Publicly owned electric vehicle maker ZAP (OTC BB:ZAPZ) announced today that its wholly owned subsidiary, Voltage Vehicles, has increased its offer to acquire Ford's Think electric vehicle assets to $13 million in cash, stock, and/or warrants. ZAP's offer would be for all of Ford's electric vehicle (EV) assets including the Think City electric car. This offer initiated by ZAP shareholders at its shareholder meeting on October 26, 2002 follows news reports that Ford has shut down the Ford Think electric vehicle project. According to published reports, Ford has sold 3,000 Think Neighbor vehicles and 1,050 Think City vehicles.