US Lighting Group Announces the Formation of Fusion X Marine to Manufacture Offshore Performance Boats

Rhea-AI Summary

The US Lighting Group has launched Fusion X Marine, a new entity focusing on the boating industry. This venture aims to manufacture and sell 15-ft mini speedboats and 27-ft powerboats through exclusive dealerships and rental franchises.
CEO Paul Spivak highlighted the company's goal to penetrate the recreational boating market, which surpassed USD 43 billion in 2019 and is set to grow at a CAGR of over 5% through 2026. The X-15 and X-27 boats will utilize high-quality materials to enhance performance and durability.

Positive

• Formation of Fusion X Marine to enter the lucrative recreational boating market.
• Targeting a market worth over USD 43 billion with potential for 5% CAGR growth.
• Focused on manufacturing high-quality mini speedboats and powerboats.
• CEO brings over 15 years of experience in the boating sector.

Negative

• None.

The US Lighting Group introduces Fusion X Marine, its new business entity for the Boating industry. Fusion X Marine is a design, manufacturing, and franchising company to market personal watercraft, speedboats, boat dealerships, and boat rental franchises. The company’s CEO, Paul Spivak, has over 15 years’ experience building mini speedboats. fusionxmarine.com

EUCLID, Ohio, April 21, 2021 (GLOBE NEWSWIRE) -- The US Lighting Group, Inc. (OTC:USLG) announced today that the company formed a new business entity, Fusion X Marine LLC, to enter the Recreational Boating market. Fusion X Marine will manufacture 15-ft mini speedboats and 27-ft powerboats and sell them through the company’s own Dealer and Rental Franchise networks internationally.    

“The US Lighting Group is excited to announce the second step in implementing its 2021 Strategic Business plan to grow the business. We established Fusion X Marine to manufacture a fiberglass V-Hull 15-ft mini speedboat to compete with the Jet Ski market. The business model is initially engaged in the marketing and sales of our mini speedboats through newly established franchised rental sites and exclusive territory dealerships. The 27-ft speedboat is built to outperform any other boat in its class including speed and maneuverability. Both models, the X-15 and X-27 are manufactured from the highest quality biaxial fiberglass and marine-grade gelcoats,” said Paul Spivak, CEO of the US Lighting Group.

Mr. Spivak continues, “The idea was conceived to form Fusion X Marine based on our previous experience building mini speedboats. We were very successful in selling world-wide back in the 90’s, so this was a natural transition for the US Lighting Group. Having Fusion X Marine join the US Lighting Group will have positive benefits for the US Lighting Group stakeholders and allow the company to grow the business and expand into new market segments.”

Recreational Boating market research indicates that the market size exceeded USD 43 billion in 2019 and is in position to grow at a CAGR of over 5% between 2020 and 2026. One primary reason is the expendable income across North America and Europe has allowed consumers to increase spending on marine leisure activities. The recreational boating market has seen an increase in coastal and marine tourism globally and increasing participation of consumers in recreational boating activities and water-based sporting events.

About U.S. Lighting Group, Inc.

US Lighting Group (OTC:USLG) is a leading manufacturers of electronics, supplying growth sectors such as high-tech robotics utilizing our own in-house proprietary artificial intelligence, LED lighting, custom designed LED products, microprocessor-controlled LED instrumentation, custom private labeled electronics, automotive, RV, and marine electronics. The company is a prominent manufacturer of recreational vehicles utilizing vacuum infusion and the highest quality marine materials to create lighter weight and stronger RV travel trailers and campers. The company has manufacturing and R&D facilities in Cleveland, Ohio with an international sales distribution network. uslightinggroup.com

Forward-Looking Statements

Statements included in this press release, other than statements of historical fact, are forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are typically, but not always, identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements.

Contact
US Lighting Group
1148 East 222^nd Street
Euclid, OH 44117 USA
T: +1 216.896.7000
shareholder-relations@uslightinggroup.com

FAQ

What is Fusion X Marine?

Fusion X Marine is a newly formed entity by US Lighting Group focusing on the boating industry, specifically manufacturing and selling personal watercraft and speedboats.

How much is the recreational boating market worth?

The recreational boating market exceeded USD 43 billion in 2019 and is expected to grow at a CAGR of over 5% through 2026.

What types of boats will Fusion X Marine manufacture?

Fusion X Marine will manufacture 15-ft mini speedboats and 27-ft powerboats.

Who is the CEO of US Lighting Group?

The CEO of US Lighting Group is Paul Spivak.