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.

Chuck,
Is this reflective of a upturn in the boating industry or a forecast in an
upturn in the boating market?

wrote in message
oups.com...
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.

Wheeler was once among the premiere names in large yachts.
The revival of the trademark is interesting, just as it would be
interesting to auto enthusiasts if they started building Packards or
Studemakers again.

There is currently a *huge* market for big boats. There doesn't seem to
be any amount of money that the well-heeled can't or won't pay for a
luxury yacht. Most of the marinas in my local region are scrambling to
increase the number of slips available for 60-footers and up.They can
charge out the bee-hind for slips in that category, and there are an
increasing numer of boaters willing to pay. A recent study concluded
that there are 10,000 families in my home county with a net worth of
$1mm or more. Obviously, you're not going to buy a $1mm boat, or even a
$500,000 boat, if you're only worth a million bucks.......but if there
are 10,000 families in this county worth $1mm, there are probably 1,000
families worth the $8-10mm or more it would require to put a $1-2mm
boat into proper perspective. If 15% of those 1000 families are into
boating (wouldn't be a high percentage in a group with that kind of
disposable income), that creates a potential market for 150
multi-million dollar boats......in one county alone.

The boating industry in general is very, very, healthy right now. Some
local new boat dealers of more specialized craft are sold out for the
rest of 2005 and into 2006.

The two grim reapers on the horizon for the industry are likely to be
interest rates climbing to a more traditional range......(won't bother
the megayachters, but a lot of the rest of us make payments when we buy
a boat)......and fuel prices. Some talk of $80-100 a bbl within a
couple of years. Should that happen the US pleasure boating industry
will change enormously, and more closely resemble that of Europe.

I can understand how the large yachts are so popular, after reading your
article about that 2.2 million dollar yacht, I decided I need to step up to
a bigger boat.

wrote in message
oups.com...

Wheeler was once among the premiere names in large yachts.
The revival of the trademark is interesting, just as it would be
interesting to auto enthusiasts if they started building Packards or
Studemakers again.

There is currently a *huge* market for big boats. There doesn't seem to
be any amount of money that the well-heeled can't or won't pay for a
luxury yacht. Most of the marinas in my local region are scrambling to
increase the number of slips available for 60-footers and up.They can
charge out the bee-hind for slips in that category, and there are an
increasing numer of boaters willing to pay. A recent study concluded
that there are 10,000 families in my home county with a net worth of
$1mm or more. Obviously, you're not going to buy a $1mm boat, or even a
$500,000 boat, if you're only worth a million bucks.......but if there
are 10,000 families in this county worth $1mm, there are probably 1,000
families worth the $8-10mm or more it would require to put a $1-2mm
boat into proper perspective. If 15% of those 1000 families are into
boating (wouldn't be a high percentage in a group with that kind of
disposable income), that creates a potential market for 150
multi-million dollar boats......in one county alone.

The boating industry in general is very, very, healthy right now. Some
local new boat dealers of more specialized craft are sold out for the
rest of 2005 and into 2006.

The two grim reapers on the horizon for the industry are likely to be
interest rates climbing to a more traditional range......(won't bother
the megayachters, but a lot of the rest of us make payments when we buy
a boat)......and fuel prices. Some talk of $80-100 a bbl within a
couple of years. Should that happen the US pleasure boating industry
will change enormously, and more closely resemble that of Europe.

On 4 Apr 2005 16:03:36 -0700, wrote:

~~ snippage ~~

Should that happen the US pleasure boating industry
will change enormously, and more closely resemble that of Europe.

Out of curiosity, what is the industry in Europe like?

Later,

Tom

Out of curiosity, what is the industry in Europe like?

*********************************

During the few times I have been in Europe, my impressions were that
there is a much higher percentage of sail vs. power, a lot fewer boats
per capita, and darn few gasoline powered inboards to be found.

Every time the price of fuel goes up another 50-cents a gallon, there
must be some determinable number of people who begin making different
choices about boating.

No, I am trying to find someone who is willing to pay extra for the gas cans
I have strapped to the side of the boat.


"Harry Krause" wrote in message
...
Just Me wrote:
I can understand how the large yachts are so popular, after reading your
article about that 2.2 million dollar yacht, I decided I need to step up
to a bigger boat.



You mean, you still didn't sell Bayliner?


--
Bush and the NeoConvicts who control him
are destroying the once-great United States.

On 4 Apr 2005 16:22:44 -0700, wrote:

Out of curiosity, what is the industry in Europe like?

*********************************

During the few times I have been in Europe, my impressions were that
there is a much higher percentage of sail vs. power, a lot fewer boats
per capita, and darn few gasoline powered inboards to be found.

Every time the price of fuel goes up another 50-cents a gallon, there
must be some determinable number of people who begin making different
choices about boating.

Kinda like what happened in the '70s then? I know there were a lot of
people buying Hobie Cats and O'Day 17' day sailors.

Later,

Tom

On 4 Apr 2005 10:12:04 -0700, wrote:

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

It is not public, but I am the sole invester to get the company back
up. I will be supervising the entire operation as it starts up.
--
Bush and the NeoConvicts who control him
are destroying the once-great United States.