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Airtrax Suspends All Operations >AITX Thursday 03/27/2008 6:24 PM ET - Dow Jones News DOW JONES NEWSWIRES Airtrax Inc. (AITX) decided to suspend all its operations due to an inability to secure financing, according to a Thursday regulatory filing. The Blackwood, N.J., developer of Omni-directional vehicles, suspended the employment of all its employees, and said Chief Executive Robert Watson will continue as acting chief executive on a part-time basis to pursue funding Company Background
Airtrax, Inc. is engaged in the development of the Omni-Directional wheel, related components, Omni-Directional Lift Trucks and other Omni-Directional Vehicles. Many of the components, including the wheels, motors and frames, have been designed by Airtrax and are specially manufactured for the Company. During the year ended December 31, 2006, the Company continued development of the COBRA and KING COBRA scissor lifts and the Omni-Directional power chair. At December 31, 2006, 100% of the Company’s vehicle frames were manufactured in the United States. These frames are shipped to the Blackwood plant for final assembly. Fourteen were shipped to the United States for final assembly. A total of approximately 60 frames were shipped from Bulgaria to the Filco plant for partial assembly. None of the frames shipped from Bulgaria were within specification. The 27 frames shipped to the United States required re-machining in order to make them useable.
Posts: 1986 | From: Florida | Registered: Mar 2006
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Thanks Gary. I just googled news on this one....saw this press release. You beat me to the post.
Posts: 3727 | Registered: Jul 2004
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