Archive - Apr 7, 2003

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ZAP Signs $650,000 Financing Agreement with Daka

Submitted by acampbell on Mon, 04/07/2003 - 20:00.
SEBASTOPOL, California (April 7, 2003) – ZAP (OTC BB:ZAPZ) announced today that Daka Development Ltd. has provided $650,000 in new financing to the Company. Under terms of the agreement, $325,000 will be converted to equity and $325,000 will be repaid under credit terms. The financing will be applied towards inventory purchases from Daka. A Northern California electric transportation developer, ZAP markets a full-line of electric vehicles, including cars, motorbikes, scooters, bicycles, aquatic vehicles and more. In 2002, ZAP signed an agreement with Daka to design, manufacture and market new forms of advanced and alternative energy and transportation products.