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North Bay Business Journal

Thursday, February 7, 2013, 6:48 pm

Court strikes down Zap board, management shuffle

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    SANTA ROSA — A Southern California judge invalidated actions at a contested year-end board meeting of ZAP (OTC: ZAAP), a manufacturer of electric and ultra-fuel-efficient vehicles, according to a new company regulatory filing.

    A bench ruling after a hearing Monday in Los Angeles Superior Court threw out actions at a Dec. 31 board meeting reported in a company filing in early January, according to a filing Wednesday.

    Three board members at that meeting – Mark Abdou, longtime company top executive Steve Schneider and Alex Wang — reported that they voted to remove Priscilla Lu, a principal of key Zap backer Cathaya Capital, from her role as chairman, kick Cathaya general partner Goman Chong off the board, fire Controller Michael Ringstad and co-CEO/COO Charles Schillings, and appoint to the board Juan Gao and Luo Hua Liang to fill what were said to be vacancies.

    The court ruling this week established who were board members prior to Dec. 31, according to the regulatory filing. Mr. Wang resigned at a Jan. 20 board meeting and was replaced by his father, Wang Huai Yi, founder of Jonway Auto and chairman of major Zap financier Jonway Group.

    The ruling determined that the company board is composed of Ms. Lu as chairman, Mr. Chong, Co Nguyen, Aileen Kao, Mr. Abdou, Mr. Schneider and Huai Yi Wang and that Mr. Schillings and Mr. Ringstad continue to run day-to-day operations.

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