Fountain president resigns

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Fountain Powerboat Industries president R. David Knight resigned from the company.
Knight, who also served as president of its operating subsidiary Fountain Powerboats, left the company effective last Friday, according to a document filed with the Securities and Exchange Commission. The document says Knight submitted his resignation Aug. 20.

No other information was disclosed in the report and no one from Fountain was immediately available for comment this morning.

Knight was elected president in July 2006, according to SEC documents. He came to work at Fountain in September 2004, serving as executive vice president of business development.

Prior to joining Fountain, he served as vice president of Invensys, where he worked for 12 years.

Upon his election as president, the Fountain board of directors approved an annual salary of $208,000.

Fountain recently received a delisting notice from the American Stock Exchange, though Reginald Fountain Jr. told Soundings Trade Only he was optimistic about his company’s financial strength and future prospects.

The Washington, N.C., boatbuilder received notice in June that it is not in compliance with one of Amex’s standards for the continued listing of the company’s common stock. 

Specifically, the notice stated Fountain “… has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, whether such company will be able to continue operations and/or meet its obligations as they mature.”

The company, in its efforts to keep from being delisted, submitted a plan to Amex July 18 that summarizes management’s strategies for dealing with the issues raised in a delisting notice. 

Fountain stock was trading at 92 cents this morning.

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