Business
Twin Vee PowerCats Set to Acquire Aquasport Boats and 150,000 sq. ft. Tennessee Manufacturing Facility
Aquasport has Been an Established Player in the Recreational Marine Industry for Over 50 YearsFORT PIERCE, FL / ACCESSWIRE / May 9, 2023 / Twin Vee PowerCats,
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"Aquasport has Been an Established Player in the Recreational Marine Industry for Over 50 YearsFORT PIERCE, FL / ACCESSWIRE / May 9, 2023 / Twin Vee PowerCats, Co. (NASDAQ:VEEE),(\"Twin Vee\" or the \"Company\"), a manufacturer, distributer, and marketer of power sport catamaran boats, today announced that it has entered into an agreement with Ebbtide Corporation to acquire the AQUASPORT™ boat brand and manufacturing facility. The acquisition includes Aquasport's trademarks, its 150,000-square-foot manufacturing facility situated on 18.5 acres in White Bluff Tennessee, and related tooling, molds, and equipment to build five Aquasport models ranging in size from 21 to 25-foot boats. Twin Vee and Ebbtide Corporation signed a lease-option where Twin Vee funded $300,000 against the $3,100,000 purchase price. Twin Vee has the option to either pay $22,000 per month in lease payments with $16,000 of the monthly payment attributed to reducing the outstanding balance of the purchase price or purchase the Aquasport assets outright any time prior to the 5 years by funding the outstanding balance to Ebbtide Corporation.According to Joseph Visconti, CEO and President of Twin Vee PowerCats Co., Twin Vee will take physical control of the Aquasport property and facility in Tennessee on June 1, 2023. The factory produced and sold Aquasport boats until November 2022 before manufacturing was halted. Twin Vee aims to restart the Aquasport facility and begin producing and delivering Aquasport boats. \"The acquisition of Aquasport by Twin Vee offers numerous benefits for us,\" remarks Visconti. \"Increased revenue, greater market share, and a business model that is more scalable to a larger population of the boat-buying industry are some of the reasons we are excited about this incredible opportunity.\" According to Visconti, Aquasport's acquisition will allow Twin Vee to expand its product line to include a wider variety of boats, including larger monohull models not currently offered by the Company. \"This product line expansion is likely to attract new customers interested in purchasing boats with such a recognizable pedigree as Aquasport,\" states Visconti. \"Additionally, the acquisition will allow the Company to leverage Aquasport's existing brand recognition and sell our products to a wider audience, potentially further increasing revenue.\"Twi...