Latitude Industries Files a LOI to Acquire ChampionMarineUSA.com
September 10 2010 - 1:34PM
Marketwired
Latitude Industries, Inc. (PINKSHEETS: LTDU), a holding company
that exists to bring together a conglomerate of companies dedicated
to the pursuit of fun and adventure in the outdoors, announces a
Letter of Intent to acquire ChampionMarineUSA.com.
Latitude Industries, Inc. has issued a letter of intent to
acquire ChampionMarineUSA.com because it feels
ChampionMarineUSA.com is a perfect synergy to its wholly owned
subsidiary, Latitude Powerboats, Inc., and can open up additional
potential sales to it in the multibillion dollar marine parts and
accessories market.
ChampionMarineUSA.com carries more than 19,000 marine parts,
accessories and electronics, as well as clothing items, and has a
gross revenue stream of $500,000 and about 2,500 customers.
The acquisition offers Latitude the prospect of being able to
tap into its own customer database of Latitude Powerboats, Inc. in
order to offer the ChampionMarineUSA.com product line to them,
while simultaneously being able to gain revenues from the large
ChampionMarineUSA.com customer database from both
ChampionMarineUSA.com product offerings and those of Latitude
Powerboats.
Carolina Hernandez, CEO of Latitude Industries, Inc., said, "We
are currently finishing our due diligence of ChampionMarineUSA.com
and should have a definitive answer on when the acquisition will
close in the near future. We are excited by the potential of this
acquisition and believe it will develop into a mutually beneficial
relationship for everyone."
About Latitude Industries Latitude
Industries exists to bring together a conglomerate of companies
dedicated to the pursuit of fun and adventure in the outdoors. Its
goal is to be the best supplier of power sports and boating-related
products to its customers, while providing them with outstanding
service and value. We aim to treat all of our customers even better
than they expect to be treated so that they regard us as the best
in our industry. It is always our priority to achieve superior
financial returns for the benefit of our associates, customers and
shareholders.
Forward-Looking Statements Certain
statements in this release and the attached corporate profile that
are not historical facts are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements may be identified by the use of words such as
"anticipate," "believe," "expect," "future," "may," "will,"
"would," "should," "plan," "projected," "intend," and similar
expressions. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking statements. The Company's future operating results
are dependent upon many factors, including but not limited to the
Company's ability to: (i) obtain sufficient capital or a strategic
business arrangement to fund its expansion plans; (ii) build the
management and human resources and infrastructure necessary to
support the growth of its business; (iii) competitive factors and
developments beyond the Company's control; and (iv) other risk
factors.
Contact: Latitude Industries, Inc. Carolina Hernandez President
and CEO Ph: 305-758-BOAT (2628)