VRX Vectrix S

RNS Number:5276T
Vectrix Corporation
01 May 2008

Date:                    1 May 2008
On behalf of:            Vectrix Corporation ("Vectrix" or "the Company")
Embargoed until:         0700hrs



Vectrix Corporation

-      AGM Statement



Vectrix Corporation (AIM:VRX), the high performance zero emission scooter
company, is pleased to provide the following H1 trading update in advance of the
AGM to be held at 11:00 am EDT today.



2007 was a year in transition for the Group, as it moved from being a design and
development company to becoming a manufacturer and marketer of the world's first
high performance zero emission two wheel vehicle. The first half of fiscal 2008
remained low from the perspective of revenues generated as we began building a
larger dealer network. In the first half of fiscal year 2008, Vectrix grew its
sales of bikes to dealers by 222 units and expanded its global dealer network,
with an increased focus on North America. Recognised revenue for the half year
was US$ 1.3M and deferred revenue was US$ 4.6M at 31 March 2008.



However, the Company has noted a number of signs of turnaround early in calendar
year 2008 that are expected to result in significant revenue increases beginning
in the second half year in various markets that are currently being actively
pursued (both in dealer and fleet sides of the business). In particular, as a
result of securing dealer inventory financing (floor planning) in North America
with GE Capital, which was finalised in early April, the Company has received
multiple applications from new dealers interested in selling the Vectrix bike in
their respective geographical areas. Also, in North America, Vectrix launched
its fleet business and delivered the first bikes to potential fleet customers in
California and New York. The Company is also pursuing various fleet
opportunities in Europe, mostly in the UK and Spain.



To drive these opportunities, the Company has appointed a new Chief Executive
Officer, Mr. Mike Boyle, with many years of experience in running public
companies and a great deal of success in various turnaround situations. Mr.
Boyle will assume his position at the conclusion of the AGM. The Board also
intends to nominate Mr. Boyle as a director, to fill the seat being vacated by
the Company's current Chief Executive Officer, Andrew J. MacGowan which will be
voted upon at the AGM.



Throughout the period Vectrix has taken measures to reduce its cash spend,
primarily through renegotiating payments and delaying component supplier
shipments, slowing R&D spending and also by right sizing its Southern Europe
operations. The Company installed additional budgetary and cash controls to
better manage its cash flows, and undertook major steps to decrease the amount
of inventory of finished product on hand, to improve its liquidity as well as to
capitalize on its new agreement with Gold Peak to utilize new lithium battery in
future products. In Poland, the Company slowed significantly the build of new
bikes to avoid further overstocking and redirected its production focus to
finding new contract manufacturing opportunities. Vectrix ended its half year
with approximately US$26M of cash, in line with its expectations.



For the period 1 October 2007 through 31 March 2008, Vectrix has:

- produced an additional 245 bikes

- shipped 274 bikes from its manufacturing facilities in Wroclaw in Poland

- retained a stock of approximately 550 bikes in Wroclaw, pending future
shipments

- invoiced US$2.2 million of bikes and related spare parts and accessories
under purchase contracts with retail customers buying directly from Vectrix
owned stores or pursuant to orders placed by dealers under their contracts with
Vectrix entities worldwide. This brings the total number of invoiced bikes and
associated products to over US$6.5M (net of any credits or returns).



Since inception, the Company has invoiced and shipped 690 bikes to dealers
globally and sold a total of 193 bikes to end users.



Vectrix continued its rapid build out of the dealer network in Northern Europe,
invoicing bikes to customers in 11 countries in that region.



The Company has undertaken additional steps to improve its customer service and
post sales support, streamlined its logistics and inventory management.
Additional training was provided to dealers to manage post sales support of
customers and initiatives have been made to sell previously used bikes in
selected countries to establish a market for second hand Vectrix scooters.



Mr. Boyle looks forward to providing shareholders with a comprehensive update in
the near future.



                                    - ends -

Enquiries:



VECTRIX Corporation                                   www.vectrix.com
Chris Moe, Chief Financial Officer                    (401) 848-9993

Redleaf Communications
Emma Kane/Paul Dulieu                                  020 7822 0200

HSBC
Nick Donald / Nic Hellyer                              020 7991 8888



Notes to Editors

- Vectrix listed on AIM in May 2007 and is the developer of the world's
first high performance, zero emission, electric maxi scooter which is at least
10 times more powerful than existing electric power two wheel vehicles.

- Vectrix Corporation 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
production facility in Wroclaw, Poland and a test facility 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 motor scooter produces significantly more carbon monoxide and
hydrocarbon emissions than a large diesel truck, and far more than a modern low
emission automobile.  The Vectrix scooter utilizes innovative zero-emission
technology, offering customers a clean, affordable, and much needed alternative.

- In 2006, the scooter market* in countries targeted by Vectrix was worth
USD3.1 billion. Within the powered two-wheel vehicle market (PTW), the trend in
Europe is towards scooters, with the Maxi Scooter segment being the fastest
growing segment over the last six years.   (Source: LEK Report "Power Two
Wheeler Market Overview," March 2007.)


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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