Twin Vee Developing 260 GFX for Estimated $1.32 Billion Market

Rhea-AI Summary

Twin Vee PowerCats (NASDAQ: VEEE) is designing a new 26-foot GFX sport boat as part of its plan to expand its model line, anticipating production by Q2 2022. Driven by increasing sales in the marine industry, Twin Vee aims to capture growing market opportunities. The company reported a 9% increase in sales for boats sized 26 to 35 feet in 2020, valued at $1.32 billion. CEO Joseph Visconti stated the company is committed to enhancing market share and expanding dealer networks both domestically and internationally.

Positive

• Development of the new 26-foot GFX sport boat to expand product line.
• Strong demand for recreational boats, with a 9% sales increase in boats 26-35 feet long in 2020.
• Anticipation of a $1.32 billion market for boats in this category.
• Plans to add new dealers to enhance market penetration.

Negative

• None.

FORT PIERCE, FL / ACCESSWIRE / October 26, 2021 / Twin Vee PowerCats, Co. (NASDAQ:VEEE), ("Twin Vee" or the "Company"), a manufacturer of recreational and commercial power catamaran boats, today announced that it is designing a new 26 foot GFX sport boat to add to the Company's expanding model line.

Twin Vee released several renderings of what the 260 GFX may look like once it is available.

The Company, along with the marine industry as a whole, has seen an increase in sales for over a year as experienced boaters traded up and new enthusiasts entered the market. Yachtworld's 2020 Market Index reported that boats between 26 and 35 feet long saw an increase of sales in 2020 by nine percent compared to 2019. Moreover, the value of boats between 26 and 35 sold in 2020 was estimated to be $1.32 billion, up 18% from 2019. Similarly, the National Marine Manufacturers' Association reported in August that new boat sales remained healthy through May 2021, according to its New Powerboat Registration Report. Data shows retail unit sales of new powerboats were up 24% on a rolling 12-month, year-over-year basis through May, reflecting continued interest and demand for boating over the past year. "We continue to see strong demand for our products," remarks Visconti. "Our Company is committed to growing its market share while interest in the recreational marine industry remains high and are looking to add new dealers to our network from Michigan, out west, and possibly internationally."

Designs for its all-new Twin Vee 260 Go Fish X (GFX) were released today before the Fort Lauderdale International Boat Show, where manufactures historically unveil their newest products.

Rendered Image of the 260 GFX - A look at the boat from above

"Since taking Twin Vee public on the Nasdaq over three months ago, the Company has the resources to ramp up product development and bring new models to market," says Joseph Visconti, President and CEO of Twin Vee PowerCats Co. According to Visconti, Twin Vee aims to continue its product line growth and introduce as many boaters, anglers, and marine enthusiasts to "The Best Riding Boats on the Water". "We have found that by expanding our product line and introducing new boats, like our 260 GFX, we invite the potential to attract new customers. Moreover, we enhance our ability to penetrate new markets that were previously untapped by us due to limited offerings and model lineups."

Rendered Image of the 260 GFX - Overhead

Rendered Image of the 260 GFX - Profile view

Rendered Image of the 260 GFX - Starboard view

Rendered Image of the 260 GFX - Port view

While the 260 GFX is still in development, Visconti expects it to be in production by Q2 2022. "Our team is hard-at-work creating a boat worthy of the Twin Vee name. An innovative, all-composite, center console boat that can deliver versatility, comfort, dockside appeal, fuel efficiency, ride performance and provide significant value without sacrificing quality. Twin Vee's mission is to continue offering a greater variety of products. From BayCats to larger offshore boats to electric boats and now the 260 GFX, Twin Vee is providing purchasers with a better opportunity to find the boat they've been looking for."

About Twin Vee

Twin Vee is a designer and manufacturer of recreational and commercial power catamaran boats. Founded in 1996, the Company has been an innovator in the catamaran sport boat industry, manufactured and shipped over 7000 Twin Vee's worldwide. Learn more at https://twinvee.com/. Twin Vee is one of the most recognizable brand names in the power catamaran category and is known as the "Best Riding Boats on the Water™."

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding plans to develop the 260 GFX, growing the Company's market share and adding new dealers to its network, continuing the Company's product line growth, penetrating new markets and the 260 GFX being in production by Q2 2022. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to bring new boat models to market and add new dealers to its network as planned, the duration and scope of the COVID-19 outbreak worldwide, including the impact to supply chains and state and local economies, and the risk factors described in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

Contact:
Glenn Sonoda
investor@twinvee.com
(772) 429-2525

SOURCE: Twin Vee PowerCats Co.

View source version on accesswire.com:
https://www.accesswire.com/669584/Twin-Vee-Developing-260-GFX-for-Estimated-132-Billion-Market

FAQ

What is the new boat being developed by Twin Vee PowerCats?

Twin Vee is developing a new 26-foot GFX sport boat to expand its model lineup.

When is the 260 GFX expected to be in production?

The 260 GFX is expected to enter production by Q2 2022.

What sales increase was reported for boats between 26 and 35 feet?

There was a reported 9% increase in sales for boats between 26 and 35 feet in 2020.

What is the estimated market value for boats in the 26 to 35-foot category?

The estimated market value for boats in this category was $1.32 billion in 2020.

What are Twin Vee's plans for market expansion?

Twin Vee plans to add new dealers to its network to enhance market penetration.