Vectrix cuts 60 staff, seeks funding, suspends trading
April 15, 2009
Charles from Scooter-Station pointed us to this Vectrix announcement via the London Stock Exchange, where their stock is traded:
Middletown, R.I.- April 14 – Vectrix Corporation (AIM: VRX) (www.vectrix.com), maker of the world’s first high performance, two-wheel zero emission vehicle (ZEV), announces that while its efforts continue to secure new equity funding and government based loan or grant support as well as temporary financing, the Directors will now begin to seek other strategic alternatives which could include a merger or sale of the business. The Company will continue to provide updates to the market as we progress through these activities. In order to conserve working capital for continuing operations during this period, the Company this week implemented cost savings measures including a significant reduction in workforce involving some 60 staff.
Trading in the common stock of the Company remains suspended until further notice.