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Date:                    28 May 2008

On behalf of:        Vectrix Corporation ('Vectrix' or 'the Company')

For immediate release

Issue of Equity

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 that that it has issued  shares of common stock, par value 10 US cents each, in the Company ('Common Stock') as described below.

One million (1,000,000) shares of Common Stock have been issued to Andrew J. MacGowan, the Company's former Chairman, President and Chief Executive Officer. The Common Stock was issued in exchange for the cancellation of Mr. MacGowan's Stock Option Agreements relative to Three Million One Hundred Forty Six Thousand Four Hundred Sixty One (3,146,461) shares of Common Stock.

Four million (4,000,000) shares of restricted Common Stock have been issued to Michael J. Boyle, Mr. MacGowan's successor as President and Chief Executive Officer of the Company, as a part of Mr. Boyle's compensation package. Mr. Boyle's restricted stock will vest in equal quarterly installments over three (3) years, commencing on July 1, 2008, or upon a change of control, if earlier. Mr. Boyle has also received stock options to purchase One Million Five Hundred Thousand (1,500,000) shares of Common Stock as a part of his compensation package.

One hundred and twenty eight thousand five hundred and seventy (128,570) shares of restricted Common Stock have been issued to Michael Joseph, a consultant to the Company as a part of Mr. Joseph's compensation package. Mr. Joseph's restricted stock will vest on October 1, 2008. Additionally, a pro-rata portion thereof will vest if Mr. Joseph's consultancy is terminated earlier for certain reasons outlined in his consultancy agreement.

One thousand one hundred and forty three (1,143) shares of Common Stock have been issued to Jon R. Serafini in connection with the exercise of a warrant issued prior to the Company's initial public offering.

Application has been made to the London Stock Exchange for these shares to be admitted to trading on AIM. It is expected that the admission of all of the shares will have taken place by 30 May, 2008. 

Following admission, the Company will have 279,584,930 shares of voting common stock Shares in issue.'
 

- Ends -

 

Enquiries to:

VECTRIX Corporation                        www.vectrix.com 

Chris Moe, Chief Financial Officer        (401) 848-9993

Redleaf Communications                  vectrix@redleafpr.com

Emma Kane / Paul Dulieu                    +44 (0)20 7822 0200

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.

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