Twin Vee PowerCats Announces the Official Launch of BoatsForSale.com
90 Days Free for All Authorized Recreational Boat Dealers
FORT PIERCE, FL / ACCESS Newswire Twin Vee PowerCats Co. (Nasdaq:VEEE), ('Twin Vee' or the 'Company'), a manufacturer, distributor, and marketer of power sport boats, is thrilled to announce the official launch of www.BoatsForSale.com. The platform has been successfully migrated to Twin Vee's own ISP infrastructure, marking what will be the beginning of a new era in online boat sales. With this move, Twin Vee PowerCats is 'open for business' and inviting all authorized recreational boat dealers in the United States to take advantage of 90 days of free listings.
Twin Vee is committed to offering an innovative, dealer-friendly alternative that reduces marketing costs, increases lead generation, and provides access to one of the most dynamic and growing recreational boat marketplaces
Addressing Industry Concerns: A Cost-Effective Solution for Dealers
A recent article in Trade Only Today highlighted the growing unrest among boat dealers due to increasing marketing expenses on traditional online platforms. Dealers have expressed frustration with rising costs and restrictive policies, making it harder to remain competitive. Recognizing this industry-wide challenge, Twin Vee has launched BoatsForSale.com as a fresh alternative - an affordable, efficient, and results-driven digital marketplace designed to meet the needs of boat dealers nationwide.
Why BoatsForSale.com?
BoatsForSale.com is more than just a listing site - it is a next-generation digital marketplace designed specifically to address the challenges boat dealers face. By leveraging Twin Vee's extensive industry experience and digital expertise, the platform provides a cost-effective, high-performance solution that maximizes dealer profitability.
Key benefits of BoatsForSale.com include:
Lower Marketing Costs: Dealers can list their inventory without the high fees imposed by other platforms.
Increased Lead Generation: Advanced search functions, optimized targeting, and a seamless user experience help ensure high-quality leads from serious buyers.
Alignment with a Premier Brand: Partnering with Twin Vee means joining forces with a well-renowned manufacturer in the recreational boating industry.
Dealer-Centric Approach: Unlike competitors that prioritize profits over partnerships, Twin Vee is dedicated to fostering long-term relationships with dealers by providing value-driven services and competitive advantages.
90 Days of Free Listings for All Authorized Dealers
To celebrate the official launch, Twin Vee is offering all authorized recreational boat dealers 90 days of free listings on BoatsForSale.com. This limited-time offer provides an opportunity to experience the platform's advantages without any upfront costs, ensuring dealers can evaluate the effectiveness of the marketplace firsthand.
'We understand the concerns that dealers have voiced regarding the rising costs of marketing their inventory,' said Joseph Visconti, CEO of Twin Vee PowerCats. 'The boating industry thrives on innovation, passion, and community - values that are central to our mission. With BoatsForSale.com, we are providing a powerful, dealer-friendly solution that is built by industry experts who understand the business. We welcome all boat dealers across the U.S. to explore our platform, take advantage of 90 days of free listings, and join a marketplace designed for their success.'
The Need for a Fresh Alternative
Industry discussions and dealer feedback underscore the urgent need for a fair and dealer-first marketplace. Many existing platforms impose high listing fees and restrictive policies that limit dealer profitability. BoatsForSale.com aims to bridge this gap by providing a platform that prioritizes fair pricing, advanced technology, and superior service.
With a history of manufacturing high-performance power catamarans and a deep understanding of the evolving needs of boat buyers and sellers, Twin Vee PowerCats is uniquely positioned to lead this initiative. BoatsForSale.com will become the premier online marketplace for recreational boat sales by offering transparency, efficiency, and affordability.
About Twin Vee PowerCats Co.
Twin Vee PowerCats Co. manufactures Twin Vee and AquaSport boats. The Company produces a range of boats designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, fuel-efficient, and smooth-riding catamaran hull designs. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the 'Best Riding Boats on the Water™.' The Company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years. Learn more at twinvee.com.
Visit Twin Vee PowerCats Co. on Facebook, Instagram, and YouTube.
Visit AquaSport on Facebook and Instagram.
About BoatsForSale.com
BoatsForSale.com has been launched as a revolutionary online marketplace designed to connect boat buyers and sellers in a seamless, cost-effective manner. With a commitment to lowering dealer marketing costs while increasing lead generation, BoatsForSale.com aims to transform the way boats are bought and sold online. The platform provides dealers with enhanced visibility, powerful sales tools, and an intuitive interface to ensure an optimal experience for both sellers and buyers.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words 'could,' 'believe,' 'anticipate,' 'intend,' 'estimate,' 'expect,' 'may,' 'continue,' 'predict,' 'potential,' 'project' and similar expressions that are intended to identify forward-looking statements and include statements regarding the launch of BoatsForSale.com marking the beginning of a new era in online boat sales, offering an innovative, dealer-friendly alternative that reduces marketing costs, increases lead generation, and provides access to one of the most dynamic and growing recreational boat marketplaces, BoatsForSale.com meeting the needs of boat dealers nationwide, the platform addressing the challenges boat dealers face, providing a cost-effective, high-performance solution that maximizes dealer profitability, ensuring high-quality leads from serious buyers, Twin Vee being uniquely positioned to lead this initiative, BoatsForSale.com becoming the premier online marketplace for recreational boat sales, Twin Vee redefining the boating experience and BoatsForSale.com transforming the way boats are bought and sold online. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to transform the way boats are bought and sold online with its launch of BoatsForSale.com, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, the Company's Quarterly Reports on Form 10-Q, the Company's Current Reports on Form 8-K and subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
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A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: impact of the COVID-19 pandemic, Uxin's goal and strategies; its expansion plans; its future business development, financial condition and results of operations; Uxin's expectations regarding demand for, and market acceptance of, its services; its ability to provide differentiated and superior customer experience, maintain and enhance customer trust in its platform, and assess and mitigate various risks, including credit; its expectations regarding maintaining and expanding its relationships with business partners, including financing partners; trends and competition in China's used car e-commerce industry; the laws and regulations relating to Uxin's industry; the general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Uxin's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Uxin does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media enquiries, please contact: Uxin Limited Investor RelationsUxin LimitedEmail: ir@ The Blueshirt GroupMr. Jack WangPhone: +86 166-0115-0429Email: Jack@ Uxin Limited Unaudited Consolidated Statements of Comprehensive Loss (In thousands except for number of shares and per share data)For the three months ended March 31, 20242025 RMBRMBUS$ Revenues Retail vehicle sales269,421465,51864,150 Wholesale vehicle sales39,72222,5473,107 Others10,00816,1642,227 Total revenues319,151504,22969,484Cost of revenues(298,109)(468,888)(64,614) Gross profit21,04235,3414,870Operating expenses Sales and marketing(50,815)(61,703)(8,503) General and administrative (75,336)(18,334)(2,526) Research and development(6,027)(2,899)(399) Reversal of credit losses, net35939554 Total operating expenses(131,819)(82,541)(11,374)Other operating income, net93511,9481,646Loss from operations(109,842)(35,252)(4,858)Interest income871 Interest expenses(23,970)(22,542)(3,106) Other income6226,285866 Other expenses(4,086)(655)(90) Foreign exchange gains511776107 Loss before income tax expense(136,757)(51,381)(7,080) Income tax expense(12)-- Equity in loss of affiliates, net of tax (5,951)-- Net loss, net of tax(142,720)(51,381)(7,080) Add: net profit attribute to redeemable non-controlling interests and non-controlling interests shareholders(1,629)(1,690)(233) Net loss attributable to UXIN LIMITED(144,349)(53,071)(7,313) Deemed dividend to preferred shareholders due to triggering of a down round feature(1,781,454)-- Net loss attributable to ordinary shareholders(1,925,803)(53,071)(7,313)Net loss(142,720)(51,381)(7,080) Foreign currency translation, net of tax nil667510 Total comprehensive loss(142,654)(51,306)(7,070) Add: net profit attribute to redeemable non-controlling interests and non-controlling interestsshareholders(1,629)(1,690)(233) Total comprehensive loss attributable to UXIN LIMITED(144,283)(52,996)(7,303)Net loss attributable to ordinary shareholders(1,925,803)(53,071)(7,313) Weighted average shares outstanding – basic4,465,415,46158,275,586,72258,275,586,722 Weighted average shares outstanding – diluted4,465,415,46158,275,586,72258,275,586,722Net loss per share for ordinary shareholders, basic(0.43)(0.00)(0.00) Net loss per share for ordinary shareholders, diluted(0.43)(0.00)(0.00) Uxin Limited Unaudited Consolidated Balance Sheets (In thousands except for number of shares and per share data)As of December 31,As of March 31, 20242025RMBRMBUS$ ASSETS Current assets Cash and cash equivalents25,112103,36614,244 Restricted cash76766892 Accounts receivable, net4,1502,750379 Loans recognized as a result of paymentsunder guarantees, net of provision for creditlosses of RMB7,710 and RMB7,707 as of December 31, 2024 and March 31, 2025, respectively--- Other receivables, net of provision for credit losses of RMB21,113 and RMB15,149 as of December 31, 2024 and March 31, 2025, respectively14,99812,4681,718 Inventory, net207,390189,90526,170 Prepaid expenses and other current assets86,97781,25911,198 Total current assets339,394390,41653,801Non-current assets Property, equipment and software, net71,42073,93110,188 Finance lease right-of-use assets, net1,346,7281,339,818184,632 Operating lease right-of-use assets, net 194,388193,23226,628 Total non-current assets1,612,5361,606,981221,448Total assets1,951,9301,997,397275,249LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT Current liabilities Accounts payable81,58483,89211,561 Other payables and other current liabilities306,391275,27837,934 Current portion of operating lease liabilities14,56313,3451,839 Current portion of finance lease liabilities183,852184,75225,460 Short-term borrowing from third parties174,616167,28523,052 Short-term borrowings from related parties (i)1,00039,3835,427 Total current liabilities762,006763,935105,273Non-current liabilities Long-term borrowings from related party (i)53,913-- Long-term borrowings from third party-14,3561,978 Consideration payable to WeBank27,23719,8382,734 Finance lease liabilities1,141,1181,159,433159,774 Operating lease liabilities180,920180,20724,833 Total non-current liabilities1,403,1881,373,834189,319Total liabilities2,165,1942,137,769294,592Mezzanine equity Redeemable non-controlling interests (ii)154,977170,66623,518 Total Mezzanine equity154,977170,66623,518Shareholders' deficit Ordinary shares (iii)39,81642,6215,873 Additional paid-in capital (iii)19,007,94819,151,2162,639,108 Subscription receivable from shareholders (iii)(60,467)(96,343)(13,276) Accumulated other comprehensive income227,718227,79331,391 Accumulated deficit(19,583,017)(19,636,088)(2,705,924) Total Uxin's shareholders' deficit(368,002)(310,801)(42,828) Non-controlling interests(239)(237)(33) Total shareholders' deficit(368,241)(311,038)(42,861)Total liabilities, mezzanine equity and shareholders' deficit1,951,9301,997,397275,249(i) Long-term borrowing from related party outstanding as of December 31, 2024 amounted to RMB53.9 million. On September 12, 2024, the Company's Anhui subsidiary ("Uxin Anhui") entered into a loan agreement with Pintu (Beijing) information Technology Co., Ltd. ("Pintu Beijing"), pursuant to which Pintu Beijing agreed to extend loan to Uxin Anhui in a principal amount of the RMB equivalent of US$7.5 million for a term of 18 months from the drawdown date unless other repayment schedule is negotiated and mutually agreed by Uxin Anhui and Pintu Beijing. The interest rate is 5.35% per annum within 12 months after the drawdown date, and 8% per annum after 12 months until the loan is repaid in full. The loan is guaranteed by Uxin's Shaanxi subsidiary pursuant to a guarantee agreement entered on the same date. On September 13, 2024, Uxin Anhui made the drawdown of this loan, and the total RMB amount received was classified as "Long-term borrowings from related party" in non-current liabilities. Subsequently in November 2024, the Company entered into a Share Subscription Agreement with Lightwind Global Limited ("Lightwind", a wholly-owned subsidiary of Pintu Beijing). Pursuant to this agreement and subject to the fulfilment of specified conditions, Uxin agreed to allot and issue, while Lightwind agreed to subscribe for, a total of 1,543,845,204 Class A Ordinary Shares of the Company, with an aggregate subscription amount of US$7.5 million. When the specified conditions were fulfilled and a repayment schedule of the long-term loan of US$7.5 million was mutually agreed, Lightwind shall invest equivalent amount in the Company after Uxin Anhui repays the loan under the repayment schedule to Pintu Beijing. In March 2025, a revised repayment schedule was mutually agreed by Uxin Anhui and Pintu Beijing. Pursuant to which, Uxin Anhui fully repaid the total amount of principal and interests, amounting to RMB55.0 million, to Pintu Beijing by 2 installments, RMB15.0 million in March 2025 and RMB40.0 million in April 2025. Concurrently, Lightwind made an equivalent investment in the Company as the specified conditions for the investment had been fulfilled. As of March 31, 2025, the Company classified all remaining borrowings of RMB38.4 million as "Short-term borrowings from related parties" in current liabilities based on the revised repayment schedule.(ii) On October 16, 2024, the Company, through Uxin Anhui, entered into an agreement with Wuhan Junshan Urban Asset Operation Co.,Ltd. ("Wuhan Junshan"), a company indirectly controlled by Wuhan City Economic & Technological Development Zone, to establish a subsidiary, Wuhan Youxin Intelligent Remanufacturing Co., Ltd. ("Uxin Wuhan"). Uxin Anhui will contribute RMB66.7 million and Wuhan Junshan will contribute RMB33.3 million, representing approximately 66.7% and 33.3% of Uxin Wuhan's total registered capital, respectively. As of March 31, 2025, the Company and Wuhan Junshan each made contributions of RMB14.0 million to Uxin Wuhan, respectively, and the investment from Wuhan Junshan was recognized as redeemable non-controlling interests.(iii) On March 4, 2025, the Company entered into a share subscription agreement with Fame Dragon Global Limited (the "Investor"), an investment vehicle of NIO Capital, pursuant to which the Investor agreed to purchase 5,738,268,233 Class A Ordinary Shares of the Company for a total consideration of US$27.8 million. As of March 31, 2025, the Company has issued 3,911,092,516 Class A Ordinary Shares of the Company to the Investor and entities designated by the Investor with the receipts of US$14.0 million in March 2025 and US$5.0 million in April 2025, respectively. For the consideration of US$5.0 million that had not been received as of March 31, 2025 while the corresponding shares had been issued in advance in March 2025, the Group classified it as "Subscription Receivable from Shareholders" under the shareholders' substance, the Company issued a forward contract to the Investor, as the Investor is obligated to purchase the shares, and the Company is required to issue them upon the satisfaction of the closing conditions at the pre-agreed price and amount which shall be a deemed dividend to the forward contract holder recorded in the additional paid-in capital. In addition, given that this forward contract is considered indexed to the Company's own stock and meet the requirement for equity classification, it was also classified under the Company's equity and was initially measured at fair value amounting to RMB180.8 million with no subsequent remeasurement. * Share-based compensation charges included are as follows:For the three months ended March 31, 20242025 RMBRMBUS$ Sales and marketing—1,166161 General and administrative40,3888,0251,106 Research and development—61785 Uxin Limited Unaudited Reconciliations of GAAP And Non-GAAP Results (In thousands except for number of shares and per share data) For the three months ended March 31, 20242025 RMBRMBUS$ Net loss, net of tax(142,720)(51,381)(7,080)Add: Income tax expense12-- Interest income(8)(7)(1) Interest expenses23,97022,5423,106 Depreciation15,76016,5932,287 EBITDA(102,986)(12,253)(1,688)Add: Share-based compensation expenses40,3889,8081,352 - Sales and marketing-1,166161 - General and administrative40,3888,0251,106 - Research and development-61785 Other income(622)(6,285)(866) Other expenses4,08665590 Foreign exchange gains(511)(776)(107) Structure realignment cost13,948-- Equity in loss of affiliates, net of tax 5,951--Non-GAAP adjusted EBITDA(39,746)(8,851)(1,219)For the three months ended March 31, 20242025 RMBRMBUS$ Net loss attributable to ordinary shareholders(1,925,803)(53,071)(7,313) Add: Share-based compensation expenses40,3889,8081,352 - Sales and marketing-1,166161 - General and administrative40,3888,0251,106 - Research and development-61785 Add: accretion on redeemable non-controlling interests1,6501,688233 Deemed dividend to preferred shareholders due to triggering of a down round feature1,781,454--Non-GAAP adjusted net loss attributable to ordinary shareholders(102,311)(41,575)(5,728)Net loss per share for ordinary shareholders - basic(0.43)(0.00)(0.00) Net loss per share for ordinary shareholders – diluted(0.43)(0.00)(0.00) Non-GAAP adjusted net loss to ordinary shareholders per share – basic and diluted(0.02)-- Weighted average shares outstanding – basic4,465,415,46158,275,586,72258,275,586,722 Weighted average shares outstanding – diluted4,465,415,46158,275,586,72258,275,586,722Note: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00 = RMB7.2567 as of March 31, 2025 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. 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