News released today.......
Nutek Acquires Exclusive Rights to Market Super Fin
LAKE FOREST, Calif.--(BUSINESS WIRE)--Aug. 3, 1998--Nutek Inc. (OTC BB:NUTK), a consumer-commercial product marketing concern, has secured exclusive worldwide marketing rights to the patented APS MANTARAY fin already in use by U.S. Navy Seals, many professional divers and underwater photographers.
"The MANTARAY fin is a technology-based aqua propulsion system expected to revolutionize the world of water sports," according to George Sassone, president-chief executive officer of Nutek.
"There are 7 million certified scuba divers alone in the U.S. comprising a $2.6 billion market growing 17 percent a year," he added.
The MANTARAY has a dual-directional water channeling system which forces the water out the back of the fin at a high rate of speed, creating extra propulsion with more power, control and comfort, but less fatigue than present fins, Sassone explained. Such performance makes them preferable for snorkeling, surfing, body boarding and free swimming as well as diving, he added.
The U.S. annual fin market is estimated at 10 percent of the divers or 700,000 sets per year at $150 each, indicating annual sales volume of $105 million. There are an estimated 10 million additional divers in the rest of the world, Sassone said. Prospective sales to other users will be extra.
The company will market the fins through television infomercials initially and later through the 10,000 retail outlets available. They will be offered in a variety of colors, since 30 percent of divers are women, Sassone noted.
Nutek expected conservatively to supply five percent of the market initially, or 35,000 sets at a wholesale of price of $50, Sassone said, indicating first-year revenues of $1,750,000.
CONTACT:
Molesworth Associates Inc., Green Valley, Ariz.
Gordon Molesworth, 520/625-0550
Fax: 520/625-0555
KEYWORD: CALIFORNIA
BW0045 AUG 03,1998
7:15 PACIFIC
10:15 EASTERN
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