SOURCE: Global Boatworks Holdings, Inc.

Global Boatworks Holdings, Inc.

November 16, 2016 08:00 ET

Global Boatworks Updates Shareholders on Construction

POMPANO BEACH, FL--(Marketwired - Nov 16, 2016) - Global Boatworks Holdings (OTC PINK: GBBT) announced the following update today:

Construction of the Luxuria

The "Luxuria" is currently under construction at the Lauderdale Marine Center in Fort Lauderdale, FL. The total square footage of the complete vessel will be 1966 feet. The hull as well as both floors are framed out. As of our latest production schedule, milestones are as follows:

  • Plumbing November 22, 2016
  • Interior Doors/Hardware December 6, 2016
  • Cabinets December 20, 2016
  • Electrical December 22, 2016
  • Decks/Railing: January 4, 2017
  • Flooring/Tile/Glass January 15, 2017
  • Engines January 25, 2017
  • Completion/Acceptance January 26, 2017

The Luxuria is the first of two flagship and showcase vessels to be constructed in South Florida. The Luxuria class vessels feature: Floor-to-ceiling windows; a chef-quality kitchen; two bedrooms with a spacious master suite; spa-like bathrooms; big-screen TV; two large decks; and two outboard engines. These will be docked in the exclusive marinas in South Florida and offered for sale and short-term rentals for vacationers, business travelers, and special events.

Sale of the Miss Leah

Additionally, the Company has a contract for sale of the "Miss Leah" in Boston, MA. Proceeds from the sale, if executed, will be used to reduce short-term debt and reinvested into the Company to provide additional capital for construction of the second Luxuria class luxury floating vessel.

About the Miss Leah

The Miss Leah is a two story private townhouse, updated with top-of-the-line amenities and features. Located right in the heart of Quincy's most desirable community, Marina Bay, the Miss Leah has a view across the Boston Harbor and amazing views of the city of Boston. The Boardwalk is full of restaurants and nightlife and is only a 10-15 minute drive from downtown Boston. The Miss Leah is right off the boardwalk at the docks, which makes for a very convenient location as the Shuttle to 'T' right nearby for easy travel to and from Boston.

The Miss Leah features:

  • Private floating two-story condo quality town home
  • Richly appointed interior
  • 2 Bedrooms, 2 Bathrooms
  • Sleeps 4-5 Guests
  • Granite and stainless steel kitchen
  • Crown molding

The Miss Leah has been extensively reviewed and has received 5 out of 5 stars in 38 of 48 reviews and 4 stars in 5 reviews.

Link for information, reviews and photos of the Miss Leah.

Sales and Rentals of the Luxuria Class Vessels

Sales price of the Luxuria class luxury floating vessels will be in the $1.5 million range. The units are expected to rent for $1,000-1,500 per night. Each vessel will have 1,600 square feet of air-conditioned luxury living space, which is far greater than hotel rooms, which rent for the same price in the local area. Rates will be higher for special event occasions and holidays as well as a higher rate for the winter months.

Bob Rowe, CEO of Global Boatworks, stated, "We are pleased to be on track for completion of our first Luxuria class luxury living vessel by late January. The sale of the Miss Leah, in Boston will enable us to get a running start on construction of the second Luxuria class vessel."

About Global Boatworks:

Global Boatworks Holdings, LLC ("the Company") is a multifaceted boat-building and vacation-rental company that operates out of Pompano Beach, Florida. The Company has previously built a highly successful rental houseboat in Boston, and currently has designed a state-of-the-art luxury floating home that will launch in the South Florida market.

Safe Harbor:

Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company which continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.

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