Fountain president resigns

WASHINGTON, N.C. – R. David Knight, who serves as president of Fountain Powerboat Industries, Inc., and its operating subsidiary, Fountain Powerboats, Inc., resigned from his positions with both companies on Aug. 20, effective Aug. 22, the company reported in an SEC document filed Friday.

In connection with his resignation, Knight’s employment agreement with Fountain Powerboats, Inc., dated October 18, 2004, will terminate, the company stated.

This news comes amidst what appears to be tumultuous times for the company. In June, the American Stock Exchange informed Fountain that it was not in compliance with one of the Amex standards for the continued listing of the company’s common stock.

One month later, the boat builder submitted a plan to regain compliance; however, there is no guarantee that the plan will be accepted. And Fountain reported that even if the plan is accepted by Amex, but it does not make progress consistent with the plan during the plan period, or is not in compliance with all continued listing standards of the Company Guide by Dec. 11, Amex may initiate delisting proceedings.

Despite its stock listing troubles, Fountain Founder and CEO Reggie Fountain has remained optimistic about the company’s future, releasing a five-year plan for growth in July. This plan is supported by a Job Development Investment Grant from the state of North Carolina designed to help Fountain Powerboats and its newly acquired Baja Marine create 250 jobs and invest $12 million into the company over the next five years.

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