Medina International Holdings Inc. (OTCBB: MIHI), a small boat manufacturer in San Bernardino, announced on Wednesday that it signed a five-year deal with Timothy Spooner to market Medina’s commercial and recreational boats.
The $2.5 million market-capitalized company went public in September at 48 cents a share, but it closed at 7 cents a share on Thursday afternoon.
Medina International has reported more than $2.7 million in combined losses since its inception in 1998, according to documents filed with the Securities Exchange Commission.
The company’s first-quarter filing in March shows a deficit of $2.8 million and liabilities exceeding assets by more than $500,000.
It also says the company needs to raise capital if it’s going to stay alive. There was “substantial doubt about the company’s ability to continue,” according to the annual report filed in April 2007.
Daniel Medina, president of Medina International, couldn’t be reached Thursday afternoon.
Spooner has been working at Harbor Guard Boats — also known as Modena Sports Design LLC — for the past five years as vice president of sales and distribution. Modena Sports became a subsidiary of Medina International in June.
Medina International produces commercial fire, rescue, police and patrol boats utilizing the highest design and performance standards. The company’s products combine safety, power, handling and stability with a proprietary hull design and equipment features that address specific niche markets.
Look below to read the latest press release from Medina International Holdings Inc.:
|Press Release||Source: Medina International Holdings, Inc.|
Medina International Holdings Contracts With Timothy J. Spooner to Market Commercial and Recreational Boats
Wednesday July 9, 9:00 am ET
Spooner has been working with Harbor Guard Boats for the past five years as Vice President of Sales and Distribution. Previously he was with Sonic Jet Performance, Inc. from 1996 to 2001. Spooner’s twelve plus years of experience have provided him with the ability to create domestic and international sales and marketing strategies, build productive dealer networks, deal with GSA contracting issues and work with municipal leaders on formal bidding processes, specification requirements and delivery procedures.
“We believe Tim has the potential to generate revenue for the company,” stated Daniel Medina, President of Medina International Holdings, Inc. “I have known Tim for many years and his knowledge of the business is unsurpassed. He has an established roster of clients, deep industry contacts and a wealth of real-world experience that will be invaluable to our future sales and marketing efforts.”
“I look forward to growing market share with the new partnership with Medina Marine. Harbor Guard Boats and Medina Marine’s product lines complement each other and will help fill a huge demand for specialized high performance fire, rescue, dive and security boats in the municipal and government markets worldwide,” said Timothy Spooner.
About Medina International Holdings, Inc.
Medina International Holdings, Inc. produces commercial fire, rescue, police and patrol boats utilizing the highest design and performance standards. The company’s products combine safety, power, handling and stability with a proprietary hull design and equipment features that address specific niche markets.
This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including statements regarding potential sales, the success of the company’s business, as well as statements that include the word “believe” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Medina International Holdings, Inc. to differ materially from those implied or expressed by such forward-looking statements. Such factors include, among others, the risk factors included in Medina’s Annual Report on Form 10-KSB for the currently fiscal year and any subsequent reports filed with the SEC under the Exchange Act. This press release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, inability to timely develop of products or services, inability to deliver products or services when ordered, inability of potential customers to pay for ordered products or services, and political and economic risks inherent in domestic and international trade.
CONTACTS: Medina International Holdings, Inc. Daniel Medina President (909) 522-4414 Communications Cinapsys, Inc. Mark Moline (760) 458-4899