Press Release from Surf Lakes:
Surf Lakes has moved to become a USA-based company following the successful approval of a Scheme of Arrangement process in late 2023 and full implementation as of January 2024.
This new entity, Surf Lakes Global, Inc., a Delaware corporation, is now the parent company for Surf Lakes, providing access and momentum into the US market. Surf Lakes will maintain business operations out of Australia, including all research and development initiatives with the engineering team working at the Gold Coast and on-site at the R&D facility at Yeppoon. This strategic move was made due to many factors, including:
- The US represents a larger and more suitable market for Surf Lakes.
- The majority of Surf Lakes projects are in the US.
- 43% of project enquiries to date have come from the Americas.
- The US has a much larger population than Australia (for perspective there are more people in Texas than Australia).
- Redomiciling in the US will yield improved access to US capital markets.
- The move allows for greater potential for investment in the immediate term and public listing opportunities in the medium-to-long term.
- Further strategic and business development opportunities.
- Closer and better connected to South America (Brazil represents another boom market for the wave pool industry).
PRESENCE IN THE US
Considering this development, Surf Lakes CEO, Aaron Trevis, will be moving to the US to join Surf Lake’s US-based staff in the California Office.
HOW DOES THIS AFFECT SURF LAKES OPERATIONS?
The redomicile will not affect ongoing business operations, as Surf Lakes will continue to maintain staff operating from the Australian office on the Gold Coast, Australia. Surf Lakes is also raising capital in Australia to upgrade the Yeppoon facility into a commercial facility.
We’re all excited to be entering a market that supports innovation to continue our growth and global success.