Fountain president resigns


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.


Yamaha Rightwaters To Launch Trash Interceptor

Developed in conjunction with the FAMU-FSU College of Engineering, the device is designed to remove debris from waterways before it reaches the ocean.

Vessel Vanguard Releases Latest Management Platforms

The company upgraded the features, functionality and security of its suite of maintenance management programs.

Cox Marine Appoints COO

Gavin Wesson will oversee the continued development of the company’s diesel outboard.

Netherlands Eases Covid Measures as Metstrade Approaches

The moves by the Dutch government open up travel prior to the show, which is scheduled for Nov. 16-18 at RAI Amsterdam.

Coming to America

Swedish electric boat builder X Shore has established a North American sales office in Newport, R.I.

Registration Opens for ABYC Standards Week

Scheduled for Jan. 10-14, the conference includes sessions to review current and new standards, the group’s annual meeting and the Marine Law Symposium.

New Initiatives To Push Boating Safety

The Marine Industries Association of Southwest Florida and Discover Boating are promoting on-water safety, one in a digital format and and one analog.