SANTA ROSA, CA--Jan 24, 2006 -- ZAP (Pacific:ZP) today reported that it has been notified by the PCX Equities, Inc. Equity Qualification Panel (the "Panel"), that the Panel has accepted ZAP's plan to regain compliance with the $1.00 minimum price per share requirement for continued listing on the Pacific Exchange and will permit ZAP's's common stock to remain listed on the Pacific Exchange under the ticker symbol ZP.
"We are pleased to see that the Pacific Exchange has the confidence to continue maintaining the listing relationship with ZAP. Our goal in the coming quarter is to bring ourselves up to full compliance. We are committed to both our shareholders and the Pacific Exchange, and have already begun to actively implement our strategic plan for attaining exchange requirements," stated ZAP's CEO, Steve Schneider.
Pursuant to the Panel's notice, to maintain its listing, ZAP must regain compliance with the minimum price per share requirement by its next annual shareholder meeting, tentatively scheduled for June 2006, or in the alternative, receive shareholder approval at such annual meeting for a reverse stock split in a ratio designed to regain compliance with the share bid price requirement.
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