Proceeds Being Used to Pay down Convertible Debt; Fund Additional Vessel Construction and Marketing
Global Boatworks Holdings (OTC PINK: GBBT) announced today that the Company has completed the sale of its luxury vessel, Miss Leah in Boston, MA. The sale of the Miss Leah will enable the Company to focus on the South Florida market which management believes will be much more lucrative.
Bob Rowe, CEO of Global Boatworks stated, “We have had lots of interested individuals over the last year but we have made the sale. The transaction is complete.”
Rowe continued, “The proceeds of the sale will be used to pay down convertible debt which is a hindrance to establishing and growing shareholder value. We are making the paying off debt one of our top priorities. It is abundantly clear to me and everyone else involved with the Company, that South Florida is the place to be with regard to the building and sale of luxury vessels. Additionally, we have the Ft. Lauderdale International Boat Show coming up in early November. We are going to budget some of the proceeds to marketing. It is our objective to sell the Luxuria as well. Once the Luxuria is sold, we expect to be able to clear the rest of our debt and be able to build multiple vessels in 2018.”
“We have had numerous inquiries regarding the building of additional Luxuria class vessels as well as our new models, which are adaptable coastal living vessels. Once the Luxuria sells, we will be in excellent financial shape to really drive contracts and revenues in 2018 and beyond,” Rowe concluded.
Currently, the Luxuria is offered for sale but is also available for charter with a 3 night minimum stay.
Ft. Lauderdale International Boat Show
The Luxuria will be featured at the Ft. Lauderdale International Boat Show from 1-5 November. This is the largest international boat show on the east coast of the U.S. Global Boatworks is putting together an aggressive marketing plan to drive awareness of the Luxuria through the fall and into the Ft. Lauderdale Boat Show.
About the Luxuria and Global Boatworks
Global Boatworks Holdings Inc. is a publicly trading company, which is a multifaceted “Luxury Living Vessel” manufacturer located in South Florida. The Company has previously built and operated a highly successful charter vessel in Boston, and currently has designed and completed a state-of-the-art luxury living vessel, the “Luxuria” in South Florida. The “Luxuria” features floor-to-ceiling impact windows with motorized shades, large living room with contemporary LED fireplace, a chef-quality modern kitchen featuring, Caesarstone counters, Bosch appliances and a “one of a kind” modern contemporary wine refrigerator. Spacious extravagant open stairway leading to the luxurious master suite and guest bedroom, featuring spa-like bathrooms with soaking tub and TV and ultramodern showers with waterfall and rain head/body spray dispensers. There are three (3) big-screen TVs, computer/working area, two large outdoor living decks as well as many other numerous luxury amenities.
Statements regarding financial matters in this press release other than historical facts are “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company’s future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company which continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results.