MONTREAL, QC / ACCESSWIRE / February 23, 2024 / Vision Marine Technologies Inc. (NASDAQ:VMAR) ("Vision Marine" or the "Company"), an innovator in the performance electric recreational boating industry, is thrilled to announce a groundbreaking partnership with Nautical Ventures Marine Group, a premier provider of maritime products and services. This collaboration marks a significant milestone with an initial purchase order for 50 units of the Phantom, Vision Marine's innovative rotomolded, recyclable boat, and the establishment of an exclusive distributorship agreement for South Florida.
The Phantom, known for its sustainable design and eco-friendly footprint, represents a new era in maritime technology. Its construction from fully recyclable materials not only sets a new standard in environmental responsibility but also offers unparalleled durability and performance. This purchase order signifies Nautical Ventures Marine Group's confidence in the Phantom's market potential and its commitment to promoting greener marine solutions.
Under the exclusive distributorship agreement, Nautical Ventures Marine Group will serve as the sole distributor of the Phantom in the vibrant and burgeoning South Florida market. This strategic partnership is expected to significantly enhance the visibility and availability of the Phantom, positioning it as a mainstay in the recreational marine landscape of Florida.
Furthermore, the collaboration was showcased at the prestigious Miami Boat Show, where an additional four units of the Phantom were sold, with delivery anticipated in the coming months. This event not only highlighted the Phantom's appeal to a broad audience of boating enthusiasts but also underscored the industry's growing emphasis on sustainable marine solutions.
"Vision Marine Technologies is excited to partner with Nautical Ventures Marine Group, a company that shares our commitment to innovation, quality, and environmental stewardship," said Alex Mongeon, CEO of Vision Marine. "This partnership and the initial order of 50 units are a testament to the Phantom's unique value proposition and our shared vision for a greener future in maritime recreation."
Roger Moore, CEO of Nautical Ventures Marine Group, expressed enthusiasm about the agreement, stating, "We are proud to be the exclusive distributor of the Phantom in South Florida. This boat represents the cutting edge of sustainable design in the marine industry, and we are confident that it will be a game-changer for our customers looking for environmentally friendly boating options."
The delivery of the 50 units of the Phantom will be spread over the next four months, ensuring a steady introduction of this innovative boat to the South Florida market. Both Vision Marine Technologies and Nautical Ventures Marine Group are committed to supporting each other in this venture, fostering growth, and promoting sustainability in the marine industry.
In addition to this exciting partnership, Vision Marine also addresses a recent notification from the Listing Qualifications Department of the Nasdaq Stock Market, LLC ("Nasdaq ") regarding the company's compliance with the minimum bid price requirement. Nasdaq has informed the company that it is currently not in compliance with Nasdaq Listing Rule 5550(a)(2), as the closing bid price of the company's common shares was below the minimum of US$1.00 per share for 30 consecutive trading days. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), Vision Marine Technologies has been granted a compliance period of 180 calendar days to regain compliance with Nasdaq's minimum bid price requirement. To regain compliance, the closing bid price of the common shares must be at least US$1.00 per share for a minimum of 10 consecutive trading days prior to August 14, 2024 and the Company must otherwise satisfy The Nasdaq Capital Market's requirements for listing. If the company does not regain compliance by August 14, 2024, the company may be eligible for an additional 180 calendar day compliance period. If the company does not regain compliance within the allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the company's common shares will be subject to delisting. The company would then be entitled to appeal Nasdaq's determination to a Nasdaq Listing Qualifications Panel and request a hearing.
There can be no assurance that the company will be able to regain compliance with the Nasdaq Capital Market's continued listing requirements or that Nasdaq will grant the company a further extension of time to regain compliance, if needed. The company is fully committed to achieving compliance within the stipulated time frame and is actively exploring measures to meet this objective.
About Nautical Ventures
Nautical Ventures Group offers top quality water sports products and support along with a highly trained, experienced, caring staff.
We provide and promote adventurous fun and healthy lifestyle options to the general public, families, businesses, and resorts in sunny South Florida. Our export division can provide it worldwide.
We carry an eclectic mix of water sport products unlike any other retailer: From boats & tenders, to kayaks & sup's, submersibles to dive products, and yacht toys to land toys, all that are on the cutting edge of water sports innovation.
Nautical Ventures Group is dedicated to educating and advising our customers. By understanding your wants and needs we can provide you with a personalized and extraordinary buying experience.
Nautical Ventures... "The go-to people for fun on the water."
About Vision Marine Technologies, Inc.
Vision Marine Technologies, Inc. (NASDAQ:VMAR) epitomizes the marine industry's shift towards electric propulsion, offering the pioneering E-Motion™ outboard powertrain system. This innovative technology represents a significant leap forward in marine propulsion, combining advanced battery packs, inverters, and high-efficiency motors with proprietary software and assembly techniques. Vision Marine's commitment to eco-friendly electric powerboats is reshaping the recreational boating experience, offering higher speeds, longer ranges, and smoother rides than traditional internal combustion engine boats. With a focus on design, innovation, and craftsmanship, Vision Marine continues to redefine recreational boating for a more sustainable future.
Forward-Looking Statements
This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include predictions, expectations, estimates, and other information that might be considered as future events or trends, not relating to historical matters. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Vision Marine's Annual Report on Form 20-F for the year ended August 31, 2023, and its periodic filings with the SEC provide a detailed discussion of these risks and uncertainties. Vision Marine does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, as required by law.
Investor and Company Contact:
Bruce Nurse
303-919-2913
[email protected]
SOURCE: Vision Marine Technologies Inc