SEATTLE, Oct. 14, 2005 (PRIMEZONE) -- Madison Bay Holdings, Inc. (Pink Sheets:MDBY), a manufacturer and distributor of Recreational Vehicles, Powerboats, and Leisure Watercraft announced today that the Company has established Eastern Hills Automotive & Marine as the Exclusive Factory Authorized Dealer for Warlock Power Boats in the state of Ohio. Eastern Hills Automotive & Marine, based in Cincinnati, Ohio, has been an established and prominent sales and service organization in the marine industry for over 23 years.
Ricardo Ruelos, Chairman of the Board and CEO of Madison Bay Holdings, commented, "We are very excited to work with Eastern Hills Automotive & Marine and their President and Founder, Gary Hill, who is a long time colleague and friend. Gary is one of the best marine and automotive technicians in the boating industry and has a large and loyal customer following. His team has tremendous skill in engineering boats, cars, motorcycles and any motorized product to perform more efficiently and with increased speed."
"We look forward to working with Madison Bay to distribute Warlock's Power Boats, the best 'Exceptionally Featured' and 'High Performance' Offshore boats in the world. Warlock has an excellent reputation in the marine industry for producing quality, exceptionally featured, high performance boats. The combination of all of our marine expertise will add to the development of new boats and will increase both of our Companies' sales and profits," added Gary Hill, President and Founder of Eastern Hill Automotive & Marine.
Warlock Power Boats are "custom built" in Southern California by original designer and high-performance champion, Carter Read. 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. 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.
About Eastern Hills
Eastern Hills is a Mercruiser Factory Authorized Dealer and one of less than fifty dealerships that are authorized as a Mercruiser Repower Center, which allows Eastern Hill to sell and install complete motor and outdrive systems to customers seeking increased horsepower, efficiency or speed, or to replace older, or damaged motors or outdrives. Eastern Hills has also been one of the prime sponsors of the Lake Cumberland Poker Run, one of the largest in the world for the past eight years.
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.