Mako Marine International signs agreement to sell controlling interest to Tracker Marine.MIAMI--(BUSINESS WIRE)--Dec. 5, 1996--Mako Marine International Inc. (Nasdaq:MAKOC) Thursday signed a contract to sell 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. The transaction will result in an increase of Mako's capital of approximately $9.4 million. Under the terms of the agreement, Tracker, which is based in Springfield, Mo., will purchase 6.4 million newly issued shares of common stock from 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 Marine. The total consideration to be 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 its saltwater boat division, including the SeaCraft and Silver King boat brands. Among such assets is 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 catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. at preferred rates. This popular saltwater fishing catalog is published by a sister company of Tracker that distributes over 40 million catalogs annually to serious fishermen worldwide. The transaction has been structured as a private placement exempt from registration under the Securities Act of 1933. CreditAmerica Venture Capital Inc. (CAVC CAVC Court of Appeals for Veterans Claims CAVC Center for Art and Visual Culture ) has agreed to sell 930,000 shares of Mako common stock to Tracker at a price of $2.00 per share to enable Tracker to acquire at least an 80 per cent interest in Mako. CAVC is a venture-capital firm headed by Douglas W. Baena, Mako's chairman and chief executive officer. The CAVC closing will take place at the same time as the purchase of the Mako shares. 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 agreement 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. The transaction is subject to certain conditions; however, both parties anticipate closing the agreement by year-end. "To compete in the boating industry you need significant financial resources and a great deal of marketing expertise," said Baena. "Our alliance with Tracker will enable us to become a more formidable competitor in the international boating industry, and will play a key role in our future growth and our ability to capture increased market share." Following completion of the transaction, Mako will remain a publicly held company and retain the name Mako Marine International Inc. Upon closing, Mako will increase its board of directors to seven, five of whom will be designated by Tracker. 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 In communications, a code or set of codes that make up the last part of a transmitted message. See trailer label. 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 will acquire 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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