Planet Resource Recovery, Inc. Acquires MAX Amphibious Six-Wheel Drive All-Terrain Vehicles

Rhea-AI Summary

Planet Resource Recovery, Inc. (OTC:PRRY) has acquired the MAX Amphibious All-Terrain Vehicle product line and assets from Agile Vehicle Technologies Limited as of November 26, 2021. The MAX ATVs, produced since 1969, have a legacy of over 25,000 units. CEO Andrew Lapp emphasizes the opportunity to re-establish supply chains and resume production in Buffalo, New York. The existing market includes approximately 10,000 MAX vehicles, presenting avenues for replacement parts and accessories. Additionally, the company appointed Galen Reich as President, bringing extensive experience from Recreatives Industries.

Positive

• Acquisition of MAX ATV product line enhances market position.
• Resumption of production could lead to revenue growth from existing vehicle parts.
• Appointment of Galen Reich could leverage his experience to re-launch and expand the MAX brand.

Negative

• None.

SARASOTA, FL / ACCESSWIRE / November 29, 2021 / Planet Resource Recovery, Inc. (OTC:PRRY) is pleased to announce that the company acquired MAX Amphibious All-Terrain Vehicle's product line, assets, tooling, and intellectual property from Agile Vehicle Technologies Limited on Friday, November 26, 2021.

Recreatives Industries Inc. of Buffalo, New York began production of the MAX Amphibious All-Terrain Vehicle (ATV) in 1969. In 2013, the MAX product line and associated assets were sold to new management and remained in production until 2016. The total number of MAX ATVs built between 1969-2016 exceeds 25,000 vehicles.

Andrew Lapp, CEO of Planet Resource Recovery, Inc. stated: "This is an extremely unique opportunity for an OTC company. Our first task is to begin the process of re-establishing the supply chain for vehicle components and parts with previous vendors along with re-opening an assembly line for new vehicle production around Buffalo, New York. As a result of the massive success of MAX ATVs over a span of 47 years, the vehicle's dominance in the Amphibious ATV market has created a viable revenue stream for replacement parts and accessories for an estimated 10,000 vehicles in existence today. Planet Resource Recovery, Inc. intends to re-launch the MAX parts and accessory business for the current market of MAX vehicles as the company begins the process of re-introducing MAX ATVs into the all-terrain vehicle market."

"We are also excited to announce the appointment of Mr. Galen Reich as President of Planet Resource Recovery, Inc. Mr. Reich served as General Manager and Marketing Manager for Recreatives Industries Inc. from 1993-2013 and continued managing MAX ATVs under its new management from 2013-2015. Upon Mr. Reich joining Recreatives Industries in 1993, he began implementing his strategies for business development, assembly line production, sales leads, marketing, dealer network expansion, and military contract negotiations. This resulted in the company achieving a 24% compounded annual growth rate in sales revenue during the first 5 years. We are confident that Galen brings the needed experience to successfully re-launch the MAX brand and evolve the product line as we enter into a new generation of MAX ATVs."

Planet Resource Recovery
Currently headquartered in Sarasota, Florida, Planet Resource Recovery, Inc. is the manufacturer of MAX Six-Wheel Drive Amphibious All-Terrain Vehicles. First launched in 1969, MAX ATVs have been used in numerous applications relating to recreation, hunting, commercial, industrial, and military. Planet Resource Recovery Inc. will produce the MAX ATV product line along with MAX parts and MAX factory original accessories. For more information about PRRY, visit our new corporate website at www.recreatives.com or contact Investor Relations at ir@recreatives.com / (561) 402-8025.

CONTACT:
Planet Resource Recovery, Inc.
561-402-8025
www.recreatives.com

SOURCE: Planet Resource Recovery, Inc.

View source version on accesswire.com:
https://www.accesswire.com/675013/Planet-Resource-Recovery-Inc-Acquires-MAX-Amphibious-Six-Wheel-Drive-All-Terrain-Vehicles

FAQ

What did Planet Resource Recovery, Inc. acquire on November 26, 2021?

Planet Resource Recovery, Inc. acquired the MAX Amphibious All-Terrain Vehicle product line and associated assets from Agile Vehicle Technologies Limited.

How many MAX ATVs have been built historically?

Over 25,000 MAX ATVs have been built since 1969.

What are the future plans for MAX ATVs?

The company plans to re-establish the supply chain for vehicle components and resume production in Buffalo, New York.

Who has been appointed as President of Planet Resource Recovery, Inc.?

Galen Reich has been appointed as President, bringing significant experience in the ATV market.