Hamilton, Bermuda: 12 February 2002€” The Directors of Yachts of the Americas Ltd ("Yachts") has announced that the Company has recently completed an asset purchase agreement with the US boat builder Tollycraft Yacht Corporation of Nevada. Yachts acquired the equipment, patents and trademarks of Tollycraft, which is no longer in production, for a consideration of $5 million.
James Sutherland, Chairman, stated that consideration for the purchase was tendered in the form of 1 million shares in the company's subsidiary, Yachts of the Americas Inc., (Belize). He expressed his satisfaction in having concluded the Tollycraft acquisition, noting that it was a key step toward achieving Yacht's objective in becoming a world leader in the luxury yacht manufacturing industry. "Tollycraft has an outstanding reputation for quality and innovation having commenced operations in the 1930s. Incorporating Tollycraft's name and technology into our operations gives us visibility in the market place and may shorten the time needed to reach production of our first yachts", he added.