Decreases Losses for Fiscal Year 2011
rescue boats and acquisition of a synergistic safety equipment business
Medina International Holdings, Inc. (OTCBB:MIHI) released its 10K for the fiscal year 2011
yesterday. The Company declared gross revenues of US$1.54 Million for the year
ended April 30, 2011, compared to $541,000 for the same period in 2010. Details
can be found in the Company’s 10K at www.sec.gov.
The Company sold nine rescue and fire rescue boats during the last fiscal
year. Sales increased by 185% or US$1 Million, while net losses decreased by
24%. The Total Assets Turnover Ratio increased to 2.65 for the fiscal year ended
April 30, 2011 from 0.52 in 2010.
“We are extremely pleased with our fiscal year results,” stated Mr. Rao
Mankal, CFO of Medina. “Management has worked diligently to add shareholder
value, avoid dilutive financing activities and organically grow the business.
We’ve foregone salaries, taking our payment in stock of the Company, which we
believe has far greater future value for us.”
Mr. Daniel Medina, CEO of Medina commented, “We believe in our efforts to
create a substantial business enterprise from what we have, and are, putting
together. Our recent acquisition of Wintec Protective Systems, Inc., will add
immediate value and substantial revenue over the coming 12-18 months. It also
complements our existing business lines and will add another dimension to our
current product offerings. We believe our customers will be as excited as we
are.”
Mr. Tim Spooner, Vice President of sales, Harbor Guard Boats, Inc. commented,
that “our products are gaining recognition and credibility due to our experience
in quality watercraft manufacturing and superior customer service.”
The Company is working to expand its market share and address new and
existing niches that it feels it can be successful in. “We are working with our
new subsidiary, Wintec Protective Systems, Inc., to develop exciting,
high-margin products that are complementary to our marine focus,” added Mr.
Medina.
About Medina International Holdings, Inc.
Medina International Holdings, Inc. through its wholly owned subsidiary,
Harbor Guard Boats, Inc., produces commercial fire, rescue, police and patrol
boats. The Company holds several patents, and utilizes the highest design and
performance standards, with a proprietary hull design and equipment features
that address specific niche markets. The Company’s boats range from 15′ to 37′.
For further information please consult the company’s websites at: http://www.medinaih.com and www.harborguardboats.com
Investor Contact:Mark MolineCinapsys, Inc.760-208-1894Company:Daniel Medina,
CEOPhone: (951) 493-6785
SOURCE Medina International Holdings, Inc.
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