Archive - Sep 24, 2002

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ZAP Receives $500,000 in Financing

Submitted by acampbell on Tue, 09/24/2002 - 20:00.
SEBASTOPOL, California- (September 24, 2002)-ZAP (OTC BB:ZAPZ) of Sebastopol, California, announced today it has received $500,000 in new financing from Hong Kong R&D firm Daka Development. On June 17, 2002, Daka granted ZAP a $500,000 loan. Under the terms of the agreement, Daka had the option to convert the loan to stock. On September 17, 2002, ZAP received notice that Daka exercised its option to convert the entire amount of the note to ZAP common stock.