LTDU NEWS
Press Release Source: Latitude Industries, Inc.
Latitude Industries Inc. -- a Year of New Beginnings
Thursday February 5, 8:00 am ET
MIAMI, FL--(MARKET WIRE)--Feb 5, 2009 -- Latitude Industries, Inc. (Other OTC:LTDU.PK - News) would like to announce the new direction that our parent company will be taking.
As a year of new beginning and "Change," not only in government but in the financial world, Latitude Industries is taking a new approach to make Latitude Industries unaffected by the apparent recession and continue to build shareholder value and confidence.
As we all know, the availability of wholesale and retail financing have diminished; we are forming new joint ventures with a few lending sources not hurt by this crisis. Just as companies that depend on loans from banks have been negatively affected by the lending crisis, new boats sales are down from last year along with many other industries.
With the burst of the housing bubble and economic indicators signaling a drop in consumer confidence, it's more important than ever to understand the wants and needs of the consumer and the dynamics of the marketplace.
Our research indicates that used boat sales and new parts and accessories are showing a good market trend. Latitude Industries has identified a couple of possible M&A candidates in this industry. We have been reorganizing the company so that we identify the consumer's need and fulfill them at the same time.
To help accomplish this, Latitude Industry will begin this year with a new plan in place:
-- Hire a Public Relations Firm to increase our market share and
introduce us to new markets, as well as keep shareholders abreast of
corporate events.
-- Restructure and educate our sales team, as well as implement a new
strategy to optimize current market conditions.
-- Latitude Industries will keep Latitude Powerboats as its wholly own
subsidiary.
-- Latitude Industries has three possible M&A that can take place before
the end of Q2.
-- Finalize the deal with Honda Marine.
-- R&D on an entry level line of boats.
We anticipate there to be a lot of opportunity in the Alternative energy sector with the new administration, as we will keep an eye for environmentally and fuel efficient means of transportation.
"We should not only focus in the marine industries but we should span our horizon and seek new opportunities that are arising in this market," stated Orlando Hernandez, COO.
About Latitude Industries
Latitude Industries, Inc. was founded by the Hernandez family in December of 1995 under Stealth Marine Inc.; the company built more than 30 boats between 1995 and 1998. In 1998, a joint venture between Midnight Express and Navigator Powerboats, a subsidiary of Latitude Industries Inc., was founded to build the 39' and the 37' Wide Body Midnight Express. Since 1998 to the present, we have built more than 200 boats.
This venture led to a government contract to build more than 40 Midnight Express 39' Center Consoles for the U.S. Customs and Homeland Security to patrol the coast of the United States, the Caribbean, and the Gulf of Mexico.
Forward-Looking Statements
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
Contact:
For more information about the company, please feel free to send an email
to investors@latitudepowerboats.com
