02 August 2007
This announcement is not for release, publication or distribution, in whole or
in part, in or into the United States, Canada, Australia, Japan, the Republic of
Ireland or South Africa or to any national, resident or citizen of the United
States, Canada, Australia, Japan, the Republic of Ireland or South Africa.
2 August 2007
('Vectrix' or 'the Company')
Michael Enright Appointed As Non-Executive Director
Vectrix, the first company to design, develop and mass produce high performance,
zero emission, two wheel electric vehicles is pleased to announce the
appointment of Michael Enright FCA, (51), as a Non Executive Director, with
immediate effect. Michael will also take up the position as Head of the Audit
Michael has over 29 years of experience in senior executive management roles
predominantly in the technology, business services and leisure sectors - with
both quoted and non quoted companies.
From 1986 to 1989 Michael was International Director of Quotient plc, before
joining Oasis Group plc as Operations Director. In 1995 he went on to join M-R
Group plc as Finance and Operations Director before becoming Commercial Director
of Dione Group plc in 1998 and later joining Trading Partners.com Ltd as Finance
and Operations Director in 2003. Michael currently has a number of active
investor executive and non executive roles with high growth companies as shown
in Appendix 1 below.
Andrew MacGowan, Chairman and Chief Executive Officer commented:
'On behalf of the Board I am delighted to welcome Michael to Vectrix. His
extensive operational and boardroom experience with growing businesses, will be
invaluable to Vectrix as we continue our development.'
The information required to be disclosed in accordance with the AIM rules, with
respect to the appointment of Michael Enright to the board, is set out in
Hudson Sandler 020 7796 4133
Jessica Rouleau / Kate Hough
Set out below are the current and past Directorships over the past five years of
Mr Michael J Enright, age 51.
Current Directorships Former Directorships
(within past 5 years)
Chairman of Kemistry Ltd Director of GDC Ltd
Chairman of MyGuides Ltd Chairman of Real Live Leisure Ltd
Director of Blue Reef Leisure Ltd Finance and Operations Director of NetPD Limited
Director of Karbon Kinetics Ltd Trading Partners.com Ltd
The Company confirms that no other details are required to be disclosed under
paragraph G and Schedule 2 of the AIM Rules with respect to Michael J Enright.
Notes to Editors:
Vectrix is the first company to design, develop, assemble and sell high
performance, zero emission, two wheel electric vehicles. The Company's first
design to be mass produced and commercially marketed, the MAXI Scooter, has a
top speed of 62 mph, a range of over 60 miles and acceleration of 0-50 mph in
6.8 seconds and peak power exceeding 20kW.
Founded in 1996, the Company is headquartered in Newport, Rhode Island and has a
modern production facility in Wroclaw, Poland, where its vehicles are assembled,
and an engineering and test facility in New Bedford, Massachusetts.
The MAXI Scooter incorporates a number of innovative design features and leading
edge technology. These include a long lifecycle battery and a multi-function
throttle and digital controls. The throttle activates a regenerative braking
system, which recharges the scooter's battery during braking, and provides the
ability to reverse at low speed, thereby assisting manoeuvrability and parking.
The technology of the MAXI Scooter and all its key features has international
Charging the Vectrix MAXI Scooter is simple and takes only 2 hours to recharge.
It can be plugged into any ordinary household electrical charging socket and it
is anticipated that the average commuter will only need to recharge the bike
once or twice a week. With the Scooter's range of over 60 miles, many users will
be able to charge the battery at their home or place of work. Charging
facilities are increasingly available in public car parks and the government
authorities in a number of cities are encouraging the installation of public
charging points. There are currently over 100 charging points in London and it
is anticipated that several hundred more will be installed in London over the
next 12 months.
In developing the engineering platform for the MAXI Scooter, the Company has
sought to incorporate the flexibility to facilitate the development of a broader
product range, which will include the development of a family of 2 and 3 wheel
electric vehicles. The Company will also continue to further evaluate and
develop current technology, in particular its power train technology.
In view of the widespread acceptance of PTW vehicles and the pressure to use
more environmentally friendly vehicles in Italian cities, Vectrix will initially
focus primarily on this market. However, Vectrix is also targeting other
European cities in Spain, the United Kingdom, Greece and France, as well as
markets in the United States and Australia, where there is high congestion, high
total costs of transportation and high levels of air and noise pollution.
Within these markets there are currently approximately 32 million PTWs in use.
Vectrix products will be sold through flagship stores in the major cities of the
Company's key target countries. To date, stores have been opened in Rome,
Bologna, Madrid and Melbourne, and established, high-end dealers have been
appointed in London, Lisbon, Miami, Los Angeles and San Francisco.
For further information on Vectrix, visit our website www.vectrix.com
This announcement does not constitute or form any part of an offer or invitation
to sell or issue, or any solicitation of an offer to purchase or subscribe for,
any shares in Vectrix, nor shall it or any part of it or the fact of its
distribution form the basis of, or be relied on in connection with, any contract
thereof. The contents of this announcement have not been approved by an
authorised person and recipients of this announcement who intend to purchase or
subscribe for shares in Vectrix following its publication of an admission
document in final form are reminded that any such purchase or subscription may
only be made on the basis of the information contained in such document which
may be different from the information contained in this announcement.
Accordingly, no reliance may be placed for any purpose whatsoever on the
information contained in this announcement or on its completeness. No
representation or warranty, express or implied, is given by Vectrix, its
directors, HSBC Bank plc or any other professional adviser as to the accuracy or
completeness of the information and opinions contained in this announcement and
no liability is accepted for the same.
This announcement does not contain or constitute an offer of securities for sale
in the United States. The securities referred to above have not been and will
not be registered under the US Securities Act of 1933, as amended (the '
Securities Act') and may not be offered or sold in the United States or to a US
Person, as defined in Regulation S under the Securities Act, absent registration
under the Securities Act or an available exemption from such registration
This information is provided by RNS
The company news service from the London Stock Exchange