SEATTLE, Aug. 25, 2005 (PRIMEZONE) -- Madison Bay Holdings, Inc. (Pink Sheets:MDBY) announces that the Company has developed a new corporate website to more accurately reflect ongoing business operations. Formerly Summit Coaches (Pink Sheets:SUMC), the Company recently signed an asset purchase agreement with Madison Bay Marine Development and concurrently named Ricardo Ruelos as acting CEO. Effective July 11, 2005 the Company began trading under the new ticker symbol "MDBY" and changed its name to Madison Bay Holdings, Inc. Madison Bay Holdings is headquartered in Seattle, Washington and continues to operate and move forward the existing RV project under the Summit Coaches name, as well as pursue opportunities in the burgeoning Marine and Recreational products industry.
The new corporate website is www.madisonbayholdings.com.
"MDBY will be proactive in communicating our corporate accomplishments to our shareholders. The Company strives to produce the highest quality recreational vehicles and boats available, develop a reputable dealer network for these vehicles, and establish a strong industry presence," commented Madison Bay Holdings' CEO, Ricardo Ruelos.
About Madison Bay Holdings, Inc.
Madison Bay Holdings, Inc. is pursuing opportunities in the recreational vehicle and leisure product industry. 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 also provides a variety of financial, marketing, and sales consulting services to boat manufacturers, dealers, distributors, and leisure product/water sport companies.
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.