Press release in today's email:


Wheeler Yacht Company Resumes Yacht Building Business


Modern version of classic architecture, designed by Tom Fexas

Signs with Bennett Brothers Yachts for construction of first hull

NEWPORT BEACH, Calif., April 4, 2005 (PRIMEZONE) -- The Wheeler Yacht
Company announced today that it has signed a definitive agreement to
build their first hull at Bennett Brothers Yachts in Wilmington, NC.
The announcement comes as the design for the first Wheeler yacht in
forty years nears completion and the company prepares to resume yacht
construction in the United States.

The company has re-emerged with a single design as an entry into the
growing field of upscale convertible yachts. Wheeler's first hull will
be a 55 foot 'Legacy Sedan', which is modeled after the original
Wheeler 52' Sportfisherman, one of their most popular models. The new
yacht will bear a close resemblance to the original design, but is
designed to reflect today's highest standards of construction,
performance and luxury. Wheeler chose world-renowned yacht designer,
Tom Fexas, to prepare the detailed plans for the 55' Legacy Sedan,
based on his excellent reputation and his flair for classic designs.

The company also announced the signing of a definitive agreement to
build the first hull at Bennett Brothers Yachts in Wilmington, N.C.
Bennett was selected based on their reputation for quality yacht
building and their convenient location in North Carolina. Paul Bennett,
President of Bennett Brothers, is well recognized in the industry as a
past president of Stevens Yachts, past president of the Yacht Brokers
Association of America and accomplished sailor. The first hull is
scheduled for sea trials in May, 2006.

The Wheeler Yacht Company was incorporated in California in September
2004 after being out of the business for the past 40 years. Before the
company dissolved in 1965, Wheeler had built over 3,500 hulls in a 50
year time span.

"We are excited to be reviving the family business after so many
years", said Wes Wheeler, President, Wheeler Yacht Company. "My great
grandfather and his sons started the business in 1910 and built a great
reputation for quality and distinguished service to the US military.
The family has wanted to do this for a very long time and we feel the
market is ready for a new generation of Wheelers." Jim Scandura,
Wheeler's partner and Chief Operating Officer, said: "the combination
of classic Wheeler architecture, Fexas' design genius and a commitment
to beating today's performance standards will make us unique in the
marketplace."

The company will be present at the 32nd Annual Newport Boat Show in
Newport Beach in April, and subsequent shows in the coming months.

About Wheeler Yacht Company

Wheeler Yacht Company is a respected name in yacht building. Founded in
1910, Wheeler established a reputation for rugged, high quality
pleasure yachts built in the United States. After a 40 year hiatus, the
company has been re-formed to design, build and sell yachts which
exceed modern standards for performance and quality. More information
about the company can be found on the company's website:
www.wheeleryachts.com.