Vision Marine Announces its Participation in the Newport Beach International Boat Show April 27-30, 2023
13 Avril 2023 - 1:30PM
Vision Marine Technologies Inc. (NASDAQ: VMAR) (“Vision Marine” or
the “Company”), a global leader and innovator within the
performance electric recreational boating industry, today announced
that we will be attending the Newport Beach International Boat Show
(
https://www.nbibs.com), set to take place April
27-30, 2023, in Newport Beach's beautiful Lido Marina
Village.
Vision Marine will be showcasing, alongside Four Winns, a
division of Groupe Beneteau, the Four Winns H2e - the revolutionary
electric bowrider, powered by Vision Marine's E-Motion™ 180E, the
world's most powerful electric powertrain and outboard motor, that
is redefining power boating.
This luxurious event will showcase the best in boating,
yachting, and marine technology, offering attendees a one-of-a-kind
experience that captures the essence of Newport
Beach's elevated lifestyle.
"Our team is thrilled to showcase our groundbreaking technology,
the E-Motion™ 180E, on the only production ready bowrider, the Four
Winns H2e, at the Newport Beach International Boat Show, as it
presents a unique opportunity for us to demonstrate how our
innovations can redefine the future of the boating industry. We
firmly believe in the power of our solutions to make boating more
efficient, sustainable, and enjoyable for all, and we look forward
to sharing our passion with fellow enthusiasts at this prestigious
event,” stated Alex Mongeon, CEO, and co-founder of Vision
Marine.
Nasdaq Deficiency
On April 11, 2023, the Company received a notice of deficiency
(the “Notice”) from the Nasdaq Stock Market (“Nasdaq”). The
non-compliance cited by Nasdaq in the Notice is the result of the
previously announced departure of Mr. Alan Gaines from his position
on the audit committee of the Company’s board of directors. With
the departure of Mr. Gaines, the Company is currently not in
compliance with Nasdaq Listing Rule 5605(c)(2)(A) requiring three
independent members on its audit committee.
The Notice indicated that, consistent with Nasdaq Listing Rule
5605(c)(4), Nasdaq will provide the Company a cure period (i) until
the earlier of the Company’s next annual shareholders’ meeting or
March 15, 2024, or (ii) if the next annual meeting is held before
September 11, 2023, then until no later than September 11, 2023, in
order to regain compliance (the “Cure Period”). The Company is
actively searching for an additional independent director for its
audit committee and expects to fill the current vacancy and appoint
a third independent director to the audit committee of the
Company’s board of directors as soon as possible and within the
Cure Period.
About Vision Marine Technologies Inc.
Vision Marine Technologies Inc. (Nasdaq: VMAR), strives to be a
guiding force for change and an ongoing driving factor in fighting
the problems associated with waterway pollution by disrupting the
traditional boating industry with electric power, in turn directly
contributing to zero pollution, zero emission and a noiseless
environment. Our Flagship E-Motion™ 180E electric marine powertrain
is the first fully electric purpose-built outboard powertrain
system that combines an advanced battery pack, inverter, and high
efficiency motor with proprietary union assembly between the
transmission and the electric motor design utilizing extensive
control software. Our E-Motion™ and related technologies used in
this powertrain system are uniquely designed to improve the
efficiency of the outboard powertrain and, as a result, enhance
both range and performance. Vision Marine continues to design,
innovate, manufacture, and sell handcrafted, environmentally
friendly, electric recreational boats to customers. The design and
technology applied to our boats results in far greater enhanced
performance in general, higher speeds, and longer range. Simply
stated, a smoother ride than a traditional internal combustion
engine (ICE) motorboat.
Forward-Looking Statements
Certain statements made in this press release are
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words such as “anticipate,” “believe,” “expect,” “estimate,”
“plan,” “outlook,” and “project” and other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. For example, when Vision Marine
discusses its participation at the Newport Beach International Boat
Show, its partnership, and future plans with Four Winns and the
Beneteau brand portfolio, the integration of its electric
powertrains, and its ability to regain compliance with Nasdaq
Listing Rule 5605(c)(2)(A), it is using forward-looking statements.
These forward-looking statements reflect the current analysis of
existing information and are subject to various risks and
uncertainties. As a result, actual results may differ materially
from these expectations due to changes in global, regional, or
local economic, business, competitive, market, regulatory and other
factors, many of which are outside of Vision Marine’s control.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements are set
forth in Vision Marine’s Annual Report on Form 20-F, filed with the
U.S. Securities and Exchange Commission (SEC) for the year ended
August 31, 2022, as such factors may be updated from time to time
in Vision Marine’s periodic filings with the SEC. Any
forward-looking statement in this press release speaks only as of
the date of this release. Vision Marine undertakes no obligation to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments or otherwise,
except as may be required by any applicable securities laws.
Investor and Company Contact:
Bruce NurseVision Marine Technologies Inc.(800)
871-4274bn@v-mti.comwww.visionmarinetechnologies.com
Vision Marine Technologies (NASDAQ:VMAR)
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