Kali Inc., a company based in Sarasota specializing in marketing and development for the recreational marine industry, recently announced it has acquired the Gulf Coast’s Florida Marine Power Company to boost its Florida presence.
Kali acquired 100 percent of the outstanding stock of Florida Marine Power in exchange for 4 million shares of Kali's common stock. The transaction also created a performance incentive program for Florida Marine Power to earn additional shares of stock for the next two years if the company achieves quarter over quarter revenue increases.
"The acquisition of Florida Marine Power will accelerate our revenue generation and provide value to our shareholders,” Charles Yawn, CEO of Kali Inc, said. “The combination of Wave Marine & Yacht Services and Florida Marine Power will strengthen our value proposition to our customers as we build a portfolio of companies to service the recreational boating lifestyle."
Florida Marine Power is the Gulf Coast's leading marine diesel specialist, providing mechanical repair, maintenance and installation for diesel engines and generators in Sarasota and Manatee counties.
Kali Inc. focuses on small to medium-sized market cap companies. Its wholly owned subsidiary, Wave Marine & Yacht Services, is a yacht maintenance company serving the recreational boating industry.