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Today, Michael Boyle, CEO and President of the Vectrix Corporation sent out a memo to their current dealer base informing them of "recent changes to our field staff and internal corporate support organization". It appears that, like most other vehicle manufacturers, Vectrix is implementing a cut back strategy to protect itself in the current economic environment. With Vectrix marketing a more expensive scooter in these times of $2 a gallon gas, I imagine Vectrix has felt the post 2008 gas spike like no other scooter manufacturer even with the increased green awareness the country is feeling.
Despite the cutback announcement, Vectrix went on to reassure current dealers that they will continue to receive the same high level of support from the company during these lean times, and that dealers should continue to keep they're eyes out for the new VX2
Vectrix is still actively seeking new dealers around the country. We're hoping they can hang in there at least until after the current oil glut runs dry and demand begins to pick back up.
2 comments:
Seems like a bit more than "belt tightening" based on this recent announcement from the company that they are unable to publish their most recent financials, and as a result trading in their stock on the AIM market has been suspended. This is not good for their investors who now have no market for their shares! I suspect they can't pay their accountant's bill - why else would they not choose to publish their financial report??(unless they're financial situation is so bad they don't want to have everyone jump ship on the bad news that they are flat out of money and can't pay the bills)...
RNS Number : 7753P
Vectrix Corporation
31 March 2009
Date: 31 March 2009
On behalf of: Vectrix Corporation ("Vectrix" or "the Company")
Embargoed until: 0730hrs
Vectrix Announces Suspension of Trading Pending Publication of Accounts
Middletown, R.I.- March 31-Vectrix Corporation (www.vectrix.com), the maker of the world's first high performance, two-wheel zero emission vehicle, announces that the Directors expect that the Company will not be able to publish its Report and Accounts for the year ended 30 September 2008 (the "Accounts") until, inter alia, the successful completion of a fund-raising exercise. Therefore, the Company is not in a position to publish the Accounts by 31 March 2009, as required by the AIM Rules, and accordingly trading of the Company's common stock on the AIM market of the London Stock Exchange will be suspended with effect from today, pending publication of the Accounts."
I vote they get at least $.5B of bailout money we seem to give out with little to no strings attached. What's another "half-bil" going to matter when our kids already have a $3T debt to wrestle with? At least they'll be something out of it with the Vectrix! Just bad timing. Hope they can survive.
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