Having roots back to 1965, iconic Australian Motor Yachting brand, Cresta Motor Yachts Limited has developed and engineered three new and innovative class leading luxury motor yachts, which are priced at an affordable price point. The production process follows the three year development phase and has now been commenced in Wei Hai, China and is progressing in line with Company expectations.

The Company is positioning itself to support new sales in the coming six months, with the business expected to be highly profitable in the 2011 calendar year and beyond. Sales targets have been conservatively set and are viewed as highly achievable by the board of directors. Cresta believes there will be a significant uptake of new vessels following the improvement of global financial markets and as the recovery of financial markets returns to full swing in 2011.

Cresta’s point of difference to other premium motor yacht companies is that the Company has developed a production process that enables Cresta to manufacture a high quality motor yacht at a much lower price point than their Australian and International competitors.

Cresta’s production plant in Wei Hai, China was selected as the perfect location for the Company to build its luxury motor yachts as Wei Hai is renowned for its local boat building industry and the availability of the number of skilled workers, with many of Cresta’s Chinese boat builders from families who have been in the industry for over eight generations. Labour costs are also substantially less than their Australian and International counterparts. All boats are made under the strict supervision of Australian and New Zealand boat builders, which ensures that all vessels are constructed to internationally recognised standards. Cresta has further reduced manufacturing costs by supporting the local industry using a number of Chinese raw materials in the decks, especially teak, which are purchased from tree growers in China.

The innovative architecture of the new range of yachts resulted from three years of research and preparation by internationally recognised naval architects and the renowned Cresta team. This has ensured that the new vessels can take full advantage of the latest technology, in both engine propulsion and construction materials. With industry best practice in mind, the vessels have been designed in cooperation with the world’s major engine manufacturers and their naval architects, to ensure compatibility with the latest technology from those vendors. In commenting on the Company’s recent achievements, Adrian Ballintine, Chairman said, “It is a very exciting time for Cresta as the work of the naval architects begins to take shape in a physical form. The high standard of the design and computations made available to the production team by the vessels’ architects has facilitated for a very smooth and efficient approach to the boat building process.”

Cresta offers customers a unique selling proposition, all of Cresta’s vessels are semi customised, providing owners with tremendous flexibility in the design and in determining the appropriate power for their vessels. Cresta’s semi-custom approach to production ensures the owners have a vessel, which reflects their own personality. This is achieved in conjunction with Cresta’s interior design team. With unlimited choices, including open access to all engine propulsion systems, owners of Cresta Motor Yachts are uniquely placed to enjoy the best of all worlds.