SOURCE: Latitude Industries, Inc.

September 13, 2010 08:30 ET

Latitude Industries Announces Closing of Acquisition of ChampionMarineUSA.com

MIAMI, FL--(Marketwire - September 13, 2010) - Latitude Industries, Inc. (PINKSHEETS: LTDU), a holding company that exists to bring together a conglomerate of companies dedicated to the pursuit of fun and adventure in the outdoors, announced today that it had successfully completed due diligence of the acquisition of ChampionMarineUSA.com, and that the acquisition is scheduled to close by Friday, September 24, 2010.

Carolina Hernandez, CEO of Latitude Industries, Inc., said, "We are excited to complete this acquisition because of the effect the combination of our company with theirs will produce, since the additional sales potential to both of us is critical to drive the growth of both our businesses."

Latitude Industries, Inc. had previously announced that it had issued a letter of intent to acquire ChampionMarineUSA.com because it feels ChampionMarineUSA.com would be a perfect synergy to its wholly owned subsidiary, Latitude Powerboats, Inc.

ChampionMarineUSA.com carries over 19,000 marine parts, accessories and electronics, as well as clothing items, and has gross revenues of $500,000 and about 2,500 customers.

The acquisition offers Latitude the prospect of being able to use the Latitude Powerboats customer database to offer the ChampionMarineUSA.com products, while simultaneously making it possible to gain revenues to Latitude Industries, Inc. overall from the large ChampionMarineUSA.com customer database.

About Latitude Industries
Latitude Industries exists to bring together a conglomerate of companies dedicated to the pursuit of fun and adventure in the outdoors. Its goal is to be the best supplier of power sports and boating-related products to its customers, while providing them with outstanding service and value. We aim to treat all of our customers even better than they expect to be treated so that they regard us as the best in our industry. It is always our priority to achieve superior financial returns for the benefit of our associates, customers and shareholders.

Forward-Looking Statements
Certain statements in this release and the attached corporate profile that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and 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 the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors.

Contact Information

  • Contact:
    Latitude Industries, Inc.
    Carolina Hernandez
    President and CEO
    Ph: 305-758-BOAT (2628)