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Xtreme Companies Acquires Challenger Offshore for $4.3 Million
WASHINGTON, Mo., March 2 /PRNewswire-FirstCall/ -- Xtreme Companies, Inc. (OTC Bulletin Board: XTME) today announced the acquisition of 100% of the outstanding shares of semi-custom boat manufacturer Marine Holdings, Inc. d/b/a Challenger Offshore ('Challenger'). In exchange for $4.3 million in cash, Xtreme received the Challenger business and assets including its gross order backlog of $1.6 million, boat inventory, boat molds and real estate which includes Challenger's 65,000 square ft. boat manufacturing facility located on 12 acres in Washington, MO. The transaction was financed with conventional loans provided by a Missouri-based regional bank.
Xtreme CEO Kevin Ryan stated, "This is a watershed moment in Xtreme's short history. By acquiring Challenger, we have secured one of the truly up and coming brands in the commercial marine craft business today. One year ago, we commenced our partnership with Challenger by procuring the exclusive distribution rights to their entire marine line in exchange for stock, operational and expansion capital, and personnel. The relationship has proven to be extremely successful and rewarding for both parties. I believe we have delivered a tremendous opportunity for our investors and shareholders, that should produce significant short-term and long-term benefits."
Ron DiBartolo former President of Marine Holdings, Inc., commented, "Over the past twelve months, the Xtreme - Challenger partnership has blossomed and is now I believe poised to become a significant player in the commercial marine craft industry. Some of our recent achievements include: the addition of several key distributors and dealers, significant increase in sales orders, increases in production capacity, improvements in production inefficiencies and the continued success of our high performance racing boats on the national circuit including a victory at the high profile Florida Grand Prix, which was broadcast on Fox Sports." He added, "The foundation for the Company has been laid and I believe the future is a bright one."
Challenger also holds the exclusive rights to a revolutionary hull technology for boats 40 feet in length and under. The 'DDC' hull patent is the brain child of legendary designer Harry Schoell. The DDC design enables Challenger to produce extremely efficient hull shapes that out can perform its competitors by providing a stable and safe, high speed platform. The Challenger DDC hulls possesses superior capabilities in rough water and its design, combined with modern construction techniques enables boats to run faster in higher sea states. |
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