Business
Twin Vee PowerCats Signs Land Purchase Agreement to Expand Boat Production Capacity
FORT PIERCE, FL / ACCESSWIRE / October 13, 2021 / Twin Vee PowerCats, Co. (NASDAQ:VEEE), ("Twin Vee" or the "Company"), a manufacturer of recreational and
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESSWIRE / October 13, 2021 / Twin Vee PowerCats, Co. (NASDAQ:VEEE), (\"Twin Vee\" or the \"Company\"), a manufacturer of recreational and commercial power catamaran boats, announced today that it has signed a land purchase agreement giving it the right to acquire a 14.5-acre parcel near the waterfront in Fort Pierce, Florida. The terms of the agreement grant Twin Vee a 60-day due diligence period that ends on December 6. The Company is then provided with 150 days to accomplish necessary site and zoning approvals before closing on the site. \"What attracted me to the area was that we would have quick access to the water, which would be ideal for testing new boat models and providing demonstrations,\" explains Joseph Visconti, President and CEO of Twin Vee PowerCats Co. \"Maverick Boat Co, Cobia Boats, Hewes Boats, Pathfinder Boats, and Pursuit Boats all have factories nearby as well. This area is considered by many to be the central location for boat building.\"The 14.5-acre parcel of land would afford Twin Vee the necessary space to develop a 100,000 square foot manufacturing facility designed to meet Twin Vee's increased production capacity needs. \"While our current facility is capable of increased production throughout 2022 and into 2023, we anticipate that Twin Vee will require additional production capacity as we develop new models for the market,\" said Visconti. \"The demand for our product continues to strengthen, and an inflow of new dealer inquiries will necessitate that we increase the distribution footprint throughout the United States. We are continuing our plans to develop and build new boat models to meet the growing demand for our products, including, but not limited to, larger boats, Bay Cats, dual consoles, and electric boats.\"A map of the area where Twin Vee intends to purchase a 14.5-acre parcel, near Maverick's and Pursuit's manufacturing plantsTwin Vee has hired civil engineer Roderick J. Kennedy of Engineering Design & Construction, Inc. to conduct the due diligence necessary to determine if the parcel is suitable for the planned manufacturing facility. According to Visconti, the Company also engaged a commercial architect and a general contractor to fill out their project team. \"We will be consulting with Ft. Pierce Planning Department officials in the coming weeks to discuss the pa...