Summit Coaches, Inc. Begins Trading
SEATTLE--May 1, 20048, 2004--Summit Coaches, Inc. (OTCPK:SMCA) announces that the company has begun trading. Summit Coaches specializes in manufacturing, marketing and selling upscale and feature oriented Recreational Vehicle (RV) trailers that appeal to the more educated customer with a taste for quality.Summit Coaches will take advantage of the growing Recreational Vehicles market, which has recently been forecast to exceed $12.3 billion in 2004. In addition, over the last two years publicly traded companies in this sector have outperformed the S&P Index by more than 50%.
"Our product is innovative and top quality, our people are knowledgeable, industry growth is solid, and consumers are excited for something new in this market -- all a perfect fit for us to pursue our vision," said Darren Kinder, CEO. "Nearly 10 percent of individuals over the age of 55 currently own an RV. With the aging of the population, our unique RV products are being introduced to the market at the right time."
The fastest growing segment of the RV customer base is the baby boomers, from 35 to 54 years of age. However, the average RV buyer comes from diverse backgrounds. According to RVIA, Recreation Vehicle Industry Association, nearly 7 million households in the United States owned RVs in 2001. By the year 2010 that number is estimated to be well beyond 8 million, an increase of over 15%, outpacing US household growth by 10%. In 2002 and 2003 RV sales exceeded expectations with over 600,000 units sold.
About the Company
Summit Coaches, Inc. was formed in March 2004 in order to acquire the rights to state-of-the-art recreational vehicle technology. Utilizing this technology, Summit Coaches intends to manufacture and distribute a line of upper end recreational trailers. The company has the people, technology, business experience and drive to produce exceptional products and grow this business into a thriving and profitable entity.
For more information visit www.summit-coaches.com
Safe harbor statement under the private Securities Litigation
reform Act of 1995
This news release contains forward-looking statements, including statements regarding Summit's expectations about successfully selling its products. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from future results expressed or implied in such statements. These risks and uncertainties include the inability to manage expected growth, the failure to realize the increased revenues and improved operating margins that the Company has associated with sales of our products, the loss of any key personnel, our inability to introduce new products that are accepted by the market, the loss or non-performance of our sales representatives, unfavorable results of potential litigation, and the possibility that competitors could develop or acquire technology that could erode Summit's technical advantages. The Company disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements contained in this news release.