SEATTLE, Aug. 26, 2005 (PRIMEZONE) -- Madison Bay Holdings, Inc. (Pink Sheets:MDBY) announced today that the Company has signed an exclusive representation and distribution agreement with Warlock Power Boats of California to manage certain aspects of their distribution and marketing efforts. Warlock Power Boats is known as one of the leading manufacturers of "Exceptionally Featured" and "High Performance" Offshore boats in the world. Warlock Power Boats (www.warlockpowerboats.com) has won several world championships including the F1 SBI World Championship and F1 Force Gold Cup Championship.
The agreement, signed in June 2005, calls for Warlock to provide commissions to Madison Bay for every Warlock Powerboat sold worldwide as well as from additional revenue streams such as marketing, distributor acquisitions, and sales consulting services. Warlock has entered the agreement in an effort to increase its overall sales revenues. The two companies will work closely to increase domestic and international sales, utilizing Madison Bay management's thirty-five years of experience in marketing boats and other leisure products to worldwide dealer networks.
"We are thrilled to be working with the Warlock team," said Ricardo Ruelos, Chairman and CEO of Madison Bay Holdings, Inc. "Warlock Power Boats manufactures some of the highest quality powerboats in the world." Through this distribution and marketing agreement, Madison Bay will offer one of the premier products in the specialty watercraft market, a sector that is less saturated than the mainstream watercraft industry. By operating in this profitable industry niche and utilizing our vast industry experience and relationships, we believe that we can substantially strengthen sales and increase distribution networks for this amazing powerboat series.
Warlock Power Boats are "custom built" in Southern California by original designer and high-performance champion, Carter Reed. The company designs, builds, and sells a series of powerboats that harness their patented hull design with an unparalleled performance combination to reach the highest speed to horsepower ratio of any hull in its class. Warlock's boats have won numerous world championships, and currently maintain a number of existing world records. Warlock is a division of Tiffany Limousines, Inc., the second largest limousine manufacturer in the world.
About Madison Bay Holdings, Inc.
Madison Bay Holdings, Inc. is 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' 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.