Boatbuilder expects further losses

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Medina International Holdings, a builder of commercial and recreational boats under wholly owned subsidiaries Medina Marine and Harbor Guard Boats, said in its recent annual report that the company has incurred losses since its inception and expects this trend to continue.

"We may never become profitable," the company said in the report it filed last week with the Securities and Exchange Commission. "We have historically generated substantial losses, which, if continued, could make it difficult to fund our operations or successfully execute our business plan and could materially adversely affect our stock price."

The company said it had net losses of $745,070 for the year that ended April 30, 2010, and at that point had an accumulated deficit of more than $5 million.

"The expansion and development of our business will require significant additional capital. We intend to seek substantial additional financing in the future to fund the growth of our operations, including funding the significant capital expenditures necessary for us to provide products in our targeted markets," the Corona, Calif.-based company said in its report.

"If we are unable to obtain additional capital or are required to obtain it on terms less satisfactory than what we desire, we will need to delay deployment of our new products or take other actions that could adversely affect our business, prospects, operating results and financial condition," the company added.

Medina was incorporated in 1998 in Colorado as Colorado Community Broadcasting. In 2004, the company changed its name to Medina International Holdings.

Its stock is trading on the Pink Sheets.

Click here for the full annual report.

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