ANDOVER, Minn., April 13, 2004 (PRIMEZONE) -- Kingsley Coach, Inc., (OTCBB:KNGS) reported today that the company had received a strong "update" review from Larry Oakley, editor of WallStreetCorner.com.
Oakley points out that since his previous look at the company and subsequent six page profile (still posted in his Special Situation Section), that this company has progressed dramatically in 5 areas.
The first area is that the company has produced, in April, its 100th Coach "well ahead of its projection of when this milestone would occur." Comments quoted from CEO Ralph Dickenson further highlight the fact that, " . . . due to the shift in consumer demand. The demand for motor homes has doubled in little more than a decade, to about 320,800 units a year, according to the Recreation Vehicle Industry Association. Of greater importance to us is the fact that the biggest gains have been in our high-end market. Sales of luxury RVs costing $200,000 or more rose 26% in 2002."
The second area has been a general increase in "serious interest" and this was dramatically demonstrated at the Louisville, KY, Mid-America Trucking Show that was held March 25-27, 2004. The Kingsley display was continually crowded with spectators and buyers.
The third area that Oakley found of interest was that "production was increasing and costs were decreasing. There are a lot of changes being made in KNGS' manufacturing processes & controls. They are designed to increase production, lower costs, & maintain the high quality standards Kingsley is famous for." Oakley also pointed out that, " . . . there is a new coach in inventory -- one of the new standard models of the Kruiser line. That's a milestone -- having it available to demonstrate generates more orders."
The fourth area that impressed the editor was financing. "KNGS has received the commitments to fund its new accelerating growth. For the first time in the company's history, it is offering extremely attractive financing to its customers."
The fifth and final area that impressed Oakley is the New Division Structure. "The rapidly increasing interest Kingsley is experiencing in each of the market segments it addresses is the basis for creating three separate divisions. Commercial: Medical coaches -- the third coach for one of its medical coach customers has just been delivered. High End Custom: One example: A sport coach was just delivered to a repeat customer -- it is designed to comfortably transport an entire team -- there are sleeping arrangements for 6 team members, each one with a flip-down TV. Another example is a coach that houses two Harley Davidson motorcycles in a built-in garage, with a bedroom above the garage area -- one like that will be on display at the upcoming "Bike Week" in Myrtle Beach, SC in May. Standard Model: The new standard model line, called "Kruiser," is being manufactured in Kingsley's new expanded factory facility, & has met with exceptional enthusiasm."
Oakley concludes, "I really like the products, & my opinion is that the changes now being made will result in an acceleration of revenues & profits."
About Kingsley Coach
KNGS manufactures standard and custom motor homes, and special use coaches. A Kingsley Coach is mounted on a class 8 or 7 semi-truck chassis, powered by top-name truck tractors such as Freightliner. It has an automatic transmission, a heavily reinforced body, a 500,000 mile guarantee, and ultimate quality. It offers its owner great comfort, safety, and high-performance. Kingsley recently expanded its product line to include medical, communications, entertainment, and various business-use coaches. RV owners refer to the Kingsley coach as "The Most Extraordinary Home on the Road."
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 managements' opinion. Actual Company results may differ materially from those described. The Company's operations and business prospects are always subject to risk and uncertainties.