VRX Vectrix S

 

TIDMVRX 
 
RNS Number : 1263P 
Vectrix Corporation 
19 March 2009 
 

+------------------------+--------------------------------------------------------+ 
| Date                   | 19 March 2009                                          | 
+------------------------+--------------------------------------------------------+ 
| On behalf of:          | Vectrix Corporation ("Vectrix" or "the Company")       | 
+------------------------+--------------------------------------------------------+ 
| For immediate release  |                                                        | 
+------------------------+--------------------------------------------------------+ 
 
 
Financing Update 
 
 
Middletown, R.I. - Vectrix Corporation (AIM: VRX) (www.vectrix.com), maker of 
the world's first high performance, two-wheel zero emission vehicle (ZEV), 
announces an update to its RNA of 22 January 2009. On that date, the Company 
described the efforts underway to secure new funding for operations. While those 
efforts are continuing, the Company currently is unlikely to complete a fund 
raising by the end of March as targeted. The Company is engaged in discussions 
with existing shareholders and other interested parties for temporary financing 
to provide required working capital beyond the March time frame, while 
continuing to seek out additional equity capital. The Company is also engaged in 
efforts to secure Government based loan or grant support to gain access to 
working capital. If we are unable to complete temporary financing and or new 
equity capital, the Directors will seek other strategic alternatives which could 
include a merger or sale of the business.  In addition the Company may not be 
able to publish its fiscal 2008 annual accounts to shareholders by 31 March 2008 
as required by the AIM rules.  The Company will provide updates to the market as 
we progress through these activities. 
 
 
As was stated in its 22 January 2009 RNA, the Company continues to expect year 
over year growth in its 1st half FY2009 versus 1st Half FY2008 as a result of an 
increase in points of sale and dealer indications relative to spring product 
orders. We continue to see growth in our distribution network and expect to end 
the 1st Half with over 200 points of sale worldwide. We have begun delivery of 
our new VX1E in this month and the new VX2 product remains on schedule for 
deliveries in June of this year. We believe that our business strategy and 
execution remains sound and as we move into the spring selling season we expect 
to see sales acceleration in the 2nd Half of FY2009. 
 
 
-Ends- 
 
 
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| 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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