FORT PIERCE, FL - Twin Vee PowerCats Co. (NASDAQ:VEEE), a prominent manufacturer of power sport boats, today announced the appointment of Carol Hindsman as its new Chief Technology Officer. Hindsman, known for her extensive experience in technology and engineering, is set to lead the development of the Company's Pro-Direct Platform, aiming to transform the boat-buying experience.
Hindsman's career spans roles at startups, mid-size firms, and Fortune 500 companies, including G.E., WorldCom, and Ryder System (NYSE:R), Inc. Her educational background includes a Bachelor's in Electrical Engineering from Florida International University, a Master's in Computer Engineering, and an MBA. Hindsman expressed her eagerness to apply her expertise to Twin Vee's objectives, focusing on customer-centric innovation and the delivery of an exceptional boating experience.
The Pro-Direct Platform, formally announced last Monday, is designed to offer a seamless online marketplace similar to automotive industry standards. It will provide tools such as "Build and Price," online ordering, financing options, and a personalized portal for managing purchases, all while giving customers real-time access to dealer inventory.
Joseph Visconti, CEO of Twin Vee, highlighted Hindsman's technical expertise and passion for innovation as key reasons for her selection to spearhead the Pro-Direct vision. He anticipates the platform will contribute significantly to the Company's growth and enhance customer satisfaction.
Twin Vee PowerCats Co., headquartered in Fort Pierce, Florida, has been crafting Twin Vee and AquaSport boats for 30 years. The Company is recognized for its stable, fuel-efficient, and smooth-riding catamaran hull designs, and has established itself as a leader in the catamaran sport boat category.
This news is based on a press release statement and is intended to inform about the latest developments at Twin Vee PowerCats Co. The Company's forward-looking statements involve risks and uncertainties, and actual results may differ. Twin Vee's future plans for the Pro-Direct Platform are subject to change based on various factors detailed in their SEC filings.
In other recent news, Twin Vee PowerCats announced a significant shift in the recreational marine industry with the introduction of its "Pro-Direct Platform," a web-based system aimed at enhancing the boat buying experience. The platform is designed to offer a seamless experience, from boat configuration to order tracking, within a user-friendly interface. This digital transformation is part of Twin Vee's broader strategy to enhance sales and customer engagement.
In parallel, Twin Vee PowerCats revealed a strategic merger with Forza amid challenging economic conditions. The merger forms part of a realignment aimed at creating a more competitive entity. Both companies have reduced operating expenses and plan to further decrease their burn rate, focusing on growth and customer satisfaction.
Twin Vee's recent Q2 earnings call reported a 47% year-over-year drop in net sales to $4.3 million. Despite this decline, a positive gross margin was maintained and Twin Vee ended the quarter with a robust liquidity position, holding $6.945 million in cash. Forza reported $8.2 million in cash, after recording an impairment charge of $1.674 million for a building in Marion, North Carolina, valued higher than its market price. Twin Vee is currently evaluating options to maximize shareholder value, specifically regarding Forza's overvalued building.
InvestingPro Insights
In light of the recent developments at Twin Vee PowerCats Co. (NASDAQ:VEEE), with the appointment of Carol Hindsman as the new Chief Technology Officer and the announcement of the Pro-Direct Platform, the company's financial health and market performance provide additional context for investors. According to InvestingPro data, Twin Vee PowerCats Co. holds a market capitalization of 5.67 million USD, signaling a smaller player in the industry. Despite a challenging market, the company has exhibited a strong return over the last month with a 45.97% increase in share price. This could indicate investor confidence in the company's strategic direction and the potential impact of Hindsman's leadership on the Pro-Direct Platform.
InvestingPro Tips highlight that Twin Vee PowerCats Co. is trading at a low Price / Book multiple of 0.29, suggesting that the company's stock might be undervalued relative to its assets. This could attract investors looking for potential bargains. Additionally, the company has more cash than debt on its balance sheet, which provides a level of financial stability and flexibility that could be advantageous as it invests in the Pro-Direct Platform.
For those considering an investment in Twin Vee PowerCats Co., it's worth noting that analysts predict sales growth in the current year, which could be a positive sign for the company's future performance, especially as it embarks on new technology initiatives. For further insights, there are additional InvestingPro Tips available at https://www.investing.com/pro/VEEE, which provide a deeper analysis of the company's financials and market position.
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