MONTREAL, May 25, 2021 (GLOBE NEWSWIRE) -- Vision Marine Technologies, Inc. (NASDAQ: VMAR) ("Vision Marine" or the "Company") is pleased to announce that Alan D. Gaines has been appointed to the Board of Directors and will serve as Chairman of the Board, replacing Mr. Robert Ghetti, who has resigned from Vision’s board to devote more time to other business interests.
"I am very pleased to join the board of Vision Marine Technologies and to support the highly experienced and forward thinking and ESG principled executive management team in its mandate to bring safe, eco-friendly, and low maintenance electric boating to the traditional internal combustion engine (ICE) mainstream marketplace, and in so doing disrupt the legacy boating market,” commented Mr. Gaines. “This is truly an opportunity to fast forward Vision’s footprint and to foster widespread adoption of Vision’s groundbreaking proprietary E-Motion electric outboard powertrain system with both OEMs and recreational boaters.”
“We welcome the opportunity to work with Alan and enjoy the benefits of his significant experience pertaining to capital formation and capital markets, governance and protocol, and general executive business experience,” stated Alexandre Mongeon, CEO and co-founder of Vision Marine. “His knowledge of the burgeoning electric vehicle and battery technology markets will prove invaluable to Vision’s board and its stockholders.”
Alan Gaines is a globally respected and highly experienced investment banker and entrepreneur, active within traditional renewable/sustainable cleantech, general technology, EV/CEV battery technology/chemistry, energy storage and infrastructure, as well as traditional fossil fuels. Mr. Gaines specializes in large scale capital formation, M&A, recapitalization/restructuring, and board protocol and governance. He currently serves as a Director of Auto Innovation Group, Ltd. and David Brown Automotive, Ltd., both based in the United Kingdom. With 35 years of experience as a transactional investment banker and M&A advisor, Mr. Gaines has led or participated in the raising of debt and equity totaling well over $100 billion.
Mr. Gaines previously served as founder and Chairman of Dune Energy, Inc. from its inception in May 2001 through April 2010, and serving as CEO through May 2007, when he stepped down, taking a far less active role following Dune's acquisition of Goldking Energy Corporation, with gross proceeds totaling $540 million.
In 1983, he co-founded Gaines, Berland Inc., a full-service investment bank and brokerage specializing in global energy markets, with particular emphasis given to capital formation and M&A advisory for small and mid-cap public and private upstream and midstream companies. Gaines holds a BBA in Finance from Baruch College (CUNY), and an MBA in Finance ("With Distinction"-Valedictorian) from The Zarb School, Hofstra University Graduate School of Management.
The Board would like to thank Mr. Robert Ghetti for his guidance and leadership in helping to grow Vision Marine from a private company through its November 2020 listing on NASDAQ.
About Vision Marine Technologies
Vision Marine Technologies, Inc.'s business mandate is to change and be a contributing factor in fighting the problem of waterway pollution by disrupting the legacy boating industry with electric power, contributing to zero pollution, zero emission, and a noiseless environment.
Our flagship outboard powertrain ("E-Motion") is the first fully electric outboard powertrain system that combines an advanced battery pack, inverter, and high efficiency motor with proprietary union assembly between the transmission and the electric motor design and extensive control software. Our E-Motion technologies used in this powertrain system are designed to improve the efficiency of the outboard powertrain and, as a result, increase range and performance.
Vision Marine continues to design, innovate, manufacture, and sell our handcrafted, high performance, environmentally friendly, electric powerboats to recreational customers. The design and technology applied to our boats results in far greater and enhanced performance, higher speeds, and longer range. Simply stated, a smoother ride and a safer and enhanced user experience than a traditional ICE motorboat.
Forward-Looking Statement
The statements contained in this press release that are not historical facts are forward-looking statements. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are different to predict or quantify. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory and other factors, many of which are beyond Vision’s control. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Vision’s Annual Report on Form 20-F, filed with the SEC on December 31, 2020, as such factors may be updated from time to time in Vision’s periodic filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. Vision undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. https://visionmarinetechnologies.com.
Investor and Company Contact:
Bruce Nurse
Vision Marine Technologies, Inc.
(800) 871-4274
bn@v-mti.com
Dave Gentry
RedChip Companies Inc.
800-RED-CHIP (733-2447) or 407-491-4498
dave@redchip.com