Released: 14/04/2009
http://pdf.reuters.com/Regnews/regnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20090414:RnsN5617Q
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RNS Number : 5617Q
Vectrix Corporation
14 April 2009
Date 14 April 2009
On behalf of Vectrix Corporation ("Vectrix" or "the Company")
Vectrix Announces Exploration of Strategic Initiatives and Reduction in Work
Force
Middletown, R.I.- April 14 - Vectrix Corporation (AIM: VRX) (www.vectrix.com),
maker of the world's first high performance, two-wheel zero emission vehicle
(ZEV), announces that while its efforts continue to secure new equity funding
and government based loan or grant support as well as temporary financing, the
Directors will now begin to seek other strategic alternatives which could
include a merger or sale of the business. The Company will continue to provide
updates to the market as we progress through these activities. In order to
conserve working capital for continuing operations during this period, the
Company this week implemented cost savings measures including a significant
reduction in workforce involving some 60 staff.
Trading in the common stock of the Company remains suspended until further
notice.
Ends
Enquiries to:
VECTRIX Corporation www.vectrix.com
Michael J Boyle, President and CEO (401) 848 9993
HSBC
Nick Donald / Nic Hellyer +44 (0) 20 7991 8888
Notes to Editors
About Vectrix
* Vectrix listed on AIM in May 2007 and is the developer of the world's first
high performance, zero emission, electric motorcycle which is at least 10 times
more powerful than existing electric power two wheel vehicles.
* Vectrix is dedicated to developing and commercializing zero emission vehicle
platform technologies focused on two-wheel applications. Longer term, Vectrix
plans to develop environmentally sensitive technologies for other segments
within the transportation industry.
* Vectrix is headquartered in Middletown, Rhode Island, USA, has a modern
vehicle assembly facility in Wroclaw, Poland and an R&D center in New Bedford,
Massachusetts.
* Vectrix was awarded the 2006 Frost & Sullivan Award for Technology Innovation
and Leadership in Alternative Vehicle Technologies.
* Transportation is the largest single source of air pollution in the world. A
typical motorcycle/scooter produces significantly more CO2 and pollutants than a
large diesel truck, and far more than a modern low emission automobile. The
Vectrix bike utilizes innovative zero-emission technology, offering customers a
clean, affordable, and much needed alternative.
This information is provided by RNS
The company news service from the London Stock Exchange
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