Archive - Aug 15, 2002

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ZAP Reports Second Quarter Results, Records Gain after Implementing Plan

Submitted by acampbell on Thu, 08/15/2002 - 20:00.
SEBASTOPOL, California (August 15, 2002) – Advanced transportation developer ZAP (OTC BB:ZAPZ) today reported its financial results for the second quarter ended June 30 of fiscal year 2002. On June 20, 2002, the Company’s Plan of Reorganization (“the Plan”) was approved by the federal court in Santa Rosa, California allowing ZAP to emerge immediately from bankruptcy. Under the terms of the Plan, the company was able to convert outstanding debt into common stock, which resulted in the recording of an extraordinary gain of approximately $4 million for the second quarter. According to ZAP: “Part of the gain was due to the conversion of approximately $3 million in debt to equity by the largest creditor which indicates a vote of confidence for the future prospects of ZAP.”