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Local iboats.com Receives Top Utah Award For Fastest Revenue Growth Over Last 5 Years

Press Release | October 25, 2004

Local

Salt Lake City, UT USA - October 25, 2004 - Being headquartered in Utah has not stopped local company, iboats.com (www.iboats.com), from making tremendous waves in the $36 billion dollar boating industry. With a revenue growth rate of over 14,000 percent over the last five years, iboats.com, the #1 website for the boating public, is no small fish when it comes to growth potential. At an awards luncheon held recently at the Grand America Hotel, with over 1,100 attendees, iboats was recognized as the overall winner in this year's Top 100 Utah-based Companies by the MountainWest Venture Group.

The MountainWest Venture Group, a non-profit organization that fosters business growth and capital development in the State of Utah - iboats' corporate headquarters - awarded company President and CEO Bruno Vassel III with the prestigious award, stating the competition was stiff, with other companies such as Overstock.com, Altiris, HobbyTron, and many others on the finalist list. From the thousands of applicants, the top 100 Utah-based companies with the fastest revenue growth over the last five years received recognition. iboats received the overall top award with a growth rate of over 14,601 percent.

Keynote speaker Senator Bob Bennett congratulated the participants and spoke of some of his own entrepreneurial activities, saying "I am well aware that it takes a significant investment of hard work, sacrifice, and dedication - and a dose of good luck - to achieve the success you have experienced. I also join in honoring you for the services, employment opportunities, and economic benefits that your business activities provide to our community and nation"

iboats Web Directory today is the largest boating-related directory of web sites found anywhere on the Internet, with tens of thousands of marine-focused web sites listed and a Marine MegaMall with the largest selection of boating and water-sports related purchasing opportunities online for consumers. They have over 100,000 boating related products, marine parts and accessories totaling 374,000 SKU's. This includes thousands of non-current new and slightly used boat motors, rebuilt powerheads and major components, new inflatable boats, thousands of used boats in their online classifieds, financing, insurance, and the largest boating forums and directory online. iboats also provides custom web sites, hosting and online marketing services to hundreds of marine dealers and brokers.

There's a large ocean of boating and water-sport enthusiasts and it appears iboats business model of helping the marine retailers and manufacturers cast a net over those consumers, as well as giving the consumers a convenient place to shop, is paying off - not only for iboats but also for the thousands of retailers they serve. "iboats has helped make our business a success this past year," says Paym Murphy of DFW Boats in Lewisville, TX. "We are receiving well over 12,000 hits per week, up to 100 emails per day, countless phone calls, and we're steadily growing. Our sales have almost tripled from last year."

Currently over 2.5 million visitors visit the many iboats' owned marine-related web sites every month, and the number of page views continues to grow every month! As to the future of this traffic-generating strategy, Sr. V.P. of Operations Bruno Vassel IV, son of President and CEO Bruno III says, "we currently have implemented less than 10% of our capacity from our specialty web sites. We have a huge amount of real growth potential still in front of us."

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About MountainWest Venture Group Founded in 1983, the MountainWest Venture Group is a non-profit organization that fosters business growth and capital development in the State of Utah. The MountainWest Venture Group marks its 10-year anniversary this year of its premiere annual event, the Utah 100 Fastest-Growing Companies Awards luncheon. The group also sponsors the annual Entrepreneur of the Year Award, and the Utah Deal Flow Report. The MountainWest Venture Group encourages the participation of individuals and organizations interested in the establishment, funding and operation of successful business ventures. Based in Salt Lake City, the MountainWest Venture Group is comprised of a broad mix of entrepreneurs, investors, venture capital providers, attorneys, accountants, bankers, consultants and educators. More information on MountainWest Venture Group is available by at www.mwvgutah100.org or by calling Brian G. Lloyd, President, MountainWest Venture Group (801) 328-3131.

About iboats.com iboats.com was co-founded in October of 1998 by Bruno Vassel III and his son Bruno IV. Today the company offers a broad range of e-commerce opportunities that support all boating, fishing and water-sports enthusiasts. To back up its claim of being the #1 boating site, iboats.com currently receives over 33 million visitors per year who view a quarter billion pages. iboats also covers all major areas of interest in boating with the largest number of boating items for sale online, boating classifieds, boat financing and insurance, and the largest marine directory and boating forums online. These forums currently have 549,473 answers posted to over 97,600 questions covering 21 marine-related topics, an average of 6 answers for every boating question. Some questions receive over 75 answers. As a core principle of the company, iboats strongly supports the marine manufacturers and thousands of retailers in North America, offering them online business solutions in the form of personalized web sites, e-commerce capabilities, powerful online boat-listing services, a boat and motor leads program, and significant traffic directed to participating retailers' web sites and physical establishments.

SPECIAL NOTE ON USE OF iboats NAME: The company name iboats, or any of its forms, including iboats.com, or iboats, inc., should never be capitalized, whether at the start of a sentence or mid-sentence. The company also does not use a capital B in its name


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