- Oops!Something went wrong.Please try again later.
Headway on Key Growth Efforts Reaffirms Vision’s Technology Edge and Strengthens Growth Prospects
MONTREAL, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Vision Marine Technologies, Inc. (Nasdaq: VMAR) (“Vision” or the “Company”), a leader in transforming the global boating market by designing and manufacturing environmentally friendly electric boats and propulsion systems, provided an update on its new marketing initiatives and corporate developments since the Company’s initial public offering in November of 2020.
“Since our IPO just three months ago, the Company has made tremendous strides in growing our existing business and furthering our reputation as a disruptive world class nautical technology company,” said Alex Mongeon, Co-Founder and Chief Executive Officer of Vision. Mongeon continued, “We believe the market for our E-Motion powertrain systems continues to expand. The National Marine Manufacturers Association (NMMA) recently reported that U.S. boat sales reached a 13-year high in 2020 while outboard engine sales reached the highest level in 20 years, and that it expects these strong sales to continue in 2021. Vision’s technology positions us well to take advantage of what we believe is a continuing sea change increase in consumer demand, as well as the growing desire by consumers, regulators and municipalities to reduce the environmental impact associated with traditional internal combustion engines. With our recent strategic acquisition of MAC Engineering, Vision has acquired cutting edge next-gen technology and design teams which will expand our market leadership and competitive advantage for years to come.”
Highlights of Recent Corporate Developments
Accelerated marketing efforts with OEMs for sales of E-Motion powertrain systems, building on the more than 1,000 units for which the Company has received Letters of Intent (LOIs). Vision expects to begin converting these LOIs to sales in the coming quarters.
Acquired MAC Engineering’s intellectual property relating to marine outboard electronic systems. MAC is a pioneering designer of innovative electric propulsion systems for automotive, industrial, military and nautical applications. MAC’s CEO Xavier Montagne, a visionary designer and the “brains” behind numerous electric vehicle powertrains and battery management systems, has joined Vision as Chief Technology Officer.
More than doubled the number of boats on order during the last six months, as compared with the same year ago period, significantly expanding its market share lead in electric boats;
Partnered with Tourism Quebec and Transport Canada to provide up to 30 electric boats for rental and water taxi operations along a 30 km section of waterways near the city of Montreal.
Signed a purchase order with Boat Fix, Inc. enabling Vision to outfit its electric powerboat fleet with Boat Fix’s customized telematics devices as well as a monitoring software application and customer support services.
Planned exhibitions and demonstrations at world-renowned trade shows, including the Vancouver Boat Show (February 24-27), the Carefree Boat Club Conference (March 8-10), the Venice Boat Show and e-Regatta (May 29-June 5) and more.
Scheduled to present at multiple upcoming investor conferences, including Maxim Emerging Growth Conference (March 17-18), Planet MicroCap. Showcase (April 21-22) and others.
Mongeon added, “Our cash position, coupled with our debt free capital structure, technological expertise and first mover speed-to-market, have positioned us well to expedite E-Motion electric boat powertrain sales while continuing to make progress on high-value R&D initiatives. Our growing boat sales business both fuels further growth and serves as a highly effective showcase for our proprietary powertrain systems. We look forward to providing additional updates with more details on our progress as we are able to.”
About Vision Marine Technologies
Vision Marine Technologies, Inc., an ESG principled company, strives to change and be a contributing factor in fighting the problem of waterway pollution by disrupting the boating industry with electric power, contributing to zero pollution, zero emission, wave less water, 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 continues to design, innovate, manufacture, and sell our handcrafted, high performance, environmentally friendly, electric recreational 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 than a traditional ICE motorboat.
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 filings with the SEC, including its registration statement on Form F-1, as amended from time to time, under the caption “Risk Factors.” 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 Relations Contact:
Gateway Investor Relations
Sean McGowan and Tom Colton