Business
Quinsam Opportunities I Inc. Announces Letter of Intent for Qualifying Transaction with Windward Holdings Inc. Carrying on Business as Rossiter Boats
Toronto, Ontario--(Newsfile Corp. - August 31, 2015) - Quinsam Opportunities I Inc. (TSXV: QOP...
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[{"type":"text","content":"Quinsam Opportunities I Inc. Announces Letter of Intent for Qualifying Transaction with Windward Holdings Inc. Carrying on Business as Rossiter BoatsToronto, Ontario--(Newsfile Corp. - August 31, 2015) - Quinsam Opportunities I Inc. (TSXV: QOP) (\"QOP\" or the \"Company\") today announced that it has signed a non-binding letter of intent with Windward Holdings Inc. to complete a qualifying transaction (the \"Transaction\"). The Transaction will involve the merger of the Company with Windward Holdings Inc., carrying on business as Rossiter Boats (\"Rossiter\"). Rossiter BoatsFounded by George Rossiter, Rossiter Boats has been manufacturing high quality, semi-custom recreational watercraft for over 40 years. Rossiter was founded as a producer of high quality rowboats and expanded its offering into the outboard fibreglass powerboat segment in the late 1990's. The expansion of the product line continued in 2014 when Rossiter began sales of the largest boat in its product line, the Rossiter 23' Classic Day Boat. Rossiter is positioned as a distinctive, quality brand delivering exceptional big-water performance in a product that is more stylish, smaller, and more efficient than its competitors. Rossiter also differentiates itself by delivering attentive, personalized service to its dealers and customers. In 2007 Rossiter was sold by its founder to a group led by its Chief Executive Officer, Scott Hanson. It also transitioned from a direct-to-customer business model to a dealer-distribution model. Since 2007, Rossiter has focused on the expansion of its dealer network in the U.S. Great Lakes, northeast and southeast regions to capitalize on the high proportion of North American boating done in these regions due to population density and waterfront homes. The decline in the Canadian dollar has helped enhance the competitiveness of the Rossiter products in the U.S. marketplace.Rossiter now has 15 dealers across North America including the addition of dealers in Florida (2012), Massachusetts (2013), Nova Scotia (2013), Maine (2014), Muskoka (2014), and Michigan (2015). The addition of dealers in New England and the Southern United States has contributed to growth and also reduced the seasonality of the business. Rossiter primarily competes in the outboard fiberglass boat market. According to the National Marine Manufacturers Association (...