Vectrix taking steps to significantly reduce cash burn
15 January 2008
Vectrix Corporation, the high performance zero emission scooter company reported sales of US$819,000 and losses of US$54.1 million for the year to 30 September 2007.
Vectrix had cash, cash equivalents and short term investments of US$50 million at 30 September 2007.
Vectrix is the first company to design, develop and mass produce a high performance, zero emission powered two wheel vehicle.
Andy MacGowan, Chairman and Chief Executive Officer, commented:
'Our 2007 financial year was marked by several major accomplishments,including our successful IPO and the international consumer launch of our first street legal maxi-scooter.
While we have been disappointed with significantly lower sales than originally anticipated, most notably in Italy, we have overcome initial product quality problems and believe that our sales repositioning efforts will accelerate market acceptance. We are taking aggressive steps to reduce costs and increase asset turnover in order to reduce significantly our cash burn.
We remain confident that the MAXI Scooter's design, performance and green credentials will provide a market-leading, cost effective solution to urban commuters and fleet operators in our target markets around the world and we believe we are uniquely positioned to capitalize on the growing demand for green vehicles.'
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