Shares of Fearless International (OTCBB: FRLE) climbed 2 cents, nearly 5 percent, to 45 cents this afternoon. The company is collaborating with Porsche Design Studio Austria to design custom yachts, combining marine and automotive characteristics to produce luxurious 28-150 feet water crafts.The first model, Fearless 28, hit the water February 28, 2007 – in the next three years, the company will unleash the 44, 68, 125 and 150 models.
“To give you an idea of yachts and the way we’re designing them with the Porsche design team, for a 125-foot yacht with a 26-foot beam, you’ll be able to cruise at about 50 to 55 miles an hour,” Jeffrey Binder, Fearless CEO, told Market News First. “So when you’re coming into port you’re going to want to slow down a little bit.”
Binder added that the boating industry has lacked “innovative products” within the past 20 years. Entering into cahoots with Porsche enabled the company to produce revolutionary boats in stagnant water.
All boats are manufactured in two pieces – the hull and the deck; Fearless’ boats are made out of 7 molds – the deck doesn’t attach to the rub rail but wraps around the hull giving the boat greater stability and enhanced performance with a sleek and modern look.
“What we’re doing, we think is innovative and styling wise, and goes beyond being evolutionary because the things we’re doing they said couldn’t be done. I think we’re trying to revolutionize a little bit, and we’re having a lot of fun along the way,” said Binder.
Binder said Fearless has been working with Porsche for about three years to help it launch the luxury yachts, and chose the company because of its reputation for prestigious design. Porsche came up with a design concept that pulled ideas from vehicles and took them to the water.
“Porsche design is probably the top design firm in the world today … they are a top notch company,” Binder said. “We not only want to be something distinctive and styling but we have to have the performance to go with it – and that’s why we chose the Porsche Design team.”
Launching the boats is easy. Manufacturing them takes awhile. Fearless conducts its distribution and marketing through dealerships, expecting to produce 44 of the Fearless 28 models within the first year. Binder said it takes about 1,400 hours to manufacture one of the yachts, vs. the 700 hours for a normal boat.
But with a goal to be at the top of the pyramid, tough work pays off. Binder said that consumers are beginning to recognize style and performance, just as they do cars. At the top of the industry, consumers are signing their names to waiting lists to get the next best thing.
“We intend on being the leader at the top of that pinnacle and I think with what we came out with, people can readily see, both from a styling and performance standpoint, where we’re positioning the company. We’re really positioned as a luxury brand and having the opportunity to collaborate with Porsche … really gives us a step up from the other companies that are out there,” Binder said.