Twin Vee PowerCats Co. Launches All-New Boat Brand "LFG Marine"

Rhea-AI Summary

Twin Vee PowerCats (NASDAQ: VEEE) has launched LFG Marine, a new brand focused on producing versatile monohull boats for freshwater and saltwater markets. The initial offerings include a 22' Center Console and various dual console models, appealing to first-time boat buyers. The 220 LFG Center Console features a fuel tank of 90 gallons and customizable options for personalization. Twin Vee aims to expand its dealership network in key freshwater regions and anticipates generating revenue from sales by the end of Q1 2023. The launch aligns with current trends in the recreational marine industry, suggesting a healthy demand for entry-level boating options.

Positive

• Launch of LFG Marine brand targeting first-time boat buyers and the freshwater market.
• Initial boat models include affordable options with single-engine requirements.
• Plans to expand dealership network in lucrative freshwater regions.
• Revenue from new boat sales expected by the end of Q1 2023.

Negative

• None.

FORT PIERCE, FL / ACCESSWIRE / February 15, 2023 / Twin Vee PowerCats, Co. (NASDAQ:VEEE),("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport catamaran boats, today announced the launch of LFG Marine, an all-new monohull boat brand that will feature unique, new, and versatile boat models initially geared toward the freshwater market but can also be enjoyed in saltwater environments. "LFG Marine is a bold new custom boat brand set to re-energize the world of watercraft. We put our storied expertise in boat manufacturing together with our dedication to building quality boats at an affordable price," explains Joseph Visconti, CEO and President of Twin Vee PowerCats Co.

The Company is currently developing the following models for LFG Marine:

• 22' Center Console monohull
• 25' Dual Console, single-engine day boat
• 22' Dual Console monohull
• 25' Deck Boat, single-engine
• Additional plans for larger monohull boats ranging from 24 - 30 or more feet in length

"As we look to the year ahead, Twin Vee is committed to diversified growth," states Visconti. "In addition to expanding our dealership network to help open new markets, we are adding new boat models to our lineup under the LFG Marine name. We expect our new brand to appeal to first-time boat buyers, the freshwater market, and consumers that prefer a monohull boat. LFG will also offer multi-hull catamaran boats options, like our 25-foot dual console, while building a monohull boat brand targeting approximately 90% of the recreational boat buying market. Our initial monohull models will be 22 and 25 feet long, requiring only a single engine, keeping the overall costs down significantly and helping make our LFG boats more affordable. Our Company intends to unlock new growth potential and increase our exposure around the country with our new LFG boats."

The first boat released under the LFG Marine name will be the all-new twenty-two-foot center console monohull. The 220 LFG Center Console boasts a ninety-gallon fuel tank, a 26-gallon livewell, a 36-quart console cooler, and bow and floor storage boxes. Powered by a single outboard motor (150 HP standard or 200 HP optional), the 220 LFG offers a variety of options so customers can personalize their boats. For example, boat hulls can be customized with almost any Pantone color. Moreover, many options, including LED lighting packages and sound systems, will also be available based on customer preference. "No other company matches this level of personalization. The LFG boat brand is intended to be an expression of our customers' personalities. Hull color, premier lighting packages, sound systems, and other available options will allow LFG boat owners to get creative and express themselves," remarks Visconti.

LFG Marine's boat model lineup will eventually include a 22-foot dual console center console, a 25-foot dual console, and a 25-foot deck boat. LFG's boats will be manufactured and shipped from the Company's Fort Pierce, Florida factory. "These are an all-new line of agile, sporty, fast, and affordable recreational boats designed first and foremost for fun. We're excited to announce that these models are past the design and tooling stages. Additionally, we are working to open new dealerships in freshwater markets in Michigan, the Ozarks, Thousand Islands in New York, and other areas with active freshwater boating communities. We feel confident that revenue from boat sales will begin by the end of Q1 2023," states Visconti.

A sneak peek rendering at LFG Marine's upcoming 220 Dual Console

The Company's newest boat brand seeks to benefit from some of the most recent trends in the recreational marine industry. According to a recent report from the National Marine Manufacturers' Association, segments driving growth in 2022 included entry-level boats such as personal watercraft, freshwater aluminum, and fiberglass fishing boats, as well as pontoon boats less than 26 feet. The NMMA's early indications point to continued healthy demand, with new retail boat sales expected to remain on par with 2022.

For more information on LFG Marine, please visit https://lfgmarine.com/

About Twin Vee PowerCats Co.

Twin Vee is a designer, manufacturer, distributor, and marketer of power sport catamaran boats. The Company is located in Fort Pierce, Florida, and has been building and selling boats for nearly 30 years. Learn more at twinvee.com. Twin Vee is one of the most recognizable brand names in the catamaran sport boat 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 the launch of LFG Marine, LFG Marine re-energizing the world of watercraft, developing 22' Center Console monohull, 25' Dual Console, single-engine day boat, 22' Dual Console monohull and 25' Deck Boat, single-engine models for the LFG Marine, plans for larger monohull boats ranging from 24 - 30 or more feet in length, the new brand to appealing to first-time boat buyers, the freshwater market, and consumers that prefer a monohull boat, the Company unlocking new growth potential and increase our exposure around the country with its new LFG boats, 220 LFG Center Console being the first boat released under the LFG Marine name, providing Hull color, premier lighting packages, sound systems, and other options to allow LFG boat owners to get creative and express themselves, plans to manufacture and ship LFG's boats from the Company's Fort Pierce, Florida factory, opening new dealerships in freshwater markets in Michigan, the Ozarks, Thousand Islands in New York, and other areas with active freshwater boating communities, revenue from boat sales beginning by the end of Q1 2023 and new retail boat sales being expected to remain on par with 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 launch of LFG Marine and manufacture 22' Center Console monohull, 25' Dual Console, single-engine day boat, 22' Dual Console monohull and 25' Deck Boat, single-engine models for the LFG Marine as planned, the Company's ability appeal to first-time boat buyers, the freshwater market, and consumers that prefer a monohull boat, the Company's ability to unlock new growth potential and increase its exposure around the country with its new LFG boats, the Company's ability to open new dealerships in freshwater markets in Michigan, the Ozarks, Thousand Islands in New York, and other areas with active freshwater boating communities, the Company's ability to generate revenue from boat sales beginning by the end of Q1 2023, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, the Company's Quarterly Reports on Form 10-Q, the Company's Current Reports on Form 8-K and subsequent filings with the SEC. 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

SOURCE: Twin Vee PowerCats Co.

View source version on accesswire.com:
https://www.accesswire.com/739387/Twin-Vee-PowerCats-Co-Launches-All-New-Boat-Brand-LFG-Marine

FAQ

What is LFG Marine and what types of boats will it offer?

LFG Marine is a new boat brand launched by Twin Vee PowerCats, offering models like a 22' Center Console and 25' Dual Console, designed for the freshwater market.

When can we expect revenue from LFG Marine boat sales?

Revenue from LFG Marine boat sales is expected to begin by the end of Q1 2023.

How does LFG Marine plan to appeal to first-time boat buyers?

LFG Marine aims to attract first-time boat buyers by offering affordable, customizable models and focusing on the freshwater market.

What are the key features of the 220 LFG Center Console?

The 220 LFG Center Console includes a 90-gallon fuel tank, customizable hull colors, and options for LED lighting and sound systems.

Where will LFG Marine boats be manufactured?

LFG Marine boats will be manufactured and shipped from Twin Vee's facility in Fort Pierce, Florida.