Vitana-X Announces Shift in Strategic Focus to Online Platform for Boat Rentals

Rhea-AI Summary

VitanaX, Inc. (OTC:VITX) announced a strategic pivot to focus on an online boat rental platform, River-24. This new division aims to enhance accessibility to boating experiences worldwide, connecting boat owners and renters. The global boat rental market is projected to surpass $19.7 billion by 2030, with a CAGR of ~5%. VitanaX has transitioned its previous wellness business to Vitana-X Europa AG, resulting in a new board of directors. The rise in on-demand boat rental services post-COVID-19 highlights significant growth potential in the sharing economy.

Positive

• Pivoting to River-24 positions VITX in an emerging market with significant growth potential.
• The global boat rental market is projected to exceed $19.7 billion by 2030, highlighting a lucrative opportunity.
• River-24 aims to tap into a growing demand for affordable boating experiences.

Negative

• Transitioning away from wellness programs may lead to a loss of existing revenue streams.
• Board member changes may signal instability during the transition phase.

Boat-Sharing Represents a Large Emerging Growth Opportunity

MIAMI, FL / ACCESSWIRE / March 22, 2022 / VitanaX, Inc. (OTC:VITX), is pleased to announce its business pivot to now focus as an online platform for boat rentals, with River-24.

Vitana-X Inc. has created a new division called River-24 an online platform at river-24.com to rent boats and yachts worldwide. Whether it's a short sail around the bay, a day-long fishing excursion, or a week-long island-hopping charter, River-24 will offer unique on-the-water experiences for everyone and every budget. River-24 is looking to make boating affordable and accessible for first-time boaters by providing an easy way to connect qualified renters, boat owners, and licensed captains.

Peer-to-peer boat sharing is an emerging category in the global sharing economy. River-24's online marketplace and booking services help connect current boat owners with prospective boat renters.

Under the new strategic focus, the current business of being a provider of comprehensive programs for greater well-being, fitness and health with a wellness network marketing program was transferred to Vitana-X Europa AG, which has been disposed of and is no longer a subsidiary of Vitana-X, Inc.

With the transition, Bernhard Sammer and Dirk Richter have stepped down from the Board of Directors and are no longer part of Vitana-X Inc. Sven Kendziorra and Olaf Strathe were appointed as the new Board of Directors.

There is huge growing demand for yacht/boats. On-demand boat rental services are now available in more than 184 countries globally. The number of boats listed on these platforms have grown by 9X in the past 5 years. Many on-demand boat rental operators have seen organic growth in EU without heavy marketing push. Post COVID-19, due to social distancing rules, boating will see increased usage as a recreational activity due to the nature of the activities. The global boat rental market is projected to surpass valuation of $19.7 billion by 2030, expanding at a CAGR of ~5% during the forecast period.

Sources:
https://mobilityforesights.com/product/on-demand-boat-rental-market/
https://www.transparencymarketresearch.com/pressrelease/boat-rental-market.htm

The emergence of Airbnb and Uber have laid the groundwork for sharing economy to thrive. On-demand boat rental is a good example of that. They have made the idea of sharing more acceptable, allowing for better utilization of resources, be it a car, house, or even boating. Most of the private boats in the U.S. and Europe sit unused for ~90% of the year. Maintenance, taxes, marina rental and other expenses make ownership incredibly expensive. All these reasons mean boats have a strong potential to grow in the booming sharing economy. For every boat owner in U.S. and Europe, it is believed there will be ten people who can pay for renting a boat just to get an experience of being in the water. Europe is and will remain the biggest on-demand boat rental market in 2020 and 2025. In terms of fleet size, Croatia alone accounts for 20% of global on-demand boat rental fleet followed by Greece with 15% and U.S. for 8%. In the U.S., in 85% cases boaters do not own a boat. They borrow one from a friend or a relative. Renting happens in just 8% of overall case.

Source:
https://mobilityforesights.com/product/on-demand-boat-rental-market/

Forward-Looking Statements

Forward-Looking Statements. This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.

Contact Information:

press.IRclear2157@gmail.com
305-714-9397

SOURCE: VitanaX, Inc.

View source version on accesswire.com:
https://www.accesswire.com/694153/Vitana-X-Announces-Shift-in-Strategic-Focus-to-Online-Platform-for-Boat-Rentals

FAQ

What is VitanaX's new focus as of March 2022?

VitanaX has shifted its business focus to an online boat rental platform named River-24.

What is River-24?

River-24 is an online marketplace for boat rentals that connects boat owners with prospective renters.

What is the projected market size for the global boat rental industry?

The global boat rental market is expected to exceed $19.7 billion by 2030.

Why is the boat rental market growing?

Growing demand for recreational boating and the rise of on-demand services are key factors driving market growth.

What were the recent changes in VitanaX's management?

Bernhard Sammer and Dirk Richter stepped down, while Sven Kendziorra and Olaf Strathe were appointed to the Board of Directors.