Tax Credit and New Consumer Finance Program
24 2월 2009 - 1:11AM
UK Regulatory
TIDMVRX
RNS Number : 7449N
Vectrix Corporation
23 February 2009
Vectrix Announces Tax Credit through American Recovery and Reinvestment Bill and
New Consumer Finance Program with Sparta Commercial Services
Middletown, R.I.-February 23,-Vectrix Corporation (www.vectrix.com), the maker
of the world's first high performance, two-wheel zero emission vehicle, today
announces that the American Recovery and Reinvestment Bill signed into law in
the United States on February 17 includes incentives towards the purchase of
Vectrix's all-electric motorcycles.
The Clean Energy Stimulus and Investment Assurance Act of 2009, which is part of
the overall stimulus package, invests more than $2 billion in electric vehicle
technology and provides consumers with tax credit provisions to purchase a wide
variety of road-ready plug-in electric drive vehicles.The legislation grants a
10 percent tax credit to purchasers of Vectrix's all-electric
motorcycles and allows them to take a federal tax deduction for state sales and
excise taxes paid on the purchase of a Vectrix motorcycle.
Michael Boyle, CEO of Vectrix commented: "This bill makes it possible for more
consumers to purchase the cleanest running vehicles out there today. It will
have a huge impact not only on reducing emissions, but creating jobs and
reducing our dependence on foreign oil."
In addition, Vectrix announces that it will offer consumer financing to
purchasers of its products in the United States through Sparta Commercial
Services. Under the agreement with Sparta, financing for consumers will be
available for all Vectrix models at Vectrix dealers across the US, as well as
for government agencies wishing to lease vehicles for their fleets.
Michael Boyle, CEO of Vectrix commented: "We're excited to offer consumer
financing through the power sports specialist Sparta Commercial Services,
providing consumers and fleet purchasers with options that make it easier than
ever to ride a Vectrix. We already have the largest nationwide dealer network of
any electric vehicle manufacturer and offer the only true product family of
electric road vehicles. With consumer financing in place, we are well positioned
to continue our growth and make Vectrix available to more and more people."
Anthony L. Havens, Sparta President and CEO said: "Sparta Commercial Services is
pleased to form this new relationship with Vectrix to provide financing of the
Vectrix product line. This first-ever program places Sparta at the front of the
electric conversion revolution. We have a corporate commitment to provide
financing that encourages advanced, entrepreneurial technologies and products
that promote an improving environment. We look forward to working with Vectrix
and its dealer organization in launching this exciting new program."
About Sparta Commercial Services
Sparta Commercial Services, Inc. (www.spartacommercial.com) is an Internet-based
acceptance (sales finance) and leasing company dedicated exclusively to the
power sports industry, concentrating on motorcycles over 600cc, 4-stroke
all-terrain vehicles, and select scooters through our programs for
manufacturers, distributors, and dealers. Sparta provides a full line of
financing solutions including indirect retail installment sales contracts and
direct closed-end leases, as well as related services.
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
END
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