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Twin Vee PowerCats Co. (NASDAQ: VEEE) is a pioneering company based in Fort Pierce, Florida, renowned for designing, manufacturing, and marketing recreational and commercial power catamaran boats. Established in 1994, the company has built a solid reputation as one of the most recognizable brands in the catamaran sport boat segment, often celebrated for producing the 'Best Riding Boats on the Water.'
Formerly known as Valuerich, Inc., Twin Vee PowerCats Co. rebranded in April 2016 and has since expanded its operations to encompass three main segments: gas-powered boats, electric-powered boats (through its subsidiary Forza X1, Inc.), and a franchise segment for selling standardized boat models across the United States.
The company’s revenue primarily stems from the sale of boats, motors, and trailers via a network of independent dealers. Their product lineup caters to diverse activities, including fishing, diving, water skiing, eco-tours, and commercial transport. Recent achievements include the development of the second generation GFX-2 model line, featuring advanced design, styling, and technological innovations that set it apart from competitors.
Financially, Twin Vee PowerCats Co. reported a 4% increase in consolidated revenue for 2023, amounting to $33,425,912. Despite this, the company faced a consolidated net loss of $7,192,176, attributed to high development costs and market conditions. The electric boat segment, led by Forza X1, Inc., contributed significantly to these losses but remains a cornerstone of Twin Vee's future growth strategy.
Joseph Visconti, CEO and President of Twin Vee, underscores the challenging economic landscape marked by rising interest rates and reduced consumer demand. In response, the company is focusing on cost control, product development, and expanding its dealer network. Notable projects include the introduction of new models like the Twin Vee Gen 2 400 GFX and the 280 GFX, as well as enhancing production capabilities at their Fort Pierce facility.
Recent partnerships, like the collaboration with Raymarine to integrate high-performance marine navigation technology into their boats, further exemplify Twin Vee's commitment to innovation. The company also hosts annual dealer meetings, fostering strong relationships with dealers and showcasing upcoming models and technological advancements.
For more information, visit twinvee.com.
Twin Vee PowerCats Co. (Nasdaq:VEEE) and Forza X1, Inc. (Nasdaq:FRZA) have announced a definitive merger agreement. The all-stock transaction will see Forza merge into a Twin Vee subsidiary. Key highlights include:
1. Exchange Ratio: 0.61166627 Twin Vee shares for each Forza share, with a maximum of 5,355,000 Twin Vee shares issued.
2. Ownership Structure: Post-merger, Twin Vee shareholders will own 64% and Forza shareholders 36% of the combined entity.
3. Financial Strength: Expected $1.00 per share in cash and $2.00 per share in net assets, with no funded debt.
4. Operational Benefits: Streamlined operations, reduced overhead, and improved efficiency.
The merger is expected to close by the end of 2024, subject to regulatory and shareholder approvals. The combined company will operate as Twin Vee PowerCats Co. and continue trading under the ticker 'VEEE'.
Twin Vee PowerCats Co. (Nasdaq: VEEE), a manufacturer and distributor of power sport boats, has announced its Second Quarter 2024 Earnings Call scheduled for August 14, 2024, at 4:00 p.m. Eastern Time. The company will discuss operational and financial highlights for Q2 2024, with financial results to be released in a press release before the call.
Investors can join the call via toll-free number 1-877-407-3982 or international number 1-201-493-6780 (Conference ID: 13747918). An audio webcast will also be available, though participants using this method won't be able to submit questions during the Q&A session. The webcast link will be accessible through Twin Vee's Investor Relations section, with a recording available for at least 90 days after the call.
Twin Vee PowerCats Co. (NASDAQ:VEEE) has appointed Karl Zimmer as President, effective July 12, 2024. This strategic move allows CEO Joseph Visconti to focus on expanding the company's business, developing M&A opportunities, enhancing sales and marketing strategies, and steering Twin Vee's long-term vision. Zimmer brings nearly three decades of leadership experience, most recently as President of Florida Beef, Inc., where he improved production rates and compliance.
Previously, Zimmer founded and led a start-up to become one of the largest U.S. companies in its segment. He also held executive roles at General Cable, managing global supply chain strategies. In his new role, Zimmer will oversee Twin Vee's daily operations, supporting the company's commitment to operational excellence and growth strategies in the power catamaran industry.
Twin Vee PowerCats Co. (NASDAQ:VEEE) hosted its annual Dealer Meeting on May 19-20, 2024, in West Palm Beach, Florida. The event showcased new 2025 model boats, including the Twin Vee GFX-2 model line and AquaSport's 28-foot Superboat equipped with autonomous technology. The meeting aimed to strengthen relationships with dealers, who are important for sales and customer support. Dealers participated in sea trials and provided feedback on the new models and technological advancements. CEO Joseph Visconti highlighted the importance of the event in gaining insights from dealers and preparing them for a successful sales year.
Twin Vee PowerCats Co. (Nasdaq:VEEE) announced the launch of its 2025 model lineup featuring an all-digital platform with digital switching systems, marking a significant upgrade in boat design and functionality. The GFX2 models will replace traditional mechanical switches and circuit breakers with a more durable, reliable digital system. Key features include a 24-inch Ray Marine touchscreen interface and compatibility with optional tech packages. The digital platform allows remote monitoring and control via smartphone, enhancing convenience and reliability. CEO Joseph Visconti and Senior Engineer Greg McLogan highlighted the improvements in performance, aesthetics, and interactive capabilities.
Twin Vee PowerCats Co. (Nasdaq: VEEE) reported a 41% decrease in revenue for Q1 2024, totaling $5,276,000 compared to $8,877,000 in Q1 2023. The company recorded a consolidated net loss of $2,335,000, including a net loss of $1,168,000 from its subsidiary, Forza X1. Factors contributing to this decline include a decrease in product demand and higher interest rates affecting purchases of recreational vehicles and boats. In response, Twin Vee has implemented measures such as reducing production, tightening financial controls, and downsizing the workforce. The company's cash reserves dropped to $17,381,000 as of March 31, 2024, from $21,218,000 on December 31, 2023, partly due to R&D spending and operational losses. Despite the challenges, Twin Vee is investing in new boat models and improving its manufacturing facilities to enhance future production capacity and efficiency.
Twin Vee PowerCats Co. (Nasdaq:VEEE) will host a conference call on May 15, 2024, to discuss Q1 2024 operational and financial highlights. The event will provide insights into the company's performance, with financial results to be released in a press release before the call.
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