SOURCE: Latitude Industries, Inc.

September 10, 2010 13:35 ET

Latitude Industries Files a LOI to Acquire ChampionMarineUSA.com

MIAMI, FL--(Marketwire - September 10, 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, announces a Letter of Intent to acquire ChampionMarineUSA.com.

Latitude Industries, Inc. has issued a letter of intent to acquire ChampionMarineUSA.com because it feels ChampionMarineUSA.com is a perfect synergy to its wholly owned subsidiary, Latitude Powerboats, Inc., and can open up additional potential sales to it in the multibillion dollar marine parts and accessories market.

ChampionMarineUSA.com carries more than 19,000 marine parts, accessories and electronics, as well as clothing items, and has a gross revenue stream of $500,000 and about 2,500 customers.

The acquisition offers Latitude the prospect of being able to tap into its own customer database of Latitude Powerboats, Inc. in order to offer the ChampionMarineUSA.com product line to them, while simultaneously being able to gain revenues from the large ChampionMarineUSA.com customer database from both ChampionMarineUSA.com product offerings and those of Latitude Powerboats.

Carolina Hernandez, CEO of Latitude Industries, Inc., said, "We are currently finishing our due diligence of ChampionMarineUSA.com and should have a definitive answer on when the acquisition will close in the near future. We are excited by the potential of this acquisition and believe it will develop into a mutually beneficial relationship for everyone."

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)