2006-12-13
Madison Bay Holdings, Inc. Completes Agreement to Secure Exclusive Distribution and Marketing Rights From Fish-Rite Boats, Inc. and Provide Business Development Services
Contact: Ricardo Ruelos, CEO
206-932-9488
FOR IMMEDIATE RELEASE
Madison Bay Holdings, Inc. Completes Agreement to Secure Exclusive Distribution and Marketing Rights From Fish-Rite Boats, Inc. and Provide Business Development Services
SEATTLE, Dec. 13 /PRNewswire-FirstCall/ -- Madison Bay Holdings, Inc. (Pink Sheets: MDBY - News), a holding company engaged in the acquisition and merger of leisure product manufacturers, Recreational Vehicle manufacturers, boat manufacturers and other related businesses announced today that the company entered into an agreement to secure the exclusive International and US distribution and marketing rights for Fish-Rite Boats, Inc. Under the agreement Madison Bay Holdings will provide business development services and direct sales services to expand the distribution of Fish-Rite Boats in the US, Canada and Internationally. The agreement was entered into on June 12, 2006 and Madison Bay Holdings and Fish-Rite have been working successfully to execute the plan to expand and increase the sales and profits of Fish-Rite and Madison Bay Holdings.
Fish-Rite Boats is one of the leading, premier manufacturers in the world. The company has a 28-year history and excellent reputation as one of the premier manufacturer's and designers of upscale "heavy duty" cruise and fish boats. The company offers a variety of over 20 models of aluminum cruise and fish boats in outboard, jet and inboard outdrive propulsion. Models range in size from 16 Ft. to 30 Ft. in length.
Under the terms of the agreement Madison Bay Holdings will provide services and receive continuing fees and commissions as sales are generated. Madison Bay Holdings is assisting with the development of new boats, the expansion of the distribution network on an International basis and additions and increases to the financial structure of Fish-Rite.
Ricardo Ruelos, Chairman and CEO, commented: "Fish-Rite is a great and fun company to work with. Madison Bay Holdings has had the opportunity to work with some of the best boat builders and manufacturers in the world and there is no doubt that Fish-Rite is one of those companies. Aside from having a 28-year legacy as the founding family, Jammie Dorsey, the President and Jamie (JD) Dorsey, Jr. the CEO have an amazing amount of design and manufacturing expertise.
"The management is strong and the Dorsey family is committed to building a quality product and company backed by a strong business ethic and service. Madison Bay Holdings is looking forward to a long lasting relationship and continuing business increases for both companies."
JD Dorsey, CEO of Fish-Rite added: "We are very excited about our relationship with Madison Bay Holdings and Ricardo Ruelos. We are familiar with the experience and previous projects that Madison Bay Holdings and Ricardo have been involved and have already seen significant results and improvements to our company in only a few short months of involvement with Madison Bay Holdings. We continue to execute and plan both short term and long term future projects with Madison Bay Holdings and expect that our relationship will become more involved as we continue our efforts."
About Madison Bay Holdings, Inc.
Madison Bay Holdings, Inc. is a marketer and distributor of Recreational Vehicles, Powerboats and Leisure Watercraft. 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. 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.
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