SEATTLE, Oct. 18, 2005 (PRIMEZONE) -- Madison Bay Holdings, Inc. (Pink Sheets:MDBY) announced that through an award that was granted to the Chairman of the Board and CEO, Ricardo Ruelos, in the Superior Court of Washington State, the Company received payment for stock dividends and commissions that were due Mr. Ruelos by C-Dory Marine, Inc.
The lawsuit, originally filed in April 2002, was assigned to Madison Bay Holdings in an asset purchase agreement in June of 2005. The lawsuit was filed as a result of C-Dory Marine's failure to pay certain stock dividends and commissions due Ricardo Ruelos for services provided. The proceeds awarded will fund general working capital requirements to assist Madison Bay in its quest to become a leading marketer and distributor of Recreational Vehicles, Powerboats and Leisure Watercraft.
"We are happy to have this matter resolved and behind us. While it has not distracted from our focus, it is one less item to manage. The proceeds from the award and decision will add to our working capital and provide improved ability to execute our goals and achieve important milestones. I wish C-Dory Marine good fortune and since we operate in the same industries, we remain open to working together in the future," commented, Ricardo Ruelos, Chairman of the Board and CEO of Madison Bay Holdings.
Madison Bay Holdings, Inc. is in the recreational vehicle and leisure product industry. The Company's marine division is involved in boutique leisure product distribution and owns the rights to distribute Warlock Power Boats throughout the United States and Canada. 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.