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07.04.2021, adminNew capital was raised through a stock offering on the Toronto Stock Exchange. Although Ian Morch of Belleville Marine Yard was Sailboat Designers Kit the first president, he resigned in taking the Belleville assets with him. George Hinterhoeller was then named president. Later, in an interview, Hinterhoeller states that he accepted this postition reluctantly.
He resigned in , and was replaced by Geroge Cuthbertson who continued in that role until From it's inception, as its first models were displayed at various boat shows in the US and Canada, the company sold as many boats as it could produce.
In addition, a steep duty imposed by the Canadian government had also made them relatively affordable in the Canadian market.
After weighing different options for expansion, the company decided to open a new plant in Rhode Island In doing so, it benefited from very favorable financial terms offered by the Rhode Island Port Authority and Economic Development Corporation. In addition, plans were made to open another plant in Keil, Germany. This was also due to an offer of special, low interest loans.
Their revamped racing program brought the brand additional renown. But also during this time, a long, slow financial decline had begun. In , George Hinterhoeller sold out and went back to boat building on his own. A plant at Kiel Germany closed in a few short years after incurring enormous losses.
This and other factors were caused, in part, by a dramatic downward slide in the value of the American and Canadian dollar. An added factor was the gradual loss of the original personnel. The death of George Cassian in , one of the driving forces of the company was a major loss. Geroge Cuthberson left the company in From this time on, a long series of changes of ownership and various financial manipulations were to take place. By Sailboat Designers 2020 , no new ownership, or source of financing could be found and the company went into receivership.
In , there was a temporary reprieve. By , the factory was operating to capacity building a new 51, the the Tripp designed IMS 45 as well as the SR range of sport boats, designed by Glenn Henderson and originally built in Florida.
But then, in the same year, a fire broke out in the Steel Boat Designers Zero factory, completely destroying most of the tooling and the boats currently under construction. Insurance only provided a small portion of the losses. In the factory closed and the land, tooling and trademark were sold. US Watercraft entered receivership in July and ceased all operations by the summer of Toggle Navigation Menu Home.
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