VMAR News & Events

Vision Marine provided an operational update on Nautical Ventures' Fort Lauderdale Marina and Service Center. Located in Fort Lauderdale, Florida, the facility includes 115 slips and supports vessels up to 45 feet. Following the acquisition of Nautical Ventures, Vision Marine management has been evaluating the Fort Lauderdale location as part of its broader review of retail, marina and service operations. Management intends to centralize certain marina, service and customer-facing activities at the location where operationally appropriate, with the objective of improving site utilization, reducing duplicative activity where possible, and supporting a more coordinated customer service process. The facility currently supports marina slips, storage, service, parts coordination, maintenance and warranty-related activity. Nautical Ventures also provides certified service capabilities for multiple marine brands, including Mercury and Yamaha, and service support for both traditional and electric boating products. Vision Marine is also expanding electric marine service capabilities at the location to support diagnostics, installation, maintenance and service requirements for electric boating products, including the company's E-Motion electric propulsion platform. These capabilities remain part of the company's broader service and support planning for its marine technology and retail operations. The company also recently expanded Nautical Ventures' online marina access point, allowing customers to request information related to slips, dockage, storage, service support and marina operations.

Vision Marine Technologies highlighted continued operational initiatives at Nautical Ventures, the Company's Florida-based retail and service platform. The Company's ongoing operational initiatives at Nautical Ventures include: Continued development of financing and insurance offerings; Ongoing focus on customer monetization initiatives; Continued implementation of retail and operational optimization initiatives; and Continued focus on inventory management and customer engagement.

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.

Vision Marine Technologies announced that its common shares will commence trading on the TSX Venture Exchange under the symbol "VMAR" on May 1. The company's shares will continue to trade on the Nasdaq Capital Market under the symbol "VMAR," which remains Vision Marine's primary listing.