SANDY, Utah, June 30, 2005 (PRIMEZONE) -- Summit Coaches, Inc. (Pink Sheets:SUMC) signed and closed an asset purchase and sale agreement under which it acquired Madison Bay Marine Development, a Washington company. As a result of this transaction, Ricardo Ruelos has been named CEO, the company has changed its name to Madison Bay Holdings, Inc., and the corporate headquarters has relocated to Seattle, Washington. The existing RV project will continue to move forward under the Summit Coaches name, as a division of Madison Bay.
Over the past three decades, Madison Bay Marine has provided a variety of financial, merger & acquisition, marketing, and sales consulting services to boat manufacturers, retail boat dealers, distributors and other leisure product companies.
"The acquisition of Madison Bay places valuable and practical experience at the helm; the new management's know how and 'been there done that' success is what the Company needs to take it to the next level," said Chris Davis, Summit Coaches' outgoing CEO. "As a diligent shareholder, I will continue to support the restructured company and look forward to its success."
"Applying our expertise and success in the boat and marine industry to land recreational vehicles is exciting for me," said Ricardo Ruelos, CEO, Madison Bay Holdings, Inc. "There are many similarities in the core processes, and the customer profiles overlap. Also, one of the strengths of Madison Bay Holdings is the knowledge of, and relationships with, commercial institutions that provide inventory-backed financing."
About Madison Bay Holdings, Inc.
Madison Bay Holdings, Inc. provides services to increase sales and profits to leading boat, recreational vehicle, leisure product, and water sport companies throughout the world. Summit Coaches is the RV division of Madison Bay that specializes in manufacturing, marketing and selling upscale and feature oriented Recreational Vehicle (RV) trailers that appeal to the more educated customer with a taste for quality. The Company will focus on growing its RV division through financial backing, the acquisition of manufacturing and distribution contracts, and driving national and international sales. The 38-foot state-of-the-art "Stiletto" that premiered at the national RV show in St. Louis last year features distinctive engineering and design that sets it apart from other products in the market.
Safe harbor statement under the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements, including statements regarding the Company's expectations about successfully selling its products and about the positive effects of the acquisition described herein. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from future results expressed or implied in such statements. These risks and uncertainties include the inability to manage expected growth, the failure to realize the increased revenues and improved operating margins that the Company has associated with sales of our products, the loss of any key personnel, our inability to introduce new products that are accepted by the market, the loss or non-performance of our sales representatives, unfavorable results of potential litigation, and the possibility that competitors could develop or acquire technology that could erode the Company's technical advantages. The Company disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements contained in this news release.