Montreal, Canada, November 10, 2022– Vision Marine Technologies (NASDAQ: VMAR) (“Vision Marine” or the “Company”), the global leader and innovator in the electric transition of the recreational boating industry, is pleased to announce the expansion plan of our high margin, profitable and rapidly growing electric rental boat operations into Portside Ventura Harbor, California.
Vision Marine has entered into a Lease Agreement with Portside Ventura Harbor. Portside Ventura Harbor has secured office and slip space, which will enable Vision Marine to expand its growing electric boat rental operations. Portside Ventura Harbor is a new coastal community located on Pierpoint Bay in Southern California, opening in March 2023. The new recreational marina will include 104 boat slips and a public dock within walking distance of restaurants, shopping, parks, and beaches. Vision Marine will initially to able be deploy 15 boats available for rental. This number is expected to grow meaningfully in the future.
Located on the Central Coast of Southern California in Ventura County, the city of Ventura is a popular tourist destination. The county borders Los Angeles County and Santa Barbara County, offering an easy commute to a very large demographic of tourists and locals.
About Vision Marine Technologies, inc.
Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. For example, when Vision Marine discusses the benefits of its partnership with Freedom Boat Club South Florida, it is using forward-looking statements. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory and other factors, many of which are outside of Vision Marine’s control. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Vision Marine’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (SEC) for the year ended August 31, 2021, as such factors may be updated from time to time in Vision Marine’s periodic filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. Vision Marine undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.