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Old    Jeff Walker (surfdad)      Join Date: Sep 2004       11-06-2008, 5:01 PM Reply   
I read about Fineline acquiring Gekko, but I was wondering if anyone knew the story behind Challenger Powerboats...the 8K filed with the SEC shows they filed for Chapter 7 in April of 08. The Gekko website back in the summer, sounded like Overbye was planning on starting the Gekko brand back up...then Fineline announces the acquisition of Gekko and hiring of Overbye.

Looking back at 8K for Challenger in '06 showed they reported a $6 million loss on sales of less than 1 million! :-) Gee I wonder why they were having difficulties. :-)

http://www.sec.gov/Archives/edgar/data/1114908/000123174206000807/xtme10qsbq306.txt

Does anyone have the inside scoop on what happened with Challenger and then Gekko?
Old    Jeff Walker (surfdad)      Join Date: Sep 2004       11-07-2008, 2:37 PM Reply   
This is such an interesting story, or at least it was to me as a CPA and looking at some of the things folks will do.

Challenger Powerboats, Inc. started as Shogun Advertising on 8/14/94. On 5/10/98, they changed their named to Xtreme Webworks. On April 24, 2002 they changed their name to Xtreme Companies, Inc. On November 30, 2002 they stopped operating the Internet hosting part of their business. On April 26, 2002 they acquired Waste Renewal Systems, Inc. On May 15, 2002 they acquired Nucon International, Inc and changed the name to Nuclear Reduction Systems, Inc. In July 2003, they discountinued operation of Waste Renewal Systems due to the inability to “commercialize their products”. On October 1, 2003 they acquired Rockwell Power Systems, Inc. as a wholly owned subsidiary. Also, on October 1, 2003, they purchased the fire and rescue and the recreational boat division from Sonic Jet Performance, Inc. (the first entry into the boating market for the company). From October 1, 2003 until February 28, 2005, they focused efforts on manufacturing, marketing and selling specialty boats designed for fire and rescue purposes. On March 1, 2005, they signed an exclusive distribution and marketing agreement with Marine Holdings, Inc., d/b/a Challenger Offshore. On February 28, 2006, they acquired Marine Holdings, Inc. d/b/a Challenger Offshore. In mid-2006, they discontinued the manufacturing of mission specific fire and rescue patrol boats and sold all remaining assets related to these products to a third party. On November 15, 2006, they changed their name to Challenger Powerboats, Inc. On January 30, 2007, they acquired IMAR Group, LLC, that owned the Sugar Sand brand and was also a licensee of Gekko Sports. One of the owners of IMAR was Mark Overbye who owned Gekko. They also entered into an asset purchase agreement with Mr. Overbye to transfer all of his rights in various Gekko Sports Corporation related assets. On September 4, 2007 they divest themselves of the Sugar Sand brand to Execute Sports, Inc. On April 28, 2008 they file for Chapter 7. Somewhere during the summer, Overbye regains title to the Gekko Sports, Inc assets and in October sells them to Fineline, as well as, becomes the Marketing Director.

On October 13, 2008 Execute Sports, Inc sells the assets of Sugar Sand to Coosaw Capital Partners LLC who owns Bentley Marine Group for $25,000 and 2% residual from sales thru 1/1/2014.

Some of the numbers...IMAR and Gekko were acquired for 7 mil combined. Sugar Sand was sold to Execute for 5 mil (I think a loss of about 1 mil).

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