Business
Twin Vee PowerCats Co. Announces Sale of North Carolina Property
FORT PIERCE, FL / ACCESS Newswire / November 3, 2025 / Twin Vee PowerCats Co. (Nasdaq:VEEE),("Twin Vee"), a manufacturer, distributor, and marketer of power
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESS Newswire / November 3, 2025 / Twin Vee PowerCats Co. (Nasdaq:VEEE),(\"Twin Vee\"), a manufacturer, distributor, and marketer of power sport boats, today announced the successful closing of the sale of the commercial property in Marion, North Carolina on October 31, 2025. The site was previously intended for the construction of a manufacturing facility for Twin Vee's subsidiary, Forza X1, Inc. According to the Company, the $4.25 million sale price will positively affect Twin Vee's balance sheet. Moreover, Twin Vee carried no debt, bank loans or any other current liabilities against the property.Highland Myco Holdings, LLC, a North Carolina limited liability company, purchased the property located at 100 Impact Drive in Marion, North Carolina, encompassing approximately 11.88 acres and including a partially completed building totaling approximately 60,000 square feet.\"The sale of our Marion, North Carolina property allows us to streamline our capital allocation and further focus and invest in our core business operations and development pipeline,\" remarked Joseph Visconti, CEO and President of Twin Vee PowerCats Co. The total consideration for the transaction was $4,250,000. The terms of the sale included a cash closing payment of $500,000, with an additional $3,750,000 payable in installments of $500,000 plus accrued interest at a rate of 5% on October 31, 2026, $500,000 plus accrued interest on April 30, 2027, and a final payment of $2,750,000 plus accrued interest on October 31, 2027.About Twin Vee PowerCats Co.Twin Vee PowerCats Co. manufactures a range of boats under the Twin Vee and Bahama Boats brands, designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, fuel-efficient, and smooth-riding catamaran hull designs. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the \"Best Riding Boats on the Water™.\" Bahama Boats is an iconic luxury brand long celebrated for its unmatched craftsmanship, timeless aesthetic, and dedication to producing some of the finest offshore fishing vessels.The Company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years.Learn more at twinvee.com and bahamaboatworks.com.Forward-Looking StatementsThis press release ...