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ZAP Jonway Removes Chairman, Management in Board Action


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© Marketwire 2013
2013-01-01 01:28:54 -

SANTA ROSA, CA -- (Marketwire) -- 12/31/12 -- On December 31, 2012, the Board of Directors of Zap (OTCBB: ZAAP), a California corporation ("Zap"), removed Priscilla M. Lu from the office of Chairman, from all positions she holds on any committees of the Board of Directors of Zap and from any offices or directorships she serves for any of Zap's subsidiaries or joint ventures, effective immediately according to an accompanying 8-K filing.





As part of the 8-K filing, the Board of Directors of Zap removed Goman Chong from all positions he holds on any committees of the Board of Directors of Zap, Michael Ringstad from the office of Controller, and Charles Schillings from the offices of Co-Chief Executive Officer, effective immediately.



The Board of Directors appointed Juan Gao and Luo Hua Liang to serve on the Board of Directors until their successors are elected on December 31, 2012, effective immediately.



The current directors of the Company as of December 31, 2012 are Mark Abdou, Chairman, Alex Wang, Steven Schneider, Luo Hua Liang, Juan Gao, Priscilla Lu and Goman Chong.



The Board of Directors eliminated the dual positions of Co-Chief Executive Officers and confirmed Alex Wang to serve as Chief Executive Officer of Zap until his successor is elected on December 31, 2012, effective immediately.



Also on December 31, 2012, the Board of Directors elected Mark Abdou, current director of Zap, to the offices of Chairman and Secretary of Zap and Jeff Schneider to the office of President of Zap to serve until their successors are appointed, effective immediately.



Further information about the above Board Action was filed in an accompanying 8-K filing with the Securities and Exchange Commission.




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