SOURCE: Medina International Holdings, Inc.

July 07, 2008 09:00 ET

Medina International Holdings Acquires Harbor Guard Boats

Acquisition to Add 8 New Models to Medina's Line of Search and Rescue Watercraft

Company to Receive Exclusive Rights to the Patents and Designs for the Rescue Jet Personal Watercraft and Related Assemblies, Systems and Design Rights

SAN BERNARDINO, CA--(Marketwire - July 7, 2008) - On June 18, 2008, Medina International Holdings, Inc. (OTCBB: MIHI) entered into a Fixed Asset Purchase Agreement with MGS Grand Sports, Inc. (MGS) and Mardikian Design Associates (Mardikian) to purchase the fixed assets of Modena Sports, Design, LLC (Modena). Modena Sports was organized in the state of California and does business as Harbor Guard Boats, LLC. Modena is involved in the manufacturing of fire and rescue boats.

In addition, on June 18, 2008, Medina, MGS and Mardikian entered into a License Agreement to allow Medina exclusive rights to the patents and designs for the Rescue Jet personal watercraft and related assemblies, systems and design rights. The License Agreement revises prior license agreements between the parties.

Also, as part of the Asset Purchase Agreement Medina International Holdings, Inc., MGS and Mardikian entered into a Mold Purchase Agreement, which allows for the purchase of certain molds and tools from MGS and Mardikian. Medina International Holdings, Inc. will be acquiring Boat Molds for 18' to 37' Fire, Rescue, and Patrol boats.

"We are extremely pleased with this agreement, as it allows us to greatly expand our product line and acquire an experienced sales and marketing operation," commented Daniel Medina, President of Medina International Holdings, Inc. "Harbor Guard Boats is a well known brand with proprietary and patented designs and technology, including state-of-the-art water pump and hull features that will make our offerings unique in the industry."

The Agreements call for Medina International Holdings, Inc. to exchange an aggregate of 11,000,000 shares of its restricted common stock to complete the transactions. MGS owns a 95% equity interest in Modena and Mardikian owns the remaining 5% equity interest. Upon the completion of the transaction, Modena will become a wholly owned subsidiary of Medina International Holdings, Inc. The transaction will be completed upon the delivery of audited financial statements.

Medina International Holdings, Inc. has agreed to pay a royalty for the use of the design and patents. A detailed breakdown of the royalty payments can be located in Medina International Holdings, Inc. 8K filing dated July 2nd, 2008.

About Medina International Holdings, Inc.

Medina International Holdings, Inc. produces commercial fire, rescue, police and patrol boats utilizing the highest design and performance standards. The company's products combine safety, power, handling and stability with a proprietary hull design and equipment features that address specific niche markets. For more information, visit: http://www.medinaih.com, and http://www.medinamarine.com.

This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or 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 Medina International Holdings, Inc. to differ materially from those implied or expressed by such forward-looking statements. Such factors include, among others, the risk factors included in Medina's Annual Report on Form 10-KSB for the currently fiscal year and any subsequent reports filed with the SEC under the Exchange Act. This press release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, inability to timely develop products or services, inability to deliver products or services when ordered, inability of potential customers to pay for ordered products or services, and political and economic risks inherent in domestic and international trade.

Contact Information

  • CONTACTS:

    Medina International Holdings, Inc.

    Daniel Medina
    President
    (909) 522-4414

    Communications

    Cinapsys, Inc.
    Mark Moline
    (760) 458-4899