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COURT ORDERS FROZEN BANK ACCOUNTS RELEASED TO VECTOR AEROMOTIVE; $1 MILLION BRIDGE FINANCING FINALIZED

 WILMINGTON, Calif., Sept. 22 /PRNewswire/ -- A Los Angeles Superior Court has granted a motion that allows the transfer of control of interpled bank funds to Vector Aeromotive Corp. (NASDAQ: VCAR) and, with it, access to an undisclosed, but reportedly substantial, amount of cash. The order was made by Judge John Zebrowski.
 Additionally, the board's executive committee today finalized a $1 million bridge financing with First Capital Financing Network Inc. of Los Angeles.
 "This funding will allow Vector to immediately restart company operations and begin implementation of the board's business plan," said John Pope, a veteran Vector director.
 For the past two years, Vector has been developing a successor to the W8 -- the Vector Avtech SC Super Coupe, previously identified as the Vector Avtech WX3. "This Avtech supercar premiers an entirely new styling statement for Vector," said Robert Braner, vice president of marketing. "We are very excited about the additional two new models based on the Avetch concept that are now in advanced stages of development." The first concept, the Avtech roadster, was introduced at the Geneva International Auto Show in early 1993, and is currently slated for introduction as a 1995 model.
 Vector Aeromotive Corp. is publicly traded and is located in Wilmington, near the international Port of Los Angeles.
 -0- 9/22/93
 /CONTACT: Robert Braner or John Pope of Vector Aeromotive Corp., 310-522-5500/
 (VCAR)


CO: Vector Aeromotive Corp. ST: California IN: AUT SU:

LM-MF -- LA009 -- 4512 09/22/93 08:03 EDT
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Publication:PR Newswire
Date:Sep 22, 1993
Words:244
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