GP Batteries International Ltd acquires New Vectrix LLC (pending)

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HarryS
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GP Batteries International Ltd acquires New Vectrix LLC (pending)

Anyone saw this on the web?
Report title: GP Batteries International Ltd acquires New Vectrix LLC (pending)
from Thomson Financial Mergers & Acquisitions
published Nov 06, 2009

Price $36.00 available for immediate download
Report Overview About Thomson Financial Mergers & Ac...

US - GP Batteries International Ltd of Singapore planned to acquire the entire share capital of New Vectrix LLC, a special purpose acquisition vehicle formed for the purpose of acquiring Vectrix Corp, for USD #.## mil in cash.

http://www.alacrastore.com/storecontent/Thomson_M&A/GP_Batteries_International_Ltd_acquires_New_Vectrix_LLC-2125461020

pengo
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

Check this out:

http://202.66.146.82/listco/sg/gpbatteries/announcement/a091106.pdf

They invested USD 1,75M in new shares in the capital of New Vectrix LLC which has become a wholly owned subsidiary of the group.

turok
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

So it looks like this is it?!

I don't like to shout "hurray!" too soon, but this looks like, for once, good news.
Except for the 'two month warranty liability blabla' we already knew about, we can now rest assured that Vectrix will be alive (and hopefully respected for what it is?)

I'll be happy to add a "Gold Peak" or "GP batteries" sticker to my bike :-)

"doing nothin = doing nothing wrong" is invalid when the subject is environment

procrastination inc
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

This could be the best outcome possible for the VX-1.

Battery management seems to be the biggest issue with the bike. Having an owner at the helm whos primary business is batteries can only help to bring more focus on this issue.

If the lithium project with GP was well on it's way, then salvaging all that R&D and being able to quickly apply it would be a bonus

RaDy
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

A battery manufacturer will always want you to change the battery, the more times the better for them. Its like if an oil company bought a major manufacturer, they would always be intrested in those cars to have a high consumption of oil.
I hope im wrong but it doesnt seem to be the best option (but maybe the only one) precisely motorbike companies were not interested in Vectrix because more than motorbike companies they are really "engine" companies and the Vectrix doesnt have an ICE and there are allready many important companies dealing with Electric motors.
Conclusion : Maybe the best possible buyer of Vectrix would be an Electric motor manufacturer like SIEMENS,PARKER and many others

by the way Gp have their own website for EV Batterypacks :
http://www.evbtech.com/

procrastination inc
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

The motors in EV's aren't really a competition point. Efficiency of these is very high, and there isn't likely to be any major tech developments here so it is almost impossible as a manufacturer to stand out as a leader and command a price premium.

The Batteries however are just starting to be practically useful. Here GP batteries have a commercial EV platform to demonstrate their wares. These NiMH batteries are probably pretty good, but the management of them on the Vectrix seems to be lacking.

Get some lithiums in there and show us what you've got GP!

RaDy
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

My hope is that Vectrix survives and if GP is the option, then its welcome but then they should give a 4 year warranty on the Battery. That would make many buyers feel confidence with their investment.

turok
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

A battery manufacturer will always want you to change the battery, the more times the better for them. Its like if an oil company bought a major manufacturer, they would always be intrested in those cars to have a high consumption of oil.

Could be totally wrong but:
I don't believe GP is interested in earning money by selling us new packs nore even selling the bikes.
I believe they might do it for the reputation of the brand.

"doing nothin = doing nothing wrong" is invalid when the subject is environment

pengo
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

A battery manufacturer will always want you to change the battery, the more times the better for them. Its like if an oil company bought a major manufacturer, they would always be intrested in those cars to have a high consumption of oil.

Do you think that they can sell more batteries by making Vectrix' batteries less reliable (so they can sell you new batteries) or by proving that their technology (installed on a Vectrix) is leading the pack in the EV compartment? If really EVs are the future, there is only one choice I guess

marylandbob
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

I found out that Gold Peak ALREADY has developed a LITHIUM battery replacement for the Vectrix. The pack is much smaller, and 2 or three of them may be fitted. I believe that each pack was either 15 or 20 AH, so three packs would be great, at 45 or 60 AH-What this Vectrix REALLY needs is a LONGER, and MORE PREDICTABLE, range at real-world cruising speeds of 45 mph or more.-Bob

Robert M. Curry

marsupi
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

More info
here

"The consideration for the investment in NVC was US$1,750,000 (equivalent to S$2.45 million at an
exchange rate of US$1.00:S$1.40). The consideration was paid in cash. The amount invested took
into account the funding requirements of NVC for the Asset Purchase. No person was commissioned
to value the shares acquired."

GP document
20091106_173656_G08_619322B4D6DBC8964825766600309F2B.1.pdf

07 Vectrix, Vego 600 mod.48V 800W, Arcade Alu E-Cycle 24VSachs Hub

kevin smith
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

hi at 20ah each pack how many would i need for a range lets say 120 aprox miles
lithium type and would i need to get rid of cooling system >?
kev

RaDy
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

[/quote]Could be totally wrong but:
I don't believe GP is interested in earning money by selling us new packs nore even selling the bikes.
I believe they might do it for the reputation of the brand.[/quote]

Their final goal is to make money in some way or other, so the question is how will they make it by buying Vectrix? One advantage that they have over Vectrix is the battery profit that they charged to Vectrix, that amount could be discounted in the final Vx-1 price and therfore be able to sell the bikes cheaper and make the same profit as Vectrix. But did Vectrix make profit?
Im sure GP wants to make money out of buying Vectrix, or maybe recuperate what it is owed by old Vectrix??

Anyway, a very good product intention would be to give a 4 year warranty on the battery, Vectrix did that at the begining and we all know the result. If GP did it and the batteries lived to the expectation, then we would have a good product and very strong "reliable battery" brand.

reikiman
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

http://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=1802569

Company Vectrix Corporation
TIDM VRX
Headline Agreement with GP Batteries
Released 17:34 03-Apr-2008
Number 5907R

RNS Number:5907R
Vectrix Corporation
03 April 2008

Date: 3 April 2008
On behalf of: Vectrix Corporation
For immediate release

Vectrix and GP Batteries
Announce Strategic Agreement
for Future Battery Supply & Asia Distribution

Middletown, R.I. Vectrix Corporation (AIM: VRX) (www.vectrix.com), maker of the world's first high performance, two-wheel zero emission vehicle (ZEV), today announced that it has entered into a strategic agreement with GP Batteries International Limited (GP Batteries) of Singapore.

The agreement provides that GP Batteries will develop and supply by the end of 2008 lithium ion batteries for future Vectrix ZEV models. Vectrix will be the exclusive GP Batteries' customer for the class of lithium ion batteries to be developed for use in two and three-wheel ZEVs.

GP Batteries and Vectrix agreed to release each other from existing obligations to purchase and deliver nickel metal hydride batteries. The agreement also provides that GP Batteries will take delivery of 130 Vectrix two-wheel ZEVs for distribution in China (including Hong Kong), Taiwan, Macau and Singapore. These vehicles will come from Vectrix's existing inventory.

The agreement provides for GP Batteries to receive 15 million shares of Vectrix common stock which are identical to existing issued shares of Vectrix common stock. Any subsequent sale of the new Vectrix shares held by GP Batteries will be subject for a limited period to a right of first refusal by Vectrix at three times their market price on the date of issuance. Application has been made for the new Vectrix shares to be admitted to trading on AIM.

As a result of this transaction, Vectrix expects to take a net charge of USD 730,000 to its income statement for the first half of fiscal year 2008.

The charges (and reversals of charges) that make up the net charge consist of:

  • - reversal of an adverse purchase commitment carried over from fiscal year 2007 of USD 3,979,500 (related to the purchase obligation for nickel metal hydride batteries);
  • - write off of existing prepayment made for nickel metal hydride batteries of USD 1,545,500,
  • - expensing of the cost of the 130 bikes in inventory to be delivered to GP Batteries (USD 1,149,200);
  • - recording the issuance of 15 million shares of common stock to GP Batteries (fair market value of USD 2,015,000 on the issuance date).

Andrew MacGowan, President of Vectrix, commented:

"We believe that this dynamic strategic agreement insures the availability of advanced lithium ion battery systems for future Vectrix models. At the same time, we remain committed to nickel metal hydride batteries in our existing two-wheel zero emission vehicle. We also are pleased to bring our zero emission vehicles to Asia, especially as awareness builds around the world for the need to reduce urban pollution, congestion and petrol usage. In addition, we are very happy to have GP Batteries as a shareholder."

Andrew Ng, Chairman and Chief Executive of GP Batteries, said:

"We pride ourselves on being chosen to supply lithium ion batteries to Vectrix ZEVs. We believe the increasing global acceptance of electric transportation will present tremendous opportunities for our group, and we are poised to participate in this exciting market."

- Ends -

Enquiries to:

VECTRIX Corporation www.vectrix.com
Chris Moe, Chief Financial Officer (401) 848-9993

Redleaf Communications vectrix [at] redleafpr.com
Emma Kane / Paul Dulieu +44 (0)20 7822 0200

HSBC
Nick Donald / Nic Hellyer +44 (0)20 7991 8888

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.

About GP Batteries

GP Batteries supplies an extensive range of primary and rechargeable battery products to electronic manufacturers, leading battery companies as well as consumer retail markets under its own GP brand name.

It is the world's top ten battery manufacturer, the no.1 battery manufacturer in Asia outside Japan, and the largest consumer battery manufacturer in China.

It has been listed in Singapore since 1991. Its major production facilities are located in Hong Kong, China, Taiwan, Singapore and Malaysia, supported by marketing and trading offices spanning across Asia, Europe and North America.

This information is provided by RNS The company news service from the London Stock Exchange

END

- David Herron, The Long Tail Pipe, davidherron.com, 7gen.com, What is Reiki
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reikiman
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

http://www.londonstockexchange.com/exchange/prices-and-news/news/market-news/market-news-detail.html?announcementId=10210816

Company Vectrix Corporation
TIDM VRX
Headline Sale of Assets & Bankruptcy
Released 16:21 29-Sep-2009
Number 8855Z16

RNS Number : 8855Z
Vectrix Corporation
29 September 2009



Date: September 28, 2009
On behalf of: Vectrix Corporation ("Vectrix" or "the Company")

For immediate release

Middletown, R.I. - Vectrix Corporation (AIM: VRX) (www.vectrix.com), a leader in Personal Electric Vehicles, announced today that it has entered into an asset purchase agreement to sell most the assets of the Company to New Vectrix LLC ("New Vectrix"), a Delaware limited liability company sponsored by GH Venture Partners LLC. As part of the agreement, Vectrix has filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code in Wilmington, Delaware whereby the sale of the assets, including its stock ownership of its European subsidiaries, will be effected pursuant to section 363 of the Bankruptcy Code. The assets will be sold pursuant to a sales and procedures order that is anticipated to be approved by the Bankruptcy Court to either New Vectrix LLC or to another buyer who is determined by the Bankruptcy Court to have offered a higher and better bid for the assets of the Company. During this process, the Company expects to continue normal business operations consistent with its obligations as a chapter 11 debtor-in-possession company under the jurisdiction of the Bankruptcy Court. The Company's subsidiary, Vectrix Poland Sp. z.o.o., will continue to produce the Vectrix bike and will provide customers with accessories, spare parts and technical support.

Commenting on the sale, Mike Boyle, CEO of Vectrix, said, "This transaction provides a platform to continue the Vectrix brand and its advanced electric vehicle technology. We want to express our appreciation to our partners and customers for their continued patience and support during this transition."

Terms of Asset Purchase Agreement
Under the Asset Purchase Agreement, New Vectrix LLC would purchase substantially all of the Company's assets and assume certain of the Company's liabilities through a supervised sale under section 363 of the Bankruptcy Code. Providing New Vectrix LLC is the winning bidder they have also agreed to extend warranty coverage on the Vectrix vehicles previously sold to dealers and consumers up to a $2,000,000 cap for claims filed 60 days post-petition. The total purchase price consists of a cash payment of $1,750,000 plus the assumption of up to $3,306,000 in specified liabilities for a total purchase price of up to $5,056,000, but is subject to higher and better bids, approval of the Bankruptcy Court and customary closing conditions. The Company expects to engage in a bidding process with other interested parties. Those interested in submitting bids should contact John D. McGuinness, Chief Financial Officer, at 401-848-9993 ext 103, or via email at jmcguinness [at] vectrixusa.com, as soon as possible as competing bids are expected to be due by October 27, 2009.

The Company's report and accounts for the year ended September 30, 2008 will not be published before September 30, 2009. On that date, trading on AIM in the Company's securities will have been suspended from trading for six months, and as a consequence of AIM Rule 41 those securities' admission to AIM will be cancelled with effect from October 1, 2009.

About Vectrix Corporation
Vectrix Corporation was formed in 1996 to develop and commercialize zero-emission vehicle platform technologies focused on two-wheel applications. The single focus of Vectrix has been to provide clean, efficient, reliable and affordable urban transportation. Vectrix Corporation has headquarters in Middletown, R.I., engineering and test facilities in New Bedford, Mass., sales offices in the UK and a manufacturing facility in Wroclaw, Poland.

Contact:

Vectrix Corporation (www.vectrix.com)
Mike Boyle, CEO (401) 848-9993, ext 102 or mboyle [at] vectrixusa.com
John McGuinness, CFO (401) 848-9993, ext. 103, or jmcguinness [at] vectrixusa.com

HSBC
Nick Donald / Nic Hellyer +44 (0)20 7991 8888

This information is provided by RNS
The company news service from the London Stock Exchange

END

- David Herron, The Long Tail Pipe, davidherron.com, 7gen.com, What is Reiki
- Electrified Electra To

reikiman
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

If you go to the Singapore stock exchange website (www.sgx.com) you can search for GP Batteries and see all their filings. Among the documents is the above linked announcement of purchasing New Vectrix. Their most recent quarterly financials disclosure has this to say

With the global trend towards carbon footprint reduction, the Group will continue to capitalize on
opportunities in larger batteries for electric transportation and other applications.

The Group has, through a new US subsidiary "New Vectrix LLC", acquired certain assets of Vectrix
Corporation pursuant to a supervised sale under Section 363 of the United States Bankruptcy
Code, the details of which were announced on 6 November 2009. The Group is in the process of
formulating plans to capitalize on this unexpected opportunity to better establish ourselves as a
force in electric transportation.

- David Herron, The Long Tail Pipe, davidherron.com, 7gen.com, What is Reiki
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reikiman
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

An important part from their purchase announcement is:

The consideration for the Asset Purchase was US$1,750,000 plus the assumption of up to
US$3,306,000 in specified liabilities for a total purchase price of US$5,056,000 (“Consideration”).
The assumed liabilities include warranty coverage of up to US$2,000,000 on Vectrix vehicles
previously sold to dealers and consumers for claims filed within a period of 60 days after the filing of a
voluntary petition for relief under chapter 11 of the United States Bankruptcy Code by VC, as well as
debts owing to certain third parties.
The Consideration was arrived at after taking into account the
value of the Assets, the liabilities to be assumed, and the absence of competing bidders.

It says to me that most of the existing warranty coverage is now null and void except for the few with ongoing claims.

- David Herron, The Long Tail Pipe, davidherron.com, 7gen.com, What is Reiki
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reikiman
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Re: GP Batteries International Ltd acquires New Vectrix LLC ...

- David Herron, The Long Tail Pipe, davidherron.com, 7gen.com, What is Reiki
- Electrified Electra To

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