Vision Marine Technologies, Inc. Acquires EB Rental Ltd., Bolstering its Brand with Entry into a Burgeoning US Addressable Ma...
June 08 2021 - 7:30AM
Vision Marine Technologies, Inc. (Nasdaq:
VMAR) (“Vision Marine'' or the “Company”), a leading
manufacturer within the electric recreational boating industry, is
pleased to announce the acquisition of EB Rental Ltd. (“EBR”)
consisting of cash and stock. EBR is an electric boat rental
company operating at Lido Marina Village in Newport Beach,
California. EBR’s business is a high margin, profitable and rapidly
growing electric rental boat operation which will provide Vision
Marine the unique opportunity to showcase its disruptive electric
technology and grow its brand recognition. Moreover, EBR represents
a template to take advantage of a burgeoning US addressable market,
growing at CAGR of more than 4%, and expected to reach
approximately US$5 billion by 2027, according to Transparency
Market Research.
Alexandre Mongeon, co-founder and CEO of Vision Marine, and
affiliate of EBR, stated, “It is important to understand the
strategic importance of this acquisition. EBR specifically, and the
boat rental business in general, represents Vision Marine’s entry
into a very profitable business, which will support our primary
goal of becoming the #1 manufacturer of electric outboard engines
and powertrains globally, while showcasing our full range of
industry leading products and technology. Vision Marine intends to
acquire other boat rental companies in North America, as well as in
other select regions worldwide.”
A long-term strategic planBy expanding its
services to the rental industry, Vision Marine will interact with a
much larger audience, while introducing recreational boaters to
sustainable electric powertrain technology.
Mongeon also added, “The acquisition plays into our strategic
mandate of offering eco-friendly electric solutions to consumers as
well as OEMs, as we build a global footprint in the race to
electrify boating and clean up waterways.”
Coast to coast rental operationsVision Marine
is presently seeking to meaningfully expand its rentals operations,
initially to the east coast, with numerous locations already
identified. “A primary area of focus, quarterbacked by the very
capable and highly experienced EBR senior management team, will be
southern Florida. Florida is the leading boating state, as measured
by US$23 billion retail sales of new boats, engines, and associated
marine accessories, according to the National Marine Manufacturer
Association (NMMA). This represents a market twice the size of
California.”
A profitable business with room to grow.With
approximately 100,000 passengers every year and operating at full
capacity. EBR is planning to increase its fleet by 15 boats. The
current management of EBR will continue to oversee operations,
provide turnkey operational expertise, and spearhead our repeatable
and highly scalable plans for expansion.
About Vision Marine Technologies
Vision Marine Technologies, Inc.'s business mandate is to change
and be a contributing factor in fighting the problem of waterway
pollution by disrupting the legacy boating industry with electric
power, contributing to zero pollution, zero emission, and a
noiseless environment.
Our flagship outboard powertrain ("E-Motion") is the first fully
electric outboard powertrain system that combines an advanced
battery pack, inverter, and high efficiency motor with proprietary
union assembly between the transmission and the electric motor
design and extensive control software. Our E-Motion technologies
used in this powertrain system are designed to improve the
efficiency of the outboard powertrain and, as a result, increase
range and performance.
Vision Marine continues to design, innovate, manufacture, and
sell our handcrafted, high performance, environmentally friendly,
electric powerboats to recreational customers. The design and
technology applied to our boats results in far greater and enhanced
performance, higher speeds, and longer range. Simply stated, a
smoother ride and a safer and enhanced user experience than a
traditional ICE motorboat.
Forward-Looking Statement
Certain statements made in this press release are
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words such as “anticipate”, “believe”, “expect”, “estimate”,
“plan”, “outlook”, and “project” and other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, actual
results may differ materially from these expectations due to
changes in global, regional, or local economic, business,
competitive, market, regulatory and other factors, many of which
are Vision’s control. Important factors that could cause actual
results to differ materially from those in the forward-looking
statements are set forth in Vision’s Annual Report on Form 20-F,
filed with the SEC for the year ended December 31, 2020, as such
factors may be updated from time to time in Vision’s periodic
filings with the SEC. Any forward-looking statement in this press
release speaks only as of the date of this release. Vision
undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by any
applicable securities laws.
https://visionmarinetechnologies.com.
Investor and Company Contact:Bruce NurseVision
Marine Technologies, Inc.(800)
871-4274bn@v-mti.com
Dave GentryRedChip Companies Inc.800-RED-CHIP (733-2447)
or 407-491-4498dave@redchip.com
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