FORT PIERCE, Fla., April 26, 2016 (GLOBE NEWSWIRE) -- via PRWEB - ValueRich, Inc., announced today the company will begin operating under a new trade name and will be known as Twin Vee PowerCats, Inc. effective immediately. At the same time, the company unveiled a new identity and new Web site, http://www.twinvee.com. The new site features the company's acquisition and future focus as a publicly traded company. The company's ownership has not changed.
CEO, Joseph Visconti said, "As part of our new direction, our leadership team believes it was appropriate to rebrand our company to more specifically reflect what we do. We are very excited about the introduction of our new company name. We believe the name Twin Vee PowerCats allows us to better represent our business going forward."
On February 1, 2015, ValueRich consummated a business purchase agreement to acquire 100% of the stock and ownership of Twin Vee Catamarans, Inc. Twin Vee Catamarans was originally founded in 1994, the company designs, manufactures and sells recreational and commercial twin-hull powerboats under the "Twin Vee" brand name. Over the past 22 years, Twin Vee has concentrated on perfecting the high-speed, twin-displacement hull design also known as a "catamaran powerboat."
From February 2015 through to the present, ValueRich divested much of its real estate holdings. The company has sold all its single-family lots located in the Ravello residential development and the Company's Visconti development lots are currently under contract with NVL Ryan Homes, a National homebuilder. The Visconti single-family lots are to be purchased under a contractual take down schedule over the next couple of years.
The sale of the real estate assets has positioned the Company to focus on its Twin Vee acquisition. Twin Vee PowerCats markets and sells its catamaran boats in the United States and abroad. Our boats are used for deep water, bay and lake fishing, water sports, as well as general recreational and pleasure boating. Twin Vee is one of the most recognized brand names in the catamaran powerboat category. The Twin Vee portfolio of PowerCats is manufactured to the highest specifications in quality, performance and styling.
Twin Vee boats, from hull to upholstery, are handcrafted by our skilled workforce at our corporate headquarters in Fort Pierce, Florida. Twin Vee occupies over 120,000 square feet of manufacturing space as well as 7 acres of land. We use only the highest quality materials from industry-preferred suppliers, and all of our boats are extensively tested prior to sale. We continue to make significant investments in improving design, engineering, manufacturing, and operational processes as we strive to build the highest quality boats.
We sell our boats through a network of independent dealers in North America. We have distribution and selling agreements with 18 dealers. Twin Vee is one of the top selling brands of Catamaran recreational powerboats in the United States. The Company believes by devoting significant time and resources to develop and improve the performance of its dealers, while also increasing the dealer network, the Company will significantly improve sales and distribution of its unique class of catamaran power boats.
The Companies consolidated 2015-year end financials can be found at http://www.otcmarkets.com, under Twin Vee PowerCats or the symbol TVPC. The Company reported $6,785,512 in revenue and a net profit of $411,637.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Twin Vee PowerCats, Inc. and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Twin Vee PowerCats, Inc.
Joseph Visconti, CEO, 772-429-2525
joseph(at)twinvee(dot)com
3101 US Highway 1, Fort Pierce, Florida, 34982
This article was originally distributed on PRWeb. For the original version including any supplementary images or video, visit http://www.prweb.com/releases/Twinvee/catamarans/prweb13366048.htm