Posted on 10 September 2010 by admin
Hot off the press!
Moments ago, LTDU announced that it has a Letter of Intent (LOI) to acquire a company has a gross revenue stream of $500,000 and about 2,500 customers.
Latitude Industries Files a LOI to Acquire ChampionMarineUSA.com
MIAMI, FL--(Marketwire - 09/10/10) - Latitude Industries, Inc. (OTCPK: LTDU), a holding company that exists to bring together a conglomerate of companies dedicated to the pursuit of fun and adventure in the outdoors, announces a Letter of Intent to acquire ChampionMarineUSA.com.
Latitude Industries, Inc. has issued a letter of intent to acquire ChampionMarineUSA.com because it feels ChampionMarineUSA.com is a perfect synergy to its wholly owned subsidiary, Latitude Powerboats, Inc., and can open up additional potential sales to it in the multibillion dollar marine parts and accessories market.
ChampionMarineUSA.com carries more than 19,000 marine parts, accessories and electronics, as well as clothing items, and has a gross revenue stream of $500,000 and about 2,500 customers.
The acquisition offers Latitude the prospect of being able to tap into its own customer database of Latitude Powerboats, Inc. in order to offer the ChampionMarineUSA.com product line to them, while simultaneously being able to gain revenues from the large ChampionMarineUSA.com customer database from both ChampionMarineUSA.com offerings and those of Latitude Powerboats.
Carolina Hernandez, CEO of Latitude Industries, Inc., said, "We are currently finishing our due diligence of ChampionMarineUSA.com and should have a definitive answer on when the acquisition will close in the near future. We are excited by the potential of this acquisition and believe it will develop into a mutually beneficial relationship for everyone."
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After this announcement, I expect that Monday's market could push LTDU forward and make an upwards move.
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