SEATTLE – Madison Bay Holdings, Inc. (Pink Sheets: MDBY), a holding company engaged in the acquisition and merger of leisure product manufacturers, is experiencing a continued surge in revenues as a result of increased sales of Fish-Rite Boats, the company reported in a recent statement.
As a result of contractual agreements with the boat builder, Madison Bay Holdings receives fees and commissions as sales are increased and certain projects are completed. Madison Bay Holdings reports for the first quarter of 2007 indicate that Fish-Rite sales are increasing at a rate in excess of 15 percent and that it has sold the entire 2007 model years production through June. The nature of the agreement with Fish-Rite provides Madison Bay Holdings with an increasing revenue stream as Fish-Rite sales increase, according to the holding company.
Fish-Rite Boats manufactures over 20 models of aluminum cruise and fish boats in outboard, jet and inboard outdrive propulsion, ranging in size from 16 to 30 feet in length.
“The Fish-Rite project is an exciting opportunity with long term potential for Fish-Rite and Madison Bay Holdings,” commented Ricardo Ruelos, Madison Bay Holdings chairman and CEO. “The Fish-Rite boats are extremely well designed with an established brand name and strong customer loyalty built over a 29 year history.
“The company has excellent management and production capability along with the ability and commitment to finance and continue the growth of the company at an even higher rate. We have managed to expand the company on a national basis with new dealers in the east coast and internationally as we have a distributor in Europe that will be adding increasing sales and opportunities.”
JD Dorsey, CEO of Fish-Rite added: “… our factory is operating at the highest rate we have experienced in the history of the company. With the assistance of Madison Bay Holdings our dealer base has grown to the largest number in our history and the quality of our dealers is stronger than ever.”
Madison Bay reported in a separate statement that it had driven a 100-percent increase in dealer distribution for the boat builder – an increase it aims to double in the next 10 months.
Among the dealers it has secured for Fish-Rite are: Brooks Marine, Chambersburg, Pa.; Brinsfield Boat Basin, Portland, Ore.; Alusport, Oslo, Norway; and Wolf Auto Group in Montana, Idaho and Colorado.
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