Boatbuilder expects further losses

Author:
Updated:
Original:

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.

Related

ABYC Foundation Seeks Nominations for Educator Award

The award recognizes “an outstanding instructor who is shaping future marine service technicians.”

P.R. Firm Rushton Gregory Signs ePropulsion

The Chinese manufacturer of electric propulsion products introduced a standardized lineup earlier this year.

Dometic Updates Pro-Trim System

The new design allows boaters to trim the outboard and adjust the jack plate without removing their hands from the wheel.

Brunswick Partners with Carnegie Robotics

Through the alliance, Brunswick aims to enhance its autonomous technology offerings.

Nicole Vasilaros to Depart NMMA

The group credits the senior vice president of government and legal affairs for “countless contributions to the protection and expansion of the recreational boating industry.”

Site Unseen

A website is often the first interaction a customer will have with a dealership, but it must provide more than an online brochure or they will click elsewhere.

C.G. Amends Documentation Rules

Federally documenting a boat now must be done every five years, rather than annually.

The 2021 Top 10 Most Innovative Marine Companies Awards

The marine industry consistently honors products and people. The industry, however, has not recognized forward-thinking companies that are moving the industry in new directions. Soundings Trade Only’s mission is to reflect, inform and inspire.