SOURCE: Latitude Industries, Inc.

May 14, 2008 10:30 ET

Latitude Industries, Inc. Exceeds $600,000.00 in Powerboat Sales Since January 1; Projects Total 2008 Revenues of $6 Million

MIAMI, FL--(Marketwire - May 14, 2008) - Latitude Industries, Inc. (PINKSHEETS: LTDI), a manufacturer of high-performance, center console powerboats, is pleased to announce that it has recorded sales of approximately $600,000.00 since January 1, 2008.

"This is an increase of almost fifty percent from last year's sales during the same period. These sales have been generated from the Miami International Boat Show and Texas International Boat Show along with various marketing strategies that are currently being implemented throughout the nation," stated Jonathan Giner, Director of Marketing and Sales.

Latitude Industries will be presenting their Latitude 28ss and Latitude 35ss at the upcoming South Florida Boat Show, June 13th-16th, 2008, at the Miami Beach Convention Center.

Latitude CEO Carolina Hernandez said, "We feel the South Florida show will have a greater impact on the company's revenue than previous shows. The hottest boat-buying season is now upon us and Latitude is busting onto the scene full force. Having built 40 powerboats for the U.S. Homeland Security has not only given us a platform to showcase our boats, it has also established our credibility as one of the finest powerboat builders in the world. Powerboat enthusiasts are sitting up and taking notice that Latitude is a powerful force within the multi-billion dollar powerboating industry. Based on current orders and the demand that we're receiving from boat shows and favorable press like the Hot Boat Magazine feature, we are conservatively setting a projection of achieving $6 million in revenue for 2008."

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.

Contact Information

  • Contact:
    Carolina Hernandez
    President and CEO
    Telephone: 305-758-BOAT (2628)