Vmoto board battle revs up to climax (E-Max scooter)

Vmoto board battle revs up to climax

Posted By: The Punter on 8/11/2011

THE row at the struggling motor cycle manufacturer Vmoto (ASX code VMT) seems at last to be reaching a crunch point.

Dissident shareholders headed by Gerard Fitt and Russell Goodman have succeeded in forcing an extraordinary general meeting, at which they will attempt to replace the existing board with their own nominees.

Goodman is a former non-executive director of the company.

Fitt is a professional investor and former chief executive officer of Global Sportsbet, which he reportedly built into a $40 million business before it was sold to Sports Acumen.

They say if they succeed in deposing the current directors they will switch the emphasis back onto the production of high quality electric bikes.

Vmoto got into the electric bike business by buying E-max, and the former managing/investor partner of E-max, Farid Rahi, is being put forward by the dissidents as one of their nominees for a new board of directors.

They acknowledge the E-max machines did and still do have issues, but they believe they can be fixed.

The existing directors strongly oppose the rebellion, but in defending themselves have made no sales or profit forecast and no update on the big Vietnamese order that was once hailed as a crucial cash generator for the business.

The Punter is inclined to cast his votes for the rebels, if only on the grounds that they could hardly do worse than the current team.

He will, however, await developments and leave casting his proxy vote until nearer to the meeting on November 29.

Click to expand...

New technologies for Aussie electric scooter maker

By Isaac Leung on 14 December 2011

AUSTRALIAN electric scooter maker Vmoto will use KLD’s new electrical system in its vehicles.

Vmoto has has reached an agreement with KLD Energy Technologies to use its new system, which is expected to yield larger power output and achieve faster speeds.

While participating in the EICMA exhibition in Milan, Vmoto showcased its new lithium battery-based electric scooters and intelligent electric scooters to the global audience in attendance.

The lithium battery-based electric scooter achieves higher speeds and a longer distance range than the existing silicone battery electric scooter.

The intelligent electric scooters have an integrated computer system developed by Vmoto’s customer in Canada, Saturna Green Systems.

This system allows for GPS services including mapping, range estimation and battery maximisation together with the ability to access the internet from the system, which is integrated into the dashboard of the electric scooter.

Click to expand...

Vmoto supplies scooter parts to Malaysia

15:00 AEDT Tue Feb 7 2012

The Australian electric scooter company that helps transport postmen in Spain and police in the Czech Republic has announced its first shipment to Malaysia.

Australian Securities Exchange-listed Vmoto has struck a deal with bike manufacturer Eclimo Sdn Bhd to provide more than 1,200 frames that will be assembled and sold in Malaysia as part of a project to reduce transport emissions.

The Australian company will provide all components of the scooters except for the batteries and electric motor, which will be sourced from Texas in the United States and from Malaysian company ETI Tech respectively.

Vmoto said on Tuesday that Eclimo hoped to sell more than 20,000 electric scooters as part of a government-supported program to make Malaysian transport the most greenhouse friendly in Asia.

The first shipment of 72 scooters is underway and will be followed by a second shipment of 216 units later this month.

Vmoto said it expected to negotiate a further supply shipment after the last container load was from the new contract was shipped in July.

Malaysian law requires that the scooters be predominantly assembled in Malaysia using local labour.

Two Vmoto technicians will accompany the first shipment to help assist local workers.

Click to expand...