This is kinda dead news; I just gotta kick out of that "anticipated 2007 pretax net income" LOL
NewBridge Capital, Inc. Acquires Operations and Assets of SeaHAVN Group
Business Wire, April 5, 2005 NEWPORT BEACH, Calif. -- Company Closes on Acquisition to Consolidate Factory Freezer Fishing Operations in the Mid-Atlantic and Pacific Oceans.
NEWBRIDGE CAPITAL, INC (OTC:NBGC) announced today that it has closed on the acquisition of the operations and assets of SeaHAVN LTD. (DE), to be the principal holding company for 105 Meter Factory Freezer Fishing Trawlers operating in the Mid-Atlantic and Pacific Oceans and certain assets of SeaHAVN, LTD. (BVI).
Effective April 5, 2005 the operations, rights and assets of SeaHAVN Ltd. (DE) together with certain assets, rights and operations of SeaHAVN (BVI), Ltd.and its related entities and affiliates will operate under SeaHAVN Group, Ltd., a newly formed, wholly-owned subsidiary of NewBridge.
As reported earlier, according to Mr. James A. Wexler, Chairman and CEO of the SeaHAVN, companies, "this industry offers the opportunity for rapid and significant growth." Earlier the company released a forecast on expected revenues and Gross Sales Margin, which SeaHAVN group has recently expanded to include the actual 2004 and anticipated 2007 pretax net income from the vessel operations, which are as follows:
In Thousands 2004 Year 1 Year 2 Year 3
(US$000's) (Actual) (Projected) (Projected) (Projected)
------------------- -------- ---------- ---------- -----------
Revenues 18,782 29,400 70,700 83,300
Gross Sales Margin 15,026 24,905 62,100 73,384
------- --------- --------- ---------
EBITDA 7,807 9,200 42,400 52,800
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According to Mr. Wexler, last year the vessels' operations being acquired by NewBridge in this transaction, based on nine months of actual fishing operations, reported revenues of $18.8 million and EBITDA of $7.8 million for 2004.
"This transaction," said Mr. Wexler, "with vertically integrated operational, management and marketing structures that are currently in place and successfully operating, should enable us to begin capitalizing on the opportunities we've identified to consolidate, with the eventual goal to become the largest full-scale commercial fishing operation in the world."
The key management of SeaHAVN has been involved for over thirty years in all phases of commercial fishing resource management, regulation, vessel construction, financing and project development throughout key United States and international fishing zones. SeaHAVN principals have owned, operated and managed Factory Freezer Fishing Trawlers for the past 30 years, with marketing operations in the United States, Canada, Europe, Asia, Africa and Latin America.
Mr. James A. Wexler, Esq., SeaHAVN Chairman, CEO and the Founder of SeaHAVN Ltd., has been a significant participant at all industry levels. He spent nineteen years as a Director, CEO, President and/or General Counsel in more than fifteen Factory Frozen Fishing Trawlers, with operations in the United States, Europe, Africa and Asia, and three years as Director, Department of Natural Resources, Economic Development Council, Seattle, and headed up European and Mauritanian based SeaHAVN management locations in Seattle, Washington, Las Palmas, Spain, Monaco, and Nouakchott and Nouadhibou, Mauritania.
Other upper level SeaHAVN management includes Arne Longva, SeaHAVN's COO of Vessel Operations. Mr. Longva has over 27 years of experience in maritime and commercial fishing, and provides operational and vessel organizational planning, preparation and management for SeaHAVN. Mr. Longva holds a Master Mariner Certificate (1985), Unlimited Norwegian and Marshall Islands License (1985) similar, and a Norwegian citizenship with U.S. permanent residency. Mr. Longva is a Graduate of Royal Norwegian Naval Academy (1976), Bachelor of Science Marine Transportation, Institute of Business Administration, Bergen (Norway)(1986-87) and Aalesund Nautical College (Norway)(1978-82).
"Based on the industry's growth rate, and that of SeaHAVN itself and the continued availability of financing," Mr. Wexler said, "we are very optimistic on our ability to achieve our projections."
Mr. Lake confirmed that NewBridge has applied to change its name to SeaHAVN Corporation, and that Mr. Wexler will become Chairman and CEO of the company. "We will be filing the company's Form 8-K with Consolidated Pro Forma Financial Statements and Statement of Operations within the next few days, up dating the company's regulatory filings, and filing to renew it's listing on the Over-The-Counter Electronic Bulletin Board market.
Note: The Private Securities Litigation Reform Act of 1995 provides a "safe-harbor" for forward-looking statements. Certain information included in this news release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statement relating to plan for future expansion and other business development activities, as well as other capital spending, financing sources and the effects of regulation and competition. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the company. These risks and uncertainties include, but are not limited to, those relating to, dependence on management, leverage and debt service (including sensitivity to fluctuations in the interest rates), domestic or global economic condition, activities of competitors and the present of new or additional competition, fluctuations and changes in customer preferences and attitudes, changes in Federal or State tax laws or the administration of such laws. For more information, review the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-KSB and other information on file with the Securities and Exchange Commission.
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