National marine brokerage to go public
LAKE GENEVA, Wis. – Z Yachts, Inc.’s common stock (OTCBB: ZYAT) has been cleared for trading on the OTC Bulletin Board, the brokerage firm reported in a statement yesterday.
“We are very pleased to announce that our stock has been cleared for trading and that a market now exists for our stockholders and interested investors. This is a significant milestone for us as a company and enhances our ability to raise additional capital to continue our expansion in reaction to current conditions in the recreational marine market” stated James Weller, CEO and founder.
The initial stock offering from the national marine brokerage, founded in 2002, comes at the same time as a report from Spader Cos. that 2007 dealer sales through October showed a 14.2-percent increase in pre-owned boat sales, while new boat sales were up only slightly.
“Z Yachts has spent the last five years putting together buyers and sellers of pre-owned boats, both here in the United States and overseas,” said Jason Eck, COO and co-founder. “We have refined our processes, created systems and developed strategic partnerships in preparation for market conditions as we foresaw developing when we founded the company.”
The most recent strategic partnership, entered to support Z Yachts’ national network of brokers, is with Boat-Chek.com, a third-party provider of boat history data, both domestic and international, according to the company. The partnership provides brokers and buyers confidence in the quality of the boats being bought through Z Yachts, Eck said.
Z Yachts said it’s also actively pursuing brokerage opportunities and strategic alliances
in Europe and Dubai, putting together sellers in the United States with international buyers, strengthened by the buying power of the Euro. Westminster Securities Corp. has been engaged by Z Yachts as the market maker and will provide quotations in the company’s common stock, the company reported.
- For more of the latest news, click here.
