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GE Capital: Deal With ZAP Cars Didn't Exist

Manufacturing.Net - November 21, 2008

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FRANKFORT, Ky. (AP) -- The lending subsidiary of General Electric Co. says it never made a commitment to a company that wants to build an electric car manufacturing plant in Simpson County.

A spokesman for GE Capital said Thursday night there was no financial commitment made to California-based ZAP or its partner, Integrity Manufacturing of Shepherdsville.

Stephen White says reports that Norwalk, Conn.-based GE Capital had pulled out of the project are false because GE Capital had not made a proposal to fund it.

White told the Lexington Herald-Leader and The Associated Press there was never a signed contract.

Randall Waldman, chief executive officer of Integrity, told the Herald-Leader he thought he had a verbal commitment for $125 million from GE Capital for the project and was later told there would be no funding.

Gov. Steve Beshear said in August the proposed plant would employ 4,000 workers.


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Zap lying again  11/21/2008 12:13:00 PM
Zap is such a bunch of thieves. They will day anything to try and get their stock price up and then they will sell all their stock holdings. They have done this a number of times and all executives of the company should be in jail.
ZAP  11/21/2008 2:26:00 PM
Amen. I have followed this company and bought their stock for three years. All I did was lose money. I cannot live on hope any longer.


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