Mako Marine International completes sale of controlling interest to Tracker Marine.MIAMI--(BUSINESS WIRE)--Jan. 17, 1997--Mako Marine International Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:MAKO mako (mä`kō), heavy-bodied, fast-swimming shark, genus Isurus, highly prized as a game fish. Also known as the sharp-nosed mackerel shark, it is a member of the mackerel shark family, which also includes the great white shark and the ) Friday completed the sale of a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in the company to Tracker Marine, L.P., the largest manufacturer of freshwater fresh·wa·ter adj. 1. Of, relating to, living in, or consisting of water that is not salty: freshwater fish; freshwater lakes. 2. Situated away from the sea; inland. 3. fishing and pontoon pontoon, one of a number of floats used chiefly to support a bridge, to raise a sunken ship, or to float a hydroplane or a floating dock. Pontoons have been built of wood, of hides stretched over wicker frames, of copper or tin sheet metal sheathed over wooden boats in the world. Under the terms of the sale, Tracker, which is based in Springfield, Mo., purchased 6.4 million newly issued shares of common stock from Mako Marine. The total consideration paid by Tracker for the Mako shares is $4.14 million in cash and the contribution of certain assets relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Tracker's saltwater boat division, including the SeaCraft and Silver King boat brands. Mako was also granted the exclusive right to feature Mako company brands in the "Off-Shore Angler angler, common name for a member of the family Ceratiidae, European and American bottom-dwelling predacious fishes. The angler lies on the bottom and lures its prey with a long, wormlike appendage that extends forward and dangles over its mouth. " catalog at preferred rates. This popular saltwater fishing catalog is published by a sister company of Tracker that distributes more than 40 million catalogs annually to serious fishermen worldwide. To enable Tracker to acquire the approximately 81 percent interest in Mako required by Tracker, CreditAmerica Venture Capital Inc. (CAVC CAVC Court of Appeals for Veterans Claims CAVC Center for Art and Visual Culture ) sold 930,000 shares of Mako common stock to Tracker at a net price of $1.40 per share. The transaction occurred at the same time as the Mako sale. CAVC is a venture-capital firm headed by Douglas W. Baena, Mako's chairman and chief executive officer. In connection with the transaction, Tracker also has the right, over the next four years, to earn up to an additional 7.2 million shares if the publicly traded price of Mako common stock reaches between $5 and $7 per share. The transaction also provides Tracker with the option to acquire additional shares of Mako common stock at $1.50 per share. The option will permit Tracker to maintain an 80 per cent interest in Mako if all, or a portion, of the company's presently outstanding options and warrants to purchase 3.622 million shares are exercised in the future. Mako remains a publicly held company and retains the name Mako Marine International Inc. Mako's board of directors has been increased from four to seven. Members of the reconstituted board consist of Douglas W. Baena, Kenneth Burroughs, Bruce Foerster, Joe C. Greene, Susie Henry, Joseph J. Messina and Larry Mueller. Tracker Marine, L.P. which has a network of more than 400 dealers in the U.S. and 20 foreign countries, is recognized as the innovator of the complete boat, trailer and engine package concept. Mako Marine International Inc. designs, manufactures and sells offshore sports fishing and family recreational boats as well as a line of commercial boats under the Mako name. The company has a 30-year reputation for durability and performance in the marine industry for its center-console and walk-around cabin boats, which range from 17 to 33 feet in length. Mako's 220,000-square-foot manufacturing facility and executive offices are located in Miami. The Silver King and SeaCraft divisions, which Mako acquired in the transaction, are headquartered in Punta Gorda Punta Gorda may refer to:
CONTACT: Peter Nasca, 305/935-9993 or Phil Weinbach, 305/251-1522 |
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