Vision Marine Proposes Sale of Florida Property for Up to $10 Million

Vision Marine Technologies Announces Transaction Involving the Proposed Sale of Fort Lauderdale Property for up to US$10.0 Million as it Centralizes Retail Operations at its Anglers Marina Vision Marine Technologies announced that a definitive agreement has been entered into by NVFL Holdings, an affiliate of the sellers in the company's acquisition of Nautical Ventures, for the sale of the property located at 1400 South Federal Highway in Fort Lauderdale, Florida, for total consideration of up to $10.0M. The transaction is expected to generate approximately $5.0M in non-dilutive liquidity to Vision Marine pursuant to its existing contractual rights and operating arrangements associated with the Nautical Ventures acquisition, while also reducing annualized operating costs by approximately $1.2M. The transaction is expected to close prior to August 31. If the sale closes prior to August 31, the buyer will be entitled to a $350K discount on the final purchase price. It is expected that the transaction will provide approximately $5.0M of cash liquidity to Vision Marine. The marina asset has historically generated approximately $3.2M in annual revenue through limited storage and service activity. Based on recent operating activity, however, management estimates that the marina is currently operating at an annualized revenue run-rate of approximately $5.5M-$6.0M. The company expects that any liquidity benefits derived from the transaction, when consummated, will support general corporate purposes, working capital, debt reduction, and continued execution of its Nautical Ventures integration and optimization strategy.