Medina International Holdings, Inc. (OTCBB: MIHI)
Article Highlights Mankal’s Involvement in the Acquisition That Became Force Protection
SAN BERNARDINO, CA–(MARKET WIRE)–Aug 9, 2007 — Medina International Holdings, Inc. (OTC BB:MIHI.OB – News) Chief Financial Officer Rao Mankal was recently interviewed by USA Today. The interview discusses the evolution of Force Protection (NasdaqCM:FRPT – News) and the role of Mine Resistant Ambush Protected (MRAP) vehicles in saving the lives of our soldiers.
Mankal was instrumental in structuring the merger that resurrected a struggling company and became a highly successful military contractor. Force Protection has received over one billion dollars in orders from the US Military to date for its MRAP vehicles.
Daniel Medina, President of Medina International Holdings, Inc., commented, “Rao is once again back in the boat business, this time with Medina.” He added, “We have surrounded ourselves with some of the same team members that Rao worked with at Sonic Jet, including myself. Our goals at Medina are to try and match the success that Force Protection has had in the MRAP space, in the marine space. We believe we have a fantastic product, in a niche market with unmet demand. As long as we can continue to generate interest and orders we should enjoy rapid growth and expansion for our business.”
According to Peter Eisler, author of the USA Today article, “When U.S. forces stormed into Iraq in March 2003, the people at Force Protection had more experience selling boats than military trucks.”
The company traces its roots to Sonic Jet Performance, Inc., a California speed boat company founded in 1997. When the boat business hit tough times after the Sept. 11, 2001 terrorist attacks, company officials began looking for a new product, says Madhava Rao Mankal, then Sonic Jet’s chief financial officer.
“They had just gotten a $25,000 investment from Frank Kavanaugh, a principal with the equity investment firm Ashford Capital, and he’d committed to raise far more. In return, he got a 20% stake in the business.”
Around that time, Mankal heard about Garth Barrett, a former Rhodesian military officer who had a company, Technical Solutions, that was building a new type of mine-resistant vehicle.
“The heavily armored trucks featured a V-hull design that deflected underbody blasts away from the passenger compartment, and Barrett had seen them save lives in Africa’s bush wars. He’d licensed the rights from the South African manufacturer to produce two U.S. models: the Buffalo, a huge, mine-clearing truck, and the Cougar, which was smaller and more versatile.
“Their company was struggling, so we… took it over,” Mankal recalls. “The world was in chaos, there was terrorism, and we felt there was a big market for that product.”
About Median International Holdings, Inc.
Median International Holdings, Inc. produces commercial fire, rescue, police and patrol boats utilizing the highest design and performance standards. The company’s products combine safety, power, handling and stability with a proprietary hull design and equipment features that address specific niche markets.
With approximately 241,500 miles of waterways in the United States alone, opportunities for fire, search and rescue, and patrol boats are abundant. Assuming the need for 1 boat for every 10 miles of waterway, the potential addressable domestic market for Medina’s products is $2.4 billion. International demand is even greater than domestic demand, which presents exponential growth opportunities for the company.
For more information, visit http://www.medinaih.com and http://www.medinamarine.com.
This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including statements regarding potential sales, the success of the company’s business, as well as statements that include the word “believe” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Medina International Holdings, Inc. to differ materially from those implied or expressed by such forward-looking statements. Such factors include, among others, the risk factors included in Medina’s Annual Report on Form 10-KSB for the currently fiscal year and any subsequent reports filed with the SEC under the Exchange Act. This press release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, inability to timely develop of products or services, inability to deliver products or services when ordered, inability of potential customers to pay for ordered products or services, and political and economic risks inherent in domestic and international trade.
Contact:
CONTACTS:
Daniel Medina
President
(909) 522-4414
Communications:
Cinapsys, Inc.
Mark Moline
(760) 458-4899
Source: Medina International Holdings, Inc.
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