Here are some common questions being asked by the Island Packet Yacht Owners related to the new company Hake Marine and Island Packet Yachts, Traditional Watercraft Inc. These were answered by Bill Bolin and approved for posting today.

Questions

1. Was the Island Packet Yachts Business sold to Hake Marine or did the business fall into bankruptcy and the bank now owns it all?

TWI closed its doors, and Hake Marine acquired the assets of Traditional Watercraft. We cannot go into any further detail than that.

2. Heartland LLC bought the names Island Packet Yachts and Blue Jacket. What else did they buy? IP Molds? Yacht Inventory? The Woodshop? The business, anything else?

Hake Marine acquired all tangible and intangible assets.

3. What is going to happen with IP 460? Who Owns this yacht? Will it be delivered to the owner? Will it be finished?

see below...

4. What is going to happen with IP 520? Who owns this yacht? Will it be delivered? Will it be finished?

Hake Marine cannot comment on the IP460 and IP520 until decisions have been made with potential buyers

5. What is the status of the IP 38 Owner's boat that is in the factory torn down for refit? Will this owner be able to get his boat refit and returned?

The customer hired Hake Marine to complete the work instead of TWI. The work is complete and the IP38 is back with the owner.

6. Will the new company display a new Island Packet yacht at the Annapolis MD Show?

Hake Marine has started the design process for 2-3 new yachts. More information will be released at a later date.

7. Is anything being build right now?

Hake Marine is back to building boats on a consistent basis. 3-5 boats will be in progress at one time.

8. How many people currently work at the New Company?

We do not disclose private company information such as revenues, number of employees or other private financial and/or operating data.

9. Will the Island Packet fleet of owners have access to factory support and access replacement parts?

Yes. The new land lines will be hooked up soon and the online Ship’s Store is now active. There is a phone number on the IPY and Seaward websites that works here in our Florida offices now. And while Hake Marine acquired the assets of Traditional Watercraft (TWI), the warranty coverage on “legacy” (pre-April 2016 build) yachts remains with TWI. However, Hake Marine values all IP and Blue Jacket owners and is committed to working with “legacy” owners on a case-by-case basis. New builds will be covered by Hake Marine factory warranty.

Bill Bolin
VP Sales
Hake Marine