OXE Marine AB (publ) signs a letter of intent on EUR 2,8 million order for 2021

OXE Marine AB (publ) (the “Company”) has signed a letter of intent with current Central and South West US distributor Diesel Outboards LLC (part of the Outdoor Network group) (“ODN”) to expand ODN’s distribution territory to also cover South East US. On signing the definitive distribution agreement, ODN will place an order for OXE units to be delivered during 2021 for a value of approx. EUR 2,8 million.

Significant order from the current distributor and manufacturing partner ODN

The Company has today signed a letter of intent with current US distributor and manufacturing partner ODN, through its subsidiary Diesel Outboards LLC, to expand ODN’s exclusive distribution territory to also cover South East US. On signing the definitive distribution agreement, ODN will place an order for OXE units to be delivered during 2021 for a value of approximately EUR 2,8 million.

The decision to appoint ODN as exclusive distributor also for South East US comes after a thorough evaluation of viable alternatives and is a consequence of ODN’s proven ability to create market demand for the OXE outboards in the US. ODN’s expanded territory will i.a. include the state of Florida, which itself representants approximately 25 percent of the global high powered outboard market.

The order to be placed on signing the definitive distribution agreement represents a 50 percent increase of total OXE order book and further confirms the strategic rationale of relocating production of the OXE200 to the US.

“I’m very happy with the appointment of ODN as our exclusive distributor also for the South East US. Over the last year, ODN has proven its ability to create demand for the OXE in the US and ODN genuinely shares our enthusiasm for revolutionizing the global high powered outboard market. Together with our manufacturing agreement with Outdoor Network Manufacturing and the significant order for 2021, I’m confident that our partnership has the ability to unlock the full potential for the OXE in the US.” says Myron Mahendra, CEO of OXE Marine AB.