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  • Vmoto Improves Operating Cash Flow, Attracts Interest In India And Indonesia 0 comments
    Apr 28, 2013 10:18 PM

    Vmoto (ASX: VMT) continues to move towards improves net operating cash flows as it increases its presence in the electric scooter market.

    Notably, the company continues to deliver on its existing contracts while attracting interest from a range of potential new customers across the globe, particularly India and Indonesia.

    Operating cash flow for the March 2013 quarter improved by 43.8% in comparison with the previous quarter to a loss of $647,000.

    This is due to a decrease in employee payments as receipts from customers remained on par with the previouus quarter.

    During the March quarter Vmoto delivered about 8,700 PowerEagle electric scooters to Shanghai PowerEagle International under their Strategic Cooperation Agreement - a continued increase from the last quarter.

    It remains on track to fulfil PowerEagle's forecast production of 42,000 units by 31 December 2013.

    Vmoto also stated the production and delivery of electric scooters to E-Tropolis GmbH in February 2013 with Vmoto expecting to deliver another two containers in May 2013.

    It remains on track to fulfil E-Tropolis' forecast production of 1,000 units for 2013 under the OEM agreement.

    The company has also developed a new 80L electric scooter model specifically targeting the growing Chinese market. The electric scooter market in China for 2012 was 8.5 million units and is forecast to reach 12.4 million units in 2018.

    Compliance testing is underway in Australia for Vmoto's new E-Milan, an electric version of its popular petrol Milan scooter, which is expected to be launched in Australia during 2013, subject to compliance approval in Australia.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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