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Investing.com -- Vision Marine Technologies Inc (NASDAQ:VMAR) stock rose 3.9% on Thursday after the company announced the sale of a property in North Palm Beach, Florida, as part of a strategic consolidation effort.
The marine dealership owner completed the sale of its property at 139 Shore Court while securing a long-term lease with the buyer to continue operating a full dealership and service center at the same location. This transaction, along with the recent sale of a neighboring property, generated approximately $3.9 million in net proceeds for the company.
Vision Marine plans to reinvest these funds directly into its Nautical Ventures operations and reduce floor plan financing. The company expects the consolidation to deliver an estimated $0.8 million reduction in annual operating expenses. Combined with the previously announced property sale, Vision Marine anticipates aggregate annual savings of approximately $1.6 million.
"This move reflects Nautical Ventures’ ongoing commitment to operational discipline and sustainable growth," said Alexandre Mongeon, Co-Founder and CEO of Vision Marine Technologies . "Every dealership remains active, and every region we serve continues to be fully covered."
The company stated that Nautical Ventures will continue to offer the same brand selection it’s known for, including Axopar, Beneteau, Fairline, Brabus, Wellcraft, Edgewater, Starcraft, and others. The strategic moves support Vision Marine’s broader strategy of building a scalable marine platform that combines retail operations with the commercialization of its proprietary E-Motion™ propulsion technology.
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