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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of Earliest Event Reported): Commission File Number:
JULY 15, 1996 0-17303
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VECTOR AEROMOTIVE CORPORATION
(Exact name of registrant as specified in its charter)
NEVADA 33-0254334
State of Incorporation (I.R.S. Employer
Identification Number)
7601 CENTURION PARKWAY SOUTH
JACKSONVILLE, FL 32256
(904) 645-0505
(Address of principal executive
offices and telephone number)
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ITEM 5. OTHER EVENTS
See exhibit 99.1 for Press Release issued July 12, 1996, regarding Vector
Aeromotive Corporation.
ITEM 7. EXHIBITS
The following documents are filed as exibits to this Form 8-K:
99.1 Press Release issued July 12, 1996.
SIGNATURES
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Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
VECTOR AEROMOTIVE CORPORATION
Dated: July 15, 1996 By: /s/ D. Peter Rose
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D. Peter Rose, President
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Exhibit 99.1
FOR IMMEDIATE RELEASE CONTACT: Nancy Seely (904) 359-0810
July 12, 1996
VECTOR IMPLEMENTS EFFICIENCY MEASURES
(JACKSONVILLE, Fla.)-Vector Aeromotive Corporation announced today that it is
implementing a plan to increase its production efficiency and reduce operating
costs. The plan allows an immediate reduction in the company's work force from
78 to 30 employees.
"The company recruited a large number of employees to facilitate a rapid start
up in the manufacturing of the Vector M12. However, our cost structure
remained too high to be sustained by current levels of production," company
president Peter Rose commented.
"This difficulty caused a continuation of the company's start up losses and
negative cash flow which has resulted in a need for a further cash infusion to
sustain operations." Rose says the infusion will occur shortly.
Production of the $184,000 automobile is continuing in order to meet standing
and projected orders. M12 deliveries began in March.
"These actions position the company to move forward and grow its business from
a smaller, but significantly more efficient, operating base. Market interest
in our M12 remains strong and we will continue to increase our production to
meet that demand." Rose also adds that significant progress has been made in
organizing a team and corporate sponsors to race the M12 in the International
Motor Sports Association's Grand Touring Supreme class (IMSA GTS-1).
The M12 is the only exotic sports car of its kind manufactured in the United
States. Vector Aeromotive Corporation is a publicly traded (NASDAQ; VCAR)
sports car manufacturer headquartered in Jacksonville. Its manufacturing
facilities are located in nearby Green Cove Springs.
