22 December 2009
Iconic Brand Cresta Motor Yachts Builds Boats for the Recovery
Having roots back to 1965, iconic Australian Motor Yachting brand, Cresta Motor Yachts Limited has developed
and engineered three new and innovative class leading luxury motor yachts which are priced at an affordable price
point. The production process, follows the three year development phase and has now been commenced in Wei
Hai, China and is progressing in line with the Queensland based Company expectations, with the launch of the new
vessels expected in early 2011. Cresta Motor Yachts has listed with the Australian Small Scale Offerings Board
(ASSOB) to raise capital to fund the further expansion of the business. The offer is open to sophisticated investors.
The Company is positioning itself to support new sales in the coming six months, with the business expected to be
highly profitable in the 2010 calendar year and beyond. Sales targets have been conservatively set and are viewed
as highly achievable by the board of directors. Cresta believes there will be a significant uptake of new vessels
following the improvement of global financial markets and as the recovery of financial markets returns to full
swing in 2011.
Cresta’s production plant in Wei Hai, China was selected as the perfect location for the Company to build its luxury
motor yachts as Wei Hai is renowned for its local boat building industry and the availability of the number of skilled
workers, with many of Cresta’s Chinese boat builders from families who have been in the industry for over eight
generations. Labour costs are also substantially less than their Australian and International counterparts. All boats
are made under the strict supervision of Australian and New Zealand boat builders, which ensures that all vessels
are constructed to internationally recognised standards.
In commenting on the Company’s recent achievements, Adrian Ballintine, Chairman said,
“It is a very exciting time for Cresta as the work of the naval architects begins to take shape in a physical form. The
high standard of the design and computations made available to the production team by the vessels’ architects has
facilitated for a very smooth and efficient approach to the boat building process.”
For further information please contact:
Adrian Ballintine
Rod North
Chief Executive Officer
Managing Director
Ph: (07) 5577 8904
Bourse Communications Pty Ltd
P: (03) 9510 8309
M: 0408 670 706
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