2006-04-06
Madison Bay Holdings Inc. Announces Retirement of Stock in Excess of 5%
Contact: Ricardo Ruelos, CEO
206-932-9488
FOR IMMEDIATE RELEASE
Madison Bay Holdings Inc. Announces Retirement of Stock in Excess of 5%
SEATTLE, April 4 /PRNewswire-FirstCall/ -- Madison Bay Holdings Inc. (Pink Sheets: MDBY - News) announced today that 5,386,900 shares have been retired by the company. This effectively reduces the outstanding share total by more than 5%.
The new current outstanding share total is 94,256,912, of these, 60,375,000 are restricted and held by management and Chairman of the Board-CEO Ricardo Ruelos. It is feasible that more shares will be retired in the near future.
Ricardo Ruelos, chairman and CEO, of Madison Bay holdings, commented, "This is just one more step toward a complete plan to continue to increase our shareholder value. Madison Bay Holdings sees our investors as more than shareholders; we look at them as partners, and it is our duty to maximize our partner's returns.
"We have many things in place to execute our plan and build a valuable company for our shareholders and future employees. We have seen a lot of support over the past week and I have had an opportunity to speak with many of our new shareholders. I particularly want to welcome and thank our new shareholders, and am looking forward to building our company along with our new partners."
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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