SOURCE: Latitude Industries, Inc.

July 16, 2008 08:00 ET

Latitude Industries, Inc. Acquisition Update

MIAMI, FL--(Marketwire - July 16, 2008) - Latitude Industries, Inc. (PINKSHEETS: LTDI), a manufacturer of high-performance, center console powerboats, announces today that it is making progress on the possible buyout from an International group.

On or about June 11th, 2008 Latitude Industries announced a possible buyout and many speculations in regards to this possible buyout have come to our attention. It is true that we have been approached by an International conglomerate and at this point in time we can report that we are making progress.

In regards to the International Group, all we can disclose at this moment is that they are headquartered in Ningbo, China. This established firm has over a thousand employees and is housed in more than 80,000 square meters of manufacturing facility.

"One thing I would like to express to all of our share holders is that with or without a buyout, I will not back out, no matter what anyone speculates or what the market dictates. I'm committed to this company, to this industry and to our shareholders," said Orlando Hernandez COO Latitude Powerboats.

About Latitude Industries

Latitude Industries, Inc. was founded by the Hernandez family in December of 1995 under Stealth Marine Inc.; the company built more than 30 boats between 1995 and 1998. In 1998, a joint venture between Midnight Express and Navigator Powerboats, a subsidiary of Latitude Industries Inc., was founded to build the 39' and the 37' Wide Body Midnight Express. Since 1998 to the present, we have built more than 200 boats.

This venture led to a government contract to build more than 40 Midnight Express 39' Center Consoles for the U.S. Customs and Homeland Security to patrol the coast of the United States, the Caribbean, and the Gulf of Mexico.

Forward-Looking Statements

This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.

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