SOURCE: Latitude Industries, Inc.

May 16, 2008 07:00 ET

Latitude Industries, Inc. Shareholder Update

MIAMI, FL--(Marketwire - May 16, 2008) - Latitude Industries, Inc. (PINKSHEETS: LTDI), a manufacturer of high-performance, center console powerboats, would like to update current and prospective shareholders of the current share structure as recently updated on Pink Sheets.

Latitude Industries' share structure as of May 15th, 2008 is as follows:

2,000,000,000 Authorized Shares

847,408,357 Shares Free Trading

500,000,000 Control Block in certificate form issued 5/8/08 under an escrow agreement

632,359,482 restricted shares

619,088,215 shares currently in CEDE as of May15, 2008 -- this number represents the float of LTDI.

Carolina Hernandez, the company's CEO, comments, "Management is very excited about the direction of the company and felt that it was important that all current and future investors receive accurate information. We are pleased to disclose that management has not sold any of its shareholdings.

"We are a fast growing company that is now moving into the national spotlight of the power boating industry. We affirm that we are on the right path to obtain the projected 6 million in yearly revenue figure given in a PR earlier this week."

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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