In a recent development at Twin Vee PowerCats Co., the board has appointed Joseph Visconti as the new President, effective immediately as of January 22, 2025. This follows the resignation of the former President, Karl Zimmer, on November 30, 2024. The company, currently valued at $6.7 million, faces significant challenges with its stock down over 70% in the past year, though InvestingPro analysis suggests the shares are currently trading below their Fair Value.
Visconti, who is 60 years old, has been serving as the Chief Executive Officer and Chair of the Board since 2015. His previous role as President, which he held from 2015 until July 2024, along with his extensive experience in executive operational and financial roles, positions him as a veteran leader within the company. Visconti's background includes founding and leading two companies, including a regional investment bank and ValueRich, a financial media company that went public on the American Stock Exchange in 2007.
Under the terms of his employment agreement, Visconti will receive an annual base salary of $500,000 and is eligible for a performance-based cash bonus with a target amount equal to 120% of his base salary. His benefits package includes participation in executive benefit plans, four weeks of paid vacation, a monthly car allowance, and medical insurance coverage for his family.
According to InvestingPro data, this appointment comes at a crucial time as analysts expect both revenue and net income growth this year. Subscribers can access 15+ additional ProTips and detailed financial metrics in the comprehensive Pro Research Report.
The agreement, which was amended on October 20, 2022, includes provisions for termination and outlines non-compete, non-solicit, and confidentiality obligations. In case of termination without cause or for good reason, Visconti is entitled to a severance package that includes salary continuation, bonus payments, COBRA premium reimbursements, and full vesting of equity awards.
In other recent news, Twin Vee PowerCats Co. has announced its decision to accept Bitcoin as a payment method for its boats. This move is part of the company's strategy to modernize the purchasing process and expand its customer base. In addition to this, Twin Vee is in the process of merging with Forza, with an expectation to complete the merger by the end of the year. Forza shareholders are set to receive 0.612 shares of Twin Vee for each share of Forza.
The company has faced a challenging third quarter in 2024, with consolidated net sales declining by 64% to $2.9 million year-over-year. Despite these challenges, the company sold 20 boats in Q3 and maintains a cash equivalent of $11.4 million. Twin Vee is also developing a new line of BayCats, aiming to begin sales in the first quarter of 2025.
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