Business
Twin Vee PowerCats Co. Announces Internal Measures to Reduce Costs While Continuing Its Growth Efforts
FORT PIERCE, FL / ACCESSWIRE / January 29, 2024 / Twin Vee PowerCats Co. (NASDAQ:VEEE) ("Twin Vee" or the "Company"), a manufacturer, distributor, and
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESSWIRE / January 29, 2024 / Twin Vee PowerCats Co. (NASDAQ:VEEE) (\"Twin Vee\" or the \"Company\"), a manufacturer, distributor, and marketer of power sport boats, today announced organizational realignment initiatives intended to streamline the Company's size and complexity while leveraging its resources to design and build new boat models and grow its dealer base. As a result of these initiatives, the Company expects to reduce overhead costs and rightsize its operations based on demand as it heads into the 2025 model year in a few months.Twin Vee's cost-saving initiatives have included workforce reductions, operational restructuring to become more streamlined, and cutting unnecessary expenses related to its inventory and manufacturing processes. Additionally, the Company is committed to growth by increasing its market share through innovative new boat models that diversify its product offering and appeal to more consumers. \"We are continuing to aggressively drive our business toward growth by introducing innovating new products to the market,\" remarked Joseph C. Visconti, CEO and President of Twin Vee PowerCats Co. In December, Twin Vee announced the launch of three new boat models: the 2024 400 GFX, 280 GFX Dual Console, and Aquasport 2400 Center Console. Twin Vee anticipates that updates to current boat models and all-new boats will debut up to and during the 2025 model year, which begins this summer.The Company also plans to develop its product awareness outside the State of Florida by introducing new dealers to the Twin Vee and Aquasport brands. \"The Company is always seeking boat dealers in markets where customers share our passion for recreational boating,\" states Visconti. \"We believe our boats can attract first-time boat buyers, freshwater boaters, and other water recreation enthusiasts because Twin Vee and Aquasport offer such a variety of products that cater to multiple needs. And given current economic conditions, there's a significant opportunity to partner with dealerships in new territories and increase our market share by focusing on our 22-foot and 24-foot models since the vast majority of registered powerboats in the country are under 26-feet in length.\"According to Visconti, reducing Twin Vee's organizational complexity and enabling substantial cost savings while simultaneously gro...