Print   



Date: 23 April 2009

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

Vectrix Announces Filing of Restructuring Plan for Polish Subsidiary 

Middletown, R.I.- April 23 - Vectrix Corporation (AIM: VRX) (www.vectrix.com), maker of the world's first high performance, two-wheel zero emission vehicle (ZEV), announces that while efforts continue to secure new equity and government based financing as well as strategic initiatives, the Company is continuing to implement cost savings measures. The Company has initiated restructuring proceedings under Polish law for its Polish manufacturing subsidiary, which will allow the subsidiary to continue operations in the ordinary course while seeking an arrangement with creditors. 

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.

ENDMSCDXLBLKZBFBBL