Latitude Industries delays purchase of supplier

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Latitude Industries postponed the closing of its acquisition of ChampionMarineUSA.com as it completes its due diligence.

The closing was set for last Friday.

"This acquisition involves lots of details, and we feel further review of the financials of ChampionMarineUSA.com would be beneficial to Latitude Industries and its shareholders," said Carolina Hernandez, CEO of Latitude Industries, in a statement.

"We are eager to close as soon as possible, but we want to make sure we have the correct strategic plan to interface the companies' financials together seamlessly," she added. "We believe that this is just a minor adjustment and will be worked out as soon as possible."

ChampionMarineUSA.com carries more than 19,000 marine parts, accessories and electronics, as well as clothing items, and has gross revenues of $500,000 and about 2,500 customers.

The acquisition would offer Latitude Industries the prospect of being able to use the Latitude Powerboats customer database to offer ChampionMarineUSA.com products. It also would be possible for Latitude Industries to gain revenue overall from the large ChampionMarineUSA.com customer database, the company said in its statement.

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