Twin Vee PowerCats signs lease-option to buy Aquasport brand and 150K sq ft factory for $3.1M

Twin Vee PowerCats, Co.

Agreement with Ebbtide Corp gives right to purchase Aquasport trademarks, 18.5-acre TN facility, tooling for 5 boat models.
Purchase price $3.1M; $300K security deposit paid; monthly lease $22K with $16K credited toward purchase.
Lease-option term is 5 years starting June 1, 2023; one renewal option for 5 more years.
Twin Vee will take physical control June 1, 2023; plans to restart production and expand product line to monohull boats.
Acquisition expands Twin Vee's production capacity and dealer network; Aquasport is a decades-old recreational marine brand.

item 1.01 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Twin Vee PowerCats, Co. entered into Agreement with Ebbtide Corporation valued at $3,100,000 (effective 2023-05-05).

Action: entry
Agreement: asset purchase
Counterparty: Ebbtide Corporation
Value: $3,100,000
Effective: 2023-05-05

Exact text from the filing

Item 1.01. Entry into a Material Definitive Agreement. On May 5, 2023, Twin Vee PowerCats Co. (the “Company”), the Company’s newly formed subsidiary, AquaSport Co., a Florida corporation (“AquaSport Co.”), entered into an agreement with Ebbtide Corporation, a Tennessee corporation (“Ebbtide”), dated May XX, 2023 (the “Agreement”), providing the Company with the right to acquire the AQUASPORTTM boat brand and manufacturing facility. The acquisition includes Aquasport’s trademarks, 150,000-square-foot manufacturing facility situated on 18.5 acres in White Bluff Tennessee, and related tooling, molds, and equipment to build five Aquasport models ranging in size from 21 to 25-foot boats (the “AquaSport Assets”). Under the Agreement, the Company has the right to purchase the AquaSport Assets from Ebbtide for $3,100,000 during the five year term of the Agreement (or extension period), less credit for a $300,000.00 security deposit paid by the Company and $16,000 a month for any rent paid unde

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Source: SEC EDGAR

accession 0001731122-23-000836

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