Our acquisition of secured bank notes of Fountain Powerboats fell a few hours short to Oxford Investment as we were in meetings with Reggie Fountain at his facility on Thursday. It is our understanding that they will be able to run the bid up at the auction to 20 Million dollars. This number does not work to make this a viable investment from us as additional money will be needed to get employees back on the line, re-stock materials and keep the business up and running over the next two years while the country comes back from its current recession. We feel it is a sad day in the boating industry as our expertise and high standards would have helped enhanced the Fountain and Baja lines.
Our passion for building high quality boats is alive and well and we will continue to build Hustlerís full line of boats to the highest standards. We will be coming out with our new 29í in our Rockit Series at the Miami Boat show to fill that current void in the market place and would like to thank everyone who wished us well over the last few weeks.
We will be looking at new ventures in our industry in the coming months.