Twin Vee PowerCats amends agreement for acquisition of boat marketplace IP

Published 01/08/2025, 21:22
Twin Vee PowerCats amends agreement for acquisition of boat marketplace IP

Twin Vee PowerCats Co. (NASDAQ:VEEE) announced this week that it has entered into a First Amendment to its existing license and conditional sale agreement with Revver Digital, LLC, relating to the acquisition of certain intellectual property from One Water Marine Inc. The amendment was signed on Monday. The company, currently valued at $4.81 million in market capitalization, is trading near its 52-week low of $2.03, significantly below its 52-week high of $9.30. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value metrics.

According to the company’s press release statement filed with the Securities and Exchange Commission, the original agreement, effective February 4, 2025, grants Twin Vee PowerCats the right to acquire intellectual property associated with the online marketplace, advertising, marketing, and sale of yachts, boats, and related accessories. The agreement also covers services for arranging loans, insurance, and warranties under the brands “Yachts for Sale” and “Boats for Sale” through the domains yachtsforsale.com and boatsforsale.com.

Pending completion of the acquisition, the agreement allows Twin Vee PowerCats to use and sublicense the intellectual property in exchange for a monthly revenue-sharing royalty of 6% of aggregate subscription revenue from the business, and a $500 credit for each One Water Marine dealer listing on the specified domains.

At the closing of the sale, Twin Vee PowerCats is required to pay $5 million to One Water Marine, adjusted by the total royalties and credits already paid, and to assume certain business-related liabilities.

The First Amendment modifies the definition of “Foreground Intellectual Property,” clarifies the rights of the parties, assigns the agreement to Wizz Banger, Inc.—a wholly owned subsidiary of Twin Vee PowerCats—and provides for a guaranty by Twin Vee PowerCats of Wizz Banger’s obligations under the agreement.

The information is based on a press release statement included in the company’s SEC filing.

In other recent news, Twin Vee PowerCats Co. has announced a strategic partnership with Fetch.AI to integrate autonomous AI agents into its BoatsForSale.com marine marketplace. This collaboration will deploy AI-powered "Basic Agents" to provide real-time responses to buyer inquiries, with premium options available for sellers and dealers. Additionally, Twin Vee PowerCats has unveiled a new lineup for Bahama Boat Works, featuring 22’, 24’, and 28’ center console boats, following its acquisition of the brand. This acquisition aims to merge Bahama’s reputation for high-quality offshore fishing vessels with Twin Vee’s innovative technology and design expertise.

Furthermore, Twin Vee PowerCats has launched Wizz Banger, a new marine commerce platform designed to modernize the recreational boating industry. The platform aims to enhance BoatsForSale.com by integrating advanced AI tools, creating a separate digital revenue stream that complements Twin Vee’s core boat manufacturing business. These recent developments reflect Twin Vee PowerCats’ commitment to innovation and expansion within the marine industry.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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