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Is Fountain Introuble ?

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Old 11-19-2008, 02:07 PM
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Default Is Fountain Introuble ?

Two high-level Fountain officials jump ship.

Two more high-ranking Fountain officials have abandoned ship.

Anthony A. Sarandes, a member of Fountain Powerboat Industries’ Board of Directors resigned from his post on Oct. 27, while the board’s secretary and treasurer Roger F. Scott’s employment was terminated on Nov. 3, Irving Smith, the company’s chief financial officer, said in a written statement.

Scott also served as secretary, vice president and controller of the company’s subsidiary, Fountain Powerboats. In Scott’s role as treasurer, he served as the company’s principal accounting officer, said Smith in a written statement.

With the termination of Scott’s employment, the company has lost its president, vice president, treasurer, secretary, controller and a member of the board in a matter of less than three months.

On Oct. 31 and Nov. 3, Fountain laid off a total of 70 employees. Prior notification was not given to those laid off, according to Carol Price, director of human resources for the company.

Among those laid off were individuals in high-level positions, said Fountain CEO Reggie Fountain.

On Nov. 5, the company received a second notice from the NYSE Alternext US, successor to the American Stock Exchange, that it was not in compliance with one of the Exchange’s standards for continued listing, and was in danger of being delisted.

The fallout of high-level employees started on Aug. 20, when former Fountain President R. David Knight resigned from his position.

At the time, Knight said that he felt comfortable resigning from his post because “the company is poised for more profit potential.”

Sarandes, 61, said he was on Fountain’s Board of Directors for about a year.

He said Fountain CEO Reggie Fountain Jr. personally asked him to join the board.

“I told him I’d give it a try,” said Sarandes.

Sarandes is a 10-year veteran of powerboat racing and sponsored Fountain at races for four years before joining the board.

He cited the main reason for resigning as the company’s weakening commitment to powerboat racing.

“It just got to where racing wasn’t a priority,” he said.

Sarandes, a resident of Ocala, Fla., said he also resigned to concentrate on other business ventures.

“There is a consulting project I’m involved with,” the semi-retired entrepreneur said.

“I bit off more than I could chew, as far as Fountain,” he said.
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Old 11-19-2008, 07:53 PM
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That is like asking if a hobby horse has a hickory d!ck.........
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Old 11-20-2008, 06:32 AM
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is the sky blue?
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Old 11-20-2008, 06:54 AM
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Making cuts at the top too...nice
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Old 11-20-2008, 07:50 AM
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Most of the industry is suffering is my guess and Fountain as a big player in it cannot be immune to it unfortunately.
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Old 11-20-2008, 12:06 PM
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there should be an abundance of errogant ceo's available for employment soon from detroit. maybe they can hire one of the big shots from the auto industry and they can run the boating industry into the ground too. I hope the best for Fountain and all boat builders. we are in for tough times and it is only going to get worse. good news is gas is cheap again!!
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Old 11-20-2008, 12:11 PM
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Quote:
Originally Posted by JasonSmith View Post
That is like asking if a hobby horse has a hickory d!ck.........

Now that is funny shiat!!!
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Old 11-20-2008, 01:12 PM
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"Sarandes is a 10-year veteran of powerboat racing and sponsored Fountain at races for four years before joining the board."

10 year racing veteran?????? I have never heard of this guy before today?
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Old 11-20-2008, 02:15 PM
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Quote:
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That is like asking if a hobby horse has a hickory d!ck.........
Or Raggedy Ann has cotton tits!!
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Old 11-20-2008, 02:23 PM
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Tony Sarandes is an old school veteran of 70"s offshore racing. He has been an avid supporter of offshore since then, sponsoring the Rio Roses Cigarette and my boat, the Rio Roses Fountain for 4 years which had great success.
He continues to support me at poker runs.
I believe he has some serious health problems and that may be driving his decision also.He is quite the gentleman and supplies roses to SBI and Poker Runs America.

Rich

Last edited by SHOCKWAVE; 11-20-2008 at 03:10 PM.
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