Medina International Holdings, Inc. Completes Acquisition of Harbor Guard Boats, Inc.
COSTA MESA, Calif., Nov. 6 /PRNewswire-FirstCall/ — Medina International Holdings, Inc. (Pink Sheets: MIHI), a leading manufacturer of specialized search and rescue boats, announced today that it has completed the acquisition of Harbor Guard Boats, Inc. Harbor Guard Boats, Inc. manufactures fire rescue, rescue and patrol boats.
Harbor Guard Boats, Inc. had sales of approximately $693,455, $575,110 and $1,478,479 for the years ended April 30, 2007, 2008 and 2009 respectively.
President of Medina International Holdings, Inc., Mr. Daniel Medina stated that, “This acquisition complements our existing fire, rescue and patrol boat division, adding several high-end, proprietary hull designs that have proven extremely popular.” He added, “We are excited about the future of our Company, and with the addition of Harbor Guard, we have tremendous new opportunities both in domestic and international market.”
Chief financial officer of Medina International Holdings, Inc. Mr. Rao Mankal commented, “This acquisition represents a significant step forward in increasing our product line. We have now expanded our capabilities from 12′ up to 37′ boats, thereby giving us a presence in the larger boat market.”
Mr. Albert Mardikian, Chief Executive Officer of Harbor Guard Boats, Inc. said, “I am enthusiastic about this merger. The combined entity of Harbor Guard and Medina International will be the leader in Homeland Security fire, rescue and patrol boats and watercrafts. As part of a publicly traded company our opportunities will expand and our access to additional capital to take advantage of these opportunities will increase.” He continued, “We have already identified several synergistic technologies that we can license and/or acquire that will add to the appeal and marketability of our boats and watercrafts. We intend to fully capitalize on these opportunities as quickly as possible.”
About Medina International Holdings, Inc.
Medina International Holdings, Inc. produces commercial fire, rescue, police and patrol boats utilizing the highest design and performance standards. The company’s products combine safety, power, handling and stability with a proprietary hull design and equipment features that address specific niche markets. With the acquisition of Harbor Guard Boats, Inc., the Company now has products ranging from 12′ to 37′ in the fire, rescue and patrol boats.
CONTACTS: Medina International Holdings, Inc. Daniel Medina President (909) 522-4414
SOURCE Medina International Holdings, Inc.