SEBASTOPOL, Calif., April 29, 2002 (PRIMEZONE) -- On April 29, 2002, the Nasdaq Stock Market notified ZAP (Nasdaq:ZAPPQ) that its shares of common stock would be delisted from the Nasdaq Small Cap Market effective with the open of business on April 30, 2002. As grounds for its decision, the Nasdaq hearing panel that made the delisting decision cited uncertainty over the company's future in light of its current chapter 11 proceedings. In particular, the panel noted that the timing and the completion of the Company's plan are uncertain.
Because ZAP is currently subject to chapter 11 proceedings, the company's shares are not automatically eligible for quotation on the OTC Bulletin Board. The company is considering its alternatives, such as applying for approval for Bulletin Board trading or quotation in the "pink sheets" to maintain a market for its common stock.