CORONA, Calif., Aug. 2, 2011 /PRNewswire/ -- Medina International Holdings, Inc. (OTCBB:MIHI) released its 10K for the fiscal year 2011 yesterday. The Company declared gross revenues of US$1.54 Million for the year ended April 30, 2011, compared to $541,000 for the same period in 2010. Details can be found in the Company's 10K at www.sec.gov.
The Company sold nine rescue and fire rescue boats during the last fiscal year. Sales increased by 185% or US$1 Million, while net losses decreased by 24%. The Total Assets Turnover Ratio increased to 2.65 for the fiscal year ended April 30, 2011 from 0.52 in 2010.
"We are extremely pleased with our fiscal year results," stated Mr. Rao Mankal, CFO of Medina. "Management has worked diligently to add shareholder value, avoid dilutive financing activities and organically grow the business. We've foregone salaries, taking our payment in stock of the Company, which we believe has far greater future value for us."
Mr. Daniel Medina, CEO of Medina commented, "We believe in our efforts to create a substantial business enterprise from what we have, and are, putting together. Our recent acquisition of Wintec Protective Systems, Inc., will add immediate value and substantial revenue over the coming 12-18 months. It also complements our existing business lines and will add another dimension to our current product offerings. We believe our customers will be as excited as we are."
Mr. Tim Spooner, Vice President of sales, Harbor Guard Boats, Inc. commented, that "our products are gaining recognition and credibility due to our experience in quality watercraft manufacturing and superior customer service."
The Company is working to expand its market share and address new and existing niches that it feels it can be successful in. "We are working with our new subsidiary, Wintec Protective Systems, Inc., to develop exciting, high-margin products that are complementary to our marine focus," added Mr. Medina.
About Medina International Holdings, Inc.
Medina International Holdings, Inc. through its wholly owned subsidiary, Harbor Guard Boats, Inc., produces commercial fire, rescue, police and patrol boats. The Company holds several patents, and utilizes the highest design and performance standards, with a proprietary hull design and equipment features that address specific niche markets. The Company's boats range from 15' to 37'.
Daniel Medina, CEO
Phone: (951) 493-6785
SOURCE Medina International Holdings, Inc.