MIAMI, May 17, 2018 (GLOBE NEWSWIRE) — Victory Yacht Sales, a wholly owned subsidiary of Victory Marine Holdings (OTCPK:VMHG), announces today the completion of its merger and new trading symbol.
On 05/07/2018 FINRA approved the corporate action of China Good Electric Inc. “CGDL” to trade under its new name Victory Marine Holdings with the symbol “VMHG”. This announcement follows the Company’s formal name change to better reflect its core business. There is no action required by current shareholders in connection with these changes.
“We are pleased to begin trading under the new symbol “VMHG.”
The Marine Industry is experiencing its best years ever, mainly due to the shortage of used vessels and the high demand to replace these vessels domestically and throughout the Caribbean,” Orlando Hernandez C.E.O further stated.
Boat Owners Association of The United States (BoatUS), the nation’s largest advocacy, services and safety group for recreational boaters, estimates that more than 63,000 recreational boats were damaged or destroyed as a result of both Hurricane Harvey and Hurricane Irma, with a combined dollar damage estimate of $655 million (boats only). These numbers are strikingly close to 2012’s Hurricane Sandy, which remains the single-largest industry loss with more than 65,000 boats damaged and more than $650 million in estimated losses.
Breaking down the 2017 season storms, Hurricane Irma damaged or destroyed 50,000 vessels with approximately $500 million in recreational boat damage. About 13,500 boats were damaged or lost costing $155 million in boat damage as the result of Hurricane Harvey.
Our business model is to capitalize on the high demand today by building a fully integrated vertical Marine organization with its focus on Sales, Service and Accessories, all surrounded around pleasure boats.
With over 20 years of experience you can count on Victory Yacht Sales to be there on a sunny as well as on a rainy day making your nautical experience a fun filled adventure.
About The Company
Victory Yacht Sales Corp., a wholly owned subsidiary of Victory Marine Holdings Corp., is a world class yacht sales, brokerage and consulting firm with over 25 years of experience in the boating industry, we are located in sunny Miami Florida, the yacht capital of the world.
www.Victory Yacht Sales.com has an online inventory of more than two thousand (2000) pre-owned boats and yachts from 28 to 70 feet plus a Worldwide MLS from www.YachtWorld.com with access to more than One Hundred Thousand (100,000) boats, yachts and ships to a thousand feet in length.
Our philosophy is simple. We believe that every client, whether buying or selling, should be well advised in order to make the best decision possible.
We utilize a casual approach in a relaxed atmosphere to establish long lasting relationships with our clients in order to provide the best possible brokerage transaction on their behalf.
Forward-Looking Statements certain statements in this release that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “future,” “may,” “will,” “would,” “should,” “plan,” “projected,” “intend,” and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company’s future operating results are dependent upon many factors, including but not limited to the Company’s ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company’s control; and (iv) other risk factors. We assume no obligation to update the information contained in this news release.