Anonymous writes: Electric Car Firm ZAP Names New Chairman, Mr. Eqbal Al Yousuf of Dubai
SANTA ROSA, Calif. & DUBAI, United Arab Emirates--May 27 2008 --Electric car pioneer ZAP (OTCBB: ZAAP.OB) today named Mr. Eqbal Al Yousuf Chairman of the 13-year public Company. The effective date of his appointment will be June 2, the day of the next scheduled meeting for the board of directors.
Mr. Eqbal Al Yousuf is President of Dubai's Al
Yousuf Group. He was appointed as the President of Al Yousuf Group in
2005. The Al Yousuf Group is a company that over the past 55 years has
grown into a leading business conglomerate with operations ranging from
Motor Vehicles, Boat Manufacturing, Auto Rental, Real Estate
Development, Home Electrical Appliances, Computer Operating Systems,
Electronics, Transportation and more. The Al Yousuf Group has proved to
be one of the most reputed business groups in the UAE and is now
working to become ISO certified in accordance with international
standards of quality.
Emeritus and founder Gary Starr will continue his role with the Company
and will remain on its board of directors. Starr co-founded the Company
in 1994 and has been instrumental in its overall business development,
R&D and product development.
feel the timing is right for this," said Starr, a 34-year veteran in
electric transportation. "Mr. Eqbal told me that the most important
technologies to invest in for the future were electric transportation
and water purification. His vision and business experience are welcome
just as ZAP begins its next growth phase."
Al Yousuf has been taking a greater interest in ZAP over the past year.
In November, the Al Yousuf Group purchased US$5 million worth of ZAP
shares. In December, he also joined ZAP's Board of Directors.
staff and I have researched the EV industry and have concluded that ZAP
is one of the only pure-play public companies with viable electric
vehicles in the marketplace at a time of record gas prices," said Mr.
Al Yousuf. "I intend to use all my relationships and resources to
ensure the Company will be successful and grow."
Al Yousuf is a strong believer in alternative energy and conservation
and really wants to make the world a better place," said ZAP CEO Steve
Schneider. "He is taking a much stronger interest in the direction of
the Company to ensure its ability to deliver vehicles on a global
basis. With his relationships throughout the world, Mr. Al Yousuf
believes he can make this dream become a reality."
Al Yousuf is actively involved with numerous social and environmental
causes, both at a personal and business level. Mr. Al Yousuf has two
Bachelors Degree, one in Computer Science and the other in Economics.
He graduated from the University of Minnesota in May 1983. After he
graduated he joined his father’s firm as Managing Director and in 1988
he was appointed as Deputy Chairman, Vice Chairman in 2001, and Chief
Executive Officer in 2004. Eqbal Al Yousuf is married with four
children and his interests include reading, travel and sea sports.
Al Yousuf Group is involved in a multitude of industries under various
subsidiaries. Al Yousuf Group has 18 subsidiaries with branch offices
in Abu Dhabi, Al Ain, Cairo, Fujairah, Jeddah, Ras Al Khaimah, Riyadh,
and Sharjah, according to The Middle East information resource Zawya (http://zawya.com/cm/profile.cfm/cid489977/
Motors, a member of the Al-Yousuf family, is one of the leading
distributors of automobiles and automotive related equipment in the
Middle East. The Al Yousuf Group has developed partnerships with many
of the world's renowned brand names in Asia, Europe and the USA. A
number of these ventures have grown into long-term business
relationships. Al Yousuf Motors' portfolio includes Daihatsu vehicles,
Daewoo buses, Suzuki motorcycles and outboard engines, Yamaha
motorcycles, outboard and marine engines, water vehicles, generators,
ZAP is a featured Company on Investorideas.com Green portals, China portal and Tech portal.
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has been a leader in advanced transportation technologies since 1994,
delivering over 100,000 vehicles to consumers in more than 75
countries. At the forefront of fuel-efficient transportation with new
technologies including energy efficient gas systems, electric, hybrid
and other innovative power systems, ZAP has a joint venture called
Detroit Electric to manufacture electric and hybrid vehicles with
Youngman Automotive Group. Detroit Electric is developing a freeway
capable electric vehicle called the ZAP Alias. ZAP is also developing a
new generation of vehicles using lithium batteries. The Company
recently announced a strategic partnership with Dubai-based Al Yousuf
Group to expand its international vehicle distribution. ZAP also makes
an innovative, new portable energy technology that manages power for
mobile electronics from cell phones to laptops. For product, dealer and
investor information, visit http://www.zapworld.com
press release contains forward-looking statements. Investors are
cautioned that such forward-looking statements involve risks and
uncertainties, including, without limitation, continued acceptance of
the Company's products, increased levels of competition for the
Company, new products and technological changes, the Company's
dependence upon third-party suppliers, intellectual property rights,
and other risks detailed from time to time in the Company's periodic
reports filed with the Securities and Exchange Commission.