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$68 Million in Kentucky Manufacturing Incentives Fast Tracks Electric Vehicle Talks at ZAP Headquarters With Integrity Manufacturing
(Marketwire Via Acquire Media NewsEdge) SANTA ROSA, CA, August 18 / MARKET WIRE/ --
Randall S. Waldman and Larry Cottingham of
Integrity Manufacturing LLC are in Santa Rosa, California today for
meetings with the management of electric vehicle pioneer ZAP (OTCBB: ZAAP).
Integrity Manufacturing has been working with the State of Kentucky to help
provide incentives to attract more manufacturing and assembly to the state.
On Friday The Kentucky Economic Development Finance Authority gave
preliminary approval for $68 million in state incentives for a large-scale
manufacturing initiative with Integrity. The project is expected to bring
economic development, new factory production and up to 2,500 jobs to
Kentucky.
Integrity Manufacturing has become a US manufacturing success story and is
one of the fastest growing companies in Kentucky. According to Integrity,
they have achieved rapid growth in the past year by offering competitive
manufacturing to products once made in China and other overseas markets.
CNN reports that manufacturing in China is becoming more expensive. Labor
rates are rising by 10 to 15 percent annually. Also new environmental,
health and quality reforms are increasing the costs of Chinese
manufacturing. Coupled with the weak dollar the rising yuan, US companies
are finding Chinese outsourcing less favorable than in the past. (See "In
China, outsourcing is no longer cheap" at URL:
http://money.cnn.com/2008/08/11/smallbusiness/china_no_longer_cheap.fsb/index.ht
m.
"Made in the USA" is more than just a slogan; it's a mission to Integrity
CEO Randall Waldman, the visionary behind Integrity's success. Waldman says
that every product that leaves his plant is stamped with USA-KY to show
where it was made. According to Waldman, Integrity's Louisville plant is
currently manufacturing for HomeDepot, EMD along with 20 other Fortune 1000
companies. On Friday, Integrity signed a $100 million contract with
Boston-based BioDefense Corp. to produce their MailDefender security device
that will be marketed throughout the world, a project expected to create
125 new jobs.
ZAP manufactures its electric vehicles primarily in China and Integrity has
invited ZAP to consider expanding its manufacturing in the state as part of
Kentucky's economic development. Orders for ZAP's full-line of electric
vehicles have been increasing and ZAP has been working to find ways of
expanding it manufacturing.
Integrity says the prospect of building electric vehicles in Kentucky has
attracted support from throughout the automotive industry. Waldman says he
has been approached by a number of individuals and companies with
automotive manufacturing expertise who wish to play a role in the electric
vehicle project.
Auto dealer Larry Cottingham is also visiting ZAP today. Earlier this year
Cottingham started a one-man campaign to expand the use of electric
vehicles in the state. Over time Cottingham attracted help from Waldman
with Integrity Manufacturing as well as several local political leaders.
Two weeks ago his hard work paid off as a coalition of state legislators,
led by Governor Steve Beshear, passed a law clearing the road for more
electric vehicle use in the state, including ZAP's Xebra electric sedan and
truck.
About Integrity Manufacturing:
Integrity Manufacturing was formed in February 2007 with 7 employees.
Integrity has grown to over 400 employees and is the fastest growing
company in Kentucky. Integrity Manufacturing has a combined square footage
of over 250,000 square feet in three Kentucky locations. Integrity
Manufacturing is the recipient of the 2007 "Emerging Business" award
presented by Business First in Kentucky. Integrity's sales have
consistently grown by focusing on industries that represent current and
continued growth such as energy, transportation and material handling. To
learn more about Integrity Manufacturing visit their web site at
http://www.integrity-manufacturing.com.
About ZAP
ZAP has been a leader in advanced transportation technologies since 1994,
delivering over 100,000 vehicles to consumers in more than 75 countries.
ZAP is positioning its business 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. Future plans for the
venture are dependent upon both parties receiving outside financing. 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.
This 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.
Contact:
Alex Campbell
ZAP
707-525-8658 x 241acampbell@zapworld.com
Copyright ? 2008 Marketwire
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