Zapworld.Com (ZAP, Sebastopol, CA) recently announced it has reached an agreement to merge with electric car rental company EV Rental & Management Company LLC (EVR, Fargo, ND). Under terms of the agreement, EVR will receive 232,000 shares of ZAP common stock.
EVR will merge with ZAP simultaneously upon the completion of the merger of electric car manufacturer Global Electric Motorcars (GEM, Fargo, ND) with ZAP. On December 7, 1999, ZAP issued a press release announcing it had reached an agreement to acquire GEM for 4.3 million shares of ZAP common stock. GEM is the world's largest manufacturer of neighborhood electric vehicles (NEVs).
EVR manages the nation's largest fleet of NEVs manufactured by GEM. Under the terms of the agreement, ZAP will manage the placement of rental vehicles and receive all the rental income from the electric cars currently managed by EVR. At the time of signing, EVR was managing 190 EVs.
