V-Vehicle Deadline Extension from LED

According to The (Monroe) News-Star’s Greg Hilburn, the Louisiana Department of Economic Development is planning to extend the March 1 deadline for the controversial V-Vehicle project. Until now, LED has consistently and categorically denied any plans to extend the project’s deadlines. The project has been stalled since last fall after the company missed an October 1 deadline for funding.

At a David Vitter economic forum on February 19, LED Assistant Secretary Don Pierson said categorically there were no plans for any deadline extension. There was “not a fallback plan,” Pierson said.

LED, along with V-Vehicle officials, will make an announcement this evening, Hilburn wrote in his story. LPNO will post the statement as soon as it is available.

Lincoln Parish News Online has reported extensively on the controversial company and the Monroe project. Archived stories can be found here. We will continue to report on this ongoing story.

Legislative Committee Approval Requested
UPDATE: 5:30 pm, 2/28

Updating this ongoing story, Louisiana Economic Development Secretary Stephen Moret will ask a legislative committee to approve a contract amendment for a deadline extension. Robert Travis Scott has the story.

Last summer, the Joint Legislative Committee on the Budget had approved the contract. Here are the committee members.

Associated Press story by Alan Sayre
UPDATE: 7:08 pm – 2/28

The Associated Press’ Alan Sayre now has a story out. Several tidbits of new information can be picked out.

Like this:

Varasano also said the company’s demonstration vehicle was being tested and he believed it was close to the product that will eventually be sold.

What the hell does that mean? “Close to the product?” Do we or do we not have a car?

And this:

V-Vehicle said it has raised $86.5 million in private investment…

Notice how that number keeps shrinking. A couple of months ago the figure of $100 million was used. About a month ago, it shrank to $90 million. According to SEC documents, the figure is $65.6 million.

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