Revenge Acquires BYC Corporation.TULSA, Okla.--(BUSINESS WIRE)--Aug. 27, 1998--William C. Robinson, Executive Vice President of Revenge Marine, Inc. (BOAT) announced the signing of an option to acquire all assets and assume certain liabilities of BYC BYC British Youth Council BYC Bellingham Yacht Club (Bellingham, WA) BYC Britannia Yacht Club (Ottawa) BYC Base Year Compensation (NBA) Corporation ("BYC"), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Detroit Diesel Corporation (DDC See VESA DDC. ). When completed, total consideration for the acquisition will be $5.5 million in cash, warrants to acquire equity and other future considerations. Revenge expects to exercise its exclusive option no later than September 24, 1998. If DDC exercises its warrant, it is expected that its ownership in Revenge will be less than 20%. BYC acquired substantially all the assets of Black Yacht yacht: see motorboating; sailing. yacht Sail- or motor-driven vessel used for racing or recreation. The term is popularly applied to large recreational engine-powered boats; the sailboats known as yachts and used for racing are usually light and Corporation through a secured lending relationship with an affiliate and pursuant to US Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. proceedings in October 1997. Blackfin was a 24 year-old company specializing in the manufacture of mid-size fiberglass fiberglass, thread made from glass. It is made by forcing molten glass through a kind of sieve, thereby spinning it into threads. Fiberglass is strong, durable, and impervious to many caustics and to extreme temperatures. boats for an affluent, upscale clientele. The product line consists of nine models in six sizes ranging from 27' through 48'. William C. Robinson, Executive Vice President for Revenge Marine commented, "The Blackfin line is renowned for its performance, reliability and durability du·ra·ble adj. 1. Capable of withstanding wear and tear or decay: a durable fabric. 2. . Blackfins are specifically designed to run at 30 plus miles per hour in offshore sea conditions, while providing passengers a smooth, comfortable and remarkably dry ride. This performance is primarily achieved by a hull design philosophy that is incorporated into all models. This acquisition immediately brings global recognition to Revenge, giving us a decided market advantage in the sportfishing sport·fish·ing n. The sport of catching fish using a rod and reel. Noun 1. sportfishing - the act of someone who fishes as a diversion fishing field sport, outdoor sport - a sport that is played outdoors market by combining our recent Egret acquisition for buyers in the 16' to 29' range with Blackfins for the more upscale fisherman in the 27'to 48' range. Also, with Blackfin's historic annual product sales of $13-15 million and production levels ranging from 60-80 vessels, the addition of Blackfin provides us with the opportunity to immediately meet and exceed our financial projections. Importantly, this acquisition continues our long term strategy that includes the acquisitions of Consolidated Marine, Inc. and the Egret Boat Company, Inc., as well as our lease/purchase of the former Allied Marine facility in Miami." "It is our intention to commence full Blackfin production from our Miami facility by the end of October, and we are currently negotiating with a significant US dealer to sell Blackfin's first year's production." Revenge Marine is a development-stage holding company with long-range plans to increase its market share in the sportfishing and motoryacht business through the development of advanced designs and the acquisition of established manufacturing and marine technology companies. Information in this press release contains "forward looking statements". These statements involve risks and uncertainties that could cause actual results to differ materially. There is no assurance the above described transaction will be completed. There can be no assurance of the ability of the company to achieve sales goals, obtain contracts or financing, consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. acquisitions or achieve profitability in the future. The above and additional factors are discussed in detail in the Company's filings with the S.E.C.
CONTACT: Revenge Marine, Inc., Tulsa
William Robinson, 918/493-2069
918/493-6234 fax
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