Tax Credit and New Consumer Finance Program

 

TIDMVRX 
 
RNS Number : 7449N 
Vectrix Corporation 
23 February 2009 
 

 
 
Vectrix Announces Tax Credit through American Recovery and Reinvestment Bill and 
New Consumer Finance Program with Sparta Commercial Services 
 
 
Middletown, R.I.-February 23,-Vectrix Corporation (www.vectrix.com), the maker 
of the world's first high performance, two-wheel zero emission vehicle, today 
announces that the American Recovery and Reinvestment Bill signed into law in 
the United States on February 17 includes incentives towards the purchase of 
Vectrix's all-electric motorcycles. 
 
 
The Clean Energy Stimulus and Investment Assurance Act of 2009, which is part of 
the overall stimulus package, invests more than $2 billion in electric vehicle 
technology and provides consumers with tax credit provisions to purchase a wide 
variety of road-ready plug-in electric drive vehicles.The legislation grants a 
10 percent tax credit to purchasers of Vectrix's all-electric 
motorcycles and allows them to take a federal tax deduction for state sales and 
excise taxes paid on the purchase of a Vectrix motorcycle. 
 
 
Michael Boyle, CEO of Vectrix commented: "This bill makes it possible for more 
consumers to purchase the cleanest running vehicles out there today. It will 
have a huge impact not only on reducing emissions, but creating jobs and 
reducing our dependence on foreign oil." 
 
 
In addition, Vectrix announces that it will offer consumer financing to 
purchasers of its products in the United States through Sparta Commercial 
Services. Under the agreement with Sparta, financing for consumers will be 
available for all Vectrix models at Vectrix dealers across the US, as well as 
for government agencies wishing to lease vehicles for their fleets. 
 
 
Michael Boyle, CEO of Vectrix commented: "We're excited to offer consumer 
financing through the power sports specialist Sparta Commercial Services, 
providing consumers and fleet purchasers with options that make it easier than 
ever to ride a Vectrix. We already have the largest nationwide dealer network of 
any electric vehicle manufacturer and offer the only true product family of 
electric road vehicles. With consumer financing in place, we are well positioned 
to continue our growth and make Vectrix available to more and more people." 
 
 
Anthony L. Havens, Sparta President and CEO said: "Sparta Commercial Services is 
pleased to form this new relationship with Vectrix to provide financing of the 
Vectrix product line. This first-ever program places Sparta at the front of the 
electric conversion revolution. We have a corporate commitment to provide 
financing that encourages advanced, entrepreneurial technologies and products 
that promote an improving environment. We look forward to working with Vectrix 
and its dealer organization in launching this exciting new program." 
 
 
About Sparta Commercial Services 
Sparta Commercial Services, Inc. (www.spartacommercial.com) is an Internet-based 
acceptance (sales finance) and leasing company dedicated exclusively to the 
power sports industry, concentrating on motorcycles over 600cc, 4-stroke 
all-terrain vehicles, and select scooters through our programs for 
manufacturers, distributors, and dealers. Sparta provides a full line of 
financing solutions including indirect retail installment sales contracts and 
direct closed-end leases, as well as related services. 
 
 
Ends 
 
 
Enquiries to: 
+----------------------------------------+----------------------------------------+ 
| VECTRIX Corporation                    | www.vectrix.com                        | 
+----------------------------------------+----------------------------------------+ 
| Michael J. Boyle, President and CEO    | [phone]                         | 
+----------------------------------------+----------------------------------------+ 
| HSBC                                   |                                        | 
+----------------------------------------+----------------------------------------+ 
| Nick Donald / Nic Hellyer              | [phone]                    | 
+----------------------------------------+----------------------------------------+ 
 
 
 
 
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. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCCKNKKABKDDBB