SEATTLE, Oct. 7, 2005 (PRIMEZONE) -- Madison Bay Holdings, Inc. (Pink Sheets:MDBY), a marketer and distributor of Recreational Vehicles, Powerboats and Leisure Watercraft, announced that the Company has signed a Letter of Intent with Platypus Marine Inc., a leading builder of luxury and mega yachts, for the manufacturing of Summit Coaches product lines, including the various models of the "Stiletto" Recreational Vehicle (RV). Platypus Marine also specializes in the refurbishing of high quality mega yachts.
As outlined in the agreement, Platypus Marine will manufacture exterior fiberglass, interior components and finish all products offered by Summit Coaches, including the Stiletto series and the newly released Special Event "Toy Hauler" models. Upon request by Madison Bay Holdings and within a separate agreement, Platypus Marine will coordinate shipping or the delivery of the finished products to dealers or consumers. Also noted in the LOI is Madison Bay Holdings and Platypus Marine's intention to manufacture a product line of luxury yachts and mega yachts up to 160 feet.
"Madison Bay strives to provide its customers with the highest quality components, craftsmanship, and service in all of our leisure products and powerboats and we know that Platypus Marine shares our commitment to excellence. Platypus Marine is a premier organization in the building and refurbishing of luxury and mega yachts and we are very pleased to have them as an integral partner and manufacturer of Summit Coaches' Stiletto and future products. This agreement also lays the foundation for the future manufacturing of a product line of luxury and mega yachts that we have been planning with Platypus over the past two years," commented Ricardo Ruelos, Chairman of the Board and CEO of Madison Bay Holdings.
Judson Linnabary, President of Platypus Marine, Inc., added, "We are very excited to work with Madison Bay to manufacture all models of the Stiletto RV. Platypus Marine will ensure that the time and capital invested in designing the next generation of recreational vehicles will be honored with the highest quality manufactured components and assembly process. We also look forward to brining our 15 years of experience in building and refurbishing the highest quality luxury yachts in the industry together with Madison Bay Holdings to develop a line of mega yachts up to 160 feet in the future."
For more information about Platypus Marine, Inc., please visit www.platypusmarine.com.
About Madison Bay Holdings, Inc.
Madison Bay Holdings, Inc. is a marketer and distributor of Recreational Vehicles, Powerboats and Leisure Watercraft. The Company owns all equipment, designs and trademarks of Summit Coaches, the Recreational Vehicle (RV) division that specializes in manufacturing, marketing and selling upscale and feature-oriented RV trailers, including a flagship 38-foot RV, the "Stiletto". Madison Bay Holdings' marine division is involved in boutique leisure product distribution. Madison Bay Holdings also provides a variety of financial, marketing, and sales consulting services to boat manufacturers, dealers, distributors, and leisure product/water sport companies.
For more information on the company and its newly appointed advisory board please visit the website www.madisonbayholdings.com.
Safe Harbor statement under the private Securities Litigation reform Act of 1995
This news release contains forward-looking statements, including statements regarding the Company's expectations about successfully selling its products and about the positive effects of the acquisition described herein. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from future results expressed or implied in such statements. These risks and uncertainties include the inability to manage expected growth, the failure to realize the increased revenues and improved operating margins that the Company has associated with sales of our products, the loss of any key personnel, our inability to introduce new products that are accepted by the market, the loss or non-performance of our sales representatives, unfavorable results of potential litigation, and the possibility that competitors could develop or acquire technology that could erode the Company's technical advantages. The Company disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements contained in this news release.