SEATTLE, Nov. 28, 2005 (PRIMEZONE) -- Madison Bay Holdings, Inc. (Pink Sheets:MDBY), a manufacturer and distributor of Recreational Vehicles, Powerboats and Leisure Watercrafts, is pleased to announce they will begin accelerating their manufacturing and operations by 2006.
In accordance with the initial plans for Madison Bay Holdings, the Summit Coach division has begun moving molds and equipment to Platypus Marine. Platypus Marine is an established manufacturing company with full production and facility capabilities. As stated in a previous announcement, Platypus Marine will manufacture all models of the Stilleto and continue to develop added models. Management anticipates increased production and delivery of the Stilleto RV during the second quarter of 2006.
Under the terms of agreement between Platypus Marine and Madison Bay Holdings, it is the intention to also develop and manufacture a proprietary product line of luxury yachts and mega yachts up to 160 feet in length.
Ricardon Ruelos, Chairman and CEO of Madison Bay Holdings stated, "This is an exciting time for our company. One of the strengths of our management and advisory team is the expertise in manufacturing, operations and ability to execute and complete a plan. Our trucks will be rolling this week and we look forward to a surge in cash flow heading into 2006."
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 http://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.