ZIMMERMAN, Minn., May 27, 2008 (PRIME NEWSWIRE) -- Kingsley Coach, Inc. (Pink Sheets:KNGS), a manufacturer of custom, luxury recreational and special-use coaches, issued the following corporate update.
The Board of Directors of Kingsley Coach would like to share some exciting developments with its shareholders and the marketplace.
During the latter part of calendar year 2007, Kingsley began an aggressive analysis of all areas of its business, with a sharp eye on cost reduction, in an attempt to better position the Company for the future. During the initial analysis, it was determined that there were a number of inefficiencies in the production process, as well as several areas of duplicate services in the corporate and administrative departments of the Company. It was also discovered that the Company's sales and marketing efforts could be better targeted in order to generate a more profitable mix of sales.
Kingsley has recently begun a partner program with key vendors throughout the nation. This program will enable Kingsley to focus on more efficiently managing the production process. The Company will be able to streamline production, more adequately control costs, maintain a strict timeline, keep attention to detail and customization, and continue to provide the high quality Kingsley Coach the market and its customers have come to know and respect.
Corporate overhead has been dramatically altered. Duplicate services have been eliminated and payroll reduced. Rent and utilities expenses have been changed to significantly lower rates. Finally, corporate books and records have been updated, and quarterly financial results will be reported on a timely basis. Efficiency in each component of the company has become a priority as a constant vigil is kept on improving margins, and contracting coach delivery time.
Kingsley Coach will soon launch a new marketing campaign. This new approach will focus on extensive use of the internet to broaden the market awareness of Kingsley Coaches, and expose them to more potential buyers. This will be coupled with selective print media advertising in specific trade periodicals to further present the high standards of quality represented in a Kingsley Coach. The Company will also primarily target three specific areas that have demonstrated success for the company in the past: High end RVs, Mobile Command and Marketing Units, and Mobile Medical Coaches.
Kingsley has put together a comprehensive business plan that will enable the company to build on its past successes. The Board of Directors has recognized areas of inefficiency within the company and begun to implement a plan of correction. Coach buyers and shareholders will be able to view a new and improved, easy to navigate web site. The site will adequately display the high quality interior and exterior features, and coach benefits for which Kingsley Coach has become recognized. The company will constantly seek to deliver the highest level of service to our customers. By leveraging our existing customer base, Kingsley Coach will attempt to capitalize on cross-selling activities to increase its operating efficiency and margins. Used coach sales will play an important part in providing customer outlets for vehicles to trade up to newer models. Kingsley Coach will continue to focus on delivering its high end coaches to discriminating buyers throughout the United States.
With these three key areas of focus, Kingsley believes that it has taken the necessary steps to establish a more efficient, organized, and targeted Company. Currently, there is a strong backlog of leads as we head into the peak selling season. Kingsley recently announced its first dealer agreement for the Southeast region, and continues to form strategic alliances with vendor partners throughout the country. The company is well positioned to take advantage of its niche in the 12 billion dollar RV, luxury and specialty coach industry, and grow revenues from its previous average of approximately 5 million in annual sales. Kingsley Coach management is extremely excited about the future prospects of the company while these changes begin to positively impact performance as it progresses through 2008 and beyond.
About Kingsley Coach: Kingsley manufactures custom, luxury coaches and special-use coaches. Kingsley's product line includes medical, communications, entertainment, and various specialty and business-use coaches. A Kingsley Coach is mounted on a class 7 or 8 heavy duty chassis powered by top names such as Peterbilt, Kenworth, Volvo, and Freightliner. With automatic transmissions, a heavily reinforced body, and ultimate quality, a Kingsley offers its owner great comfort, safety, and high performance. RV owners refer to the Kingsley Coach as "The Most Extraordinary Home on the Road." Additional information is available at http://www.kingsleycoach.com.
Forward-Looking Statements: Certain information contained in this news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. While these statements are made to convey the Company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Actual Company results may differ materially from those described. The Company's operations and business prospects are always subject to risk and uncertainties.