Please select your home edition
Cyclops Marine 2023 November - LEADERBOARD

Vision Marine Technologies announces significant purchase order

by Vision Marine Technologies 23 Feb 16:44 PST
Phantom © Vision Marine Technologies

Vision Marine Technologies Inc. (NASDAQ: VMAR) ("Vision Marine" or the "Company"), an innovator in the performance electric recreational boating industry, is thrilled to announce a groundbreaking partnership with Nautical Ventures Marine Group, a premier provider of maritime products and services.

This collaboration marks a significant milestone with an initial purchase order for 50 units of the Phantom, Vision Marine's innovative rotomolded, recyclable boat, and the establishment of an exclusive distributorship agreement for South Florida.

The Phantom, known for its sustainable design and eco-friendly footprint, represents a new era in maritime technology. Its construction from fully recyclable materials not only sets a new standard in environmental responsibility but also offers unparalleled durability and performance. This purchase order signifies Nautical Ventures Marine Group's confidence in the Phantom's market potential and its commitment to promoting greener marine solutions.

Under the exclusive distributorship agreement, Nautical Ventures Marine Group will serve as the sole distributor of the Phantom in the vibrant and burgeoning South Florida market. This strategic partnership is expected to significantly enhance the visibility and availability of the Phantom, positioning it as a mainstay in the recreational marine landscape of Florida.

Furthermore, the collaboration was showcased at the prestigious Miami Boat Show, where an additional four units of the Phantom were sold, with delivery anticipated in the coming months. This event not only highlighted the Phantom's appeal to a broad audience of boating enthusiasts but also underscored the industry's growing emphasis on sustainable marine solutions.

"Vision Marine Technologies is excited to partner with Nautical Ventures Marine Group, a company that shares our commitment to innovation, quality, and environmental stewardship," said Alex Mongeon, CEO of Vision Marine. "This partnership and the initial order of 50 units are a testament to the Phantom's unique value proposition and our shared vision for a greener future in maritime recreation."

Roger Moore, CEO of Nautical Ventures Marine Group, expressed enthusiasm about the agreement, stating, "We are proud to be the exclusive distributor of the Phantom in South Florida. This boat represents the cutting edge of sustainable design in the marine industry, and we are confident that it will be a game-changer for our customers looking for environmentally friendly boating options."

The delivery of the 50 units of the Phantom will be spread over the next four months, ensuring a steady introduction of this innovative boat to the South Florida market. Both Vision Marine Technologies and Nautical Ventures Marine Group are committed to supporting each other in this venture, fostering growth, and promoting sustainability in the marine industry.

In addition to this exciting partnership, Vision Marine also addresses a recent notification from the Listing Qualifications Department of the Nasdaq Stock Market, LLC ("Nasdaq") regarding the company's compliance with the minimum bid price requirement. Nasdaq has informed the company that it is currently not in compliance with Nasdaq Listing Rule 5550(a)(2), as the closing bid price of the company's common shares was below the minimum of US$1.00 per share for 30 consecutive trading days. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), Vision Marine Technologies has been granted a compliance period of 180 calendar days to regain compliance with Nasdaq's minimum bid price requirement. To regain compliance, the closing bid price of the common shares must be at least US$1.00 per share for a minimum of 10 consecutive trading days prior to August 14, 2024 and the Company must otherwise satisfy The Nasdaq Capital Market's requirements for listing. If the company does not regain compliance by August 14, 2024, the company may be eligible for an additional 180 calendar day compliance period. If the company does not regain compliance within the allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the company's common shares will be subject to delisting. The company would then be entitled to appeal Nasdaq's determination to a Nasdaq Listing Qualifications Panel and request a hearing.

There can be no assurance that the company will be able to regain compliance with the Nasdaq Capital Market's continued listing requirements or that Nasdaq will grant the company a further extension of time to regain compliance, if needed. The company is fully committed to achieving compliance within the stipulated time frame and is actively exploring measures to meet this objective.

Related Articles

Vision Marine marks a strategic milestone
With Neogy Startek's lithium battery production facility Vision Marine Technologies Inc. is thrilled to announce the commissioning of its partner Neogy, a subsidiary of Startek Energy Group, state-of-the-art lithium battery production facility in Pompignac, France. Posted on 4 Apr
Performance Electric Outboard
A new era in marine propulsion technology In this exclusive look inside our Montreal shop, witness our skilled team in action as they meticulously assemble our cutting-edge electric outboards. Posted on 22 Mar
Vision Marine unveils its Phantom rotomolded boat
And secures exclusive florida distribution deal Vision Marine Technologies Inc., an innovator in the performance electric recreational boating industry, proudly unveils the Phantom, a rotomolded, recyclable, and hard-to-damage boat at the Miami International Boat Show 2024 today. Posted on 15 Feb
VMAR appoints Anthony Cassella to the Board
Bringing a wealth of knowledge and experience to the Vision Marine Board Vision Marine Technologies Inc. announced today the appointment of Anthony E. Cassella Jr., Executive Vice President Finance and Chief Accounting Officer of MarineMax, Inc. (NYSE: HZO) to the Company's Board of Directors as an independent director. Posted on 14 Feb
VMAR closes investment from government of Quebec
This government equity investment will support the growth of Vision Marine Vision Marine Technologies Inc. announced today that the Government of Québec, through Investissement Québec, is providing a financial contribution of up to 3 million US dollars, in the form of a subscription to preferred shares. Posted on 11 Jan
VMAR initiates E-Motion™ Equipped Rental Operation
A significant expansion in Riviera Beach, Florida Vision Marine Technologies Inc. (NASDAQ: VMAR) ("Vision Marine" or the "Company"), a global leader and innovator within the performance electric recreational boating industry, is excited to announce a significant expansion in Riviera Beach, Florida Posted on 5 Dec 2023
Vision Marine introduces the P Powerpack
Pioneering electric propulsion with innovative pontoon integration Vision Marine Technologies Inc. (NASDAQ: VMAR), ("Vision Marine" or the "Company"), a global leader and innovator within the performance electric recreational boating industry, is now steering its expertise towards the flourishing pontoon market Posted on 21 Nov 2023
New "Buy One Pull One" campaign
Launched by Vision Marine Technologies and 4ocean Vision Marine Technologies Inc. a global leader and innovator within the performance electric recreational boating industry, announces their partnership with 4ocean to officially join the clean ocean movement Posted on 17 Nov 2023
VMAR announce initial E-Motion 180E purchase order
This order marks the beginning of a transformative partnership Vision Marine Technologies Inc. is pleased to announce that it has received an initial purchase order from Wired Pontoons ("Wired") for 25 units of the E-Motion™ 180E outboard and powertrain systems. Posted on 14 Nov 2023
Delivery of E-Motion™ Electric Powertrain
VMAR announces delivery to to Groupe Beneteau, Four Winns Vision Marine Technologies Inc., a global leader and innovator within the performance electric recreational boating industry, is pleased to announce the delivery of its pioneering E-Motion™ Electric Powertrain Technology to Groupe Beneteau, Four Winns. Posted on 5 Oct 2023
Maritimo 2023 M600 FOOTERCyclops Marine 2023 November - FOOTERSelden 2020 - FOOTER