Marcos Maniacs

Maniacs . . .
 
I guess Tony Stelliga has found out how to make a small fortune in the
car business - start with a large fortune.
 
Regards . . . Ron McLeod
Marcos Mantis P8-5858
Marcos GT 3V-5642
 
 

________________________________

From: Marcos Engineering [mailto:newsletter@...] 
Sent: Thursday, October 11, 2007 2:31 AM
To: McLeod, Ronald
Subject: Newsletter


 
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	Marcos Engineering Appoints Administrator	 		
							
	Company proceeds to wind down operations

	 	  	 				
	October 9th, 2007 - Kenilworth, UK. Marcos Engineering Limited
("Marcos, the 
Company") today announced that it has entered Administration with a view
to 
completion of existing work in progress. Marcos' plan of dissolution
will see the 
Company wind up its ongoing business activities, sell its assets and
distribute 
proceeds and beneficial interests to shareholders and creditors as soon
as practicable. 

In reaching this decision the Company considered a number of factors
including the 
Company's current and future strategic and market opportunities and
business 
prospects, limits on new capital from outside sources, increasing cost
of ongoing 
capital and prevailing economic conditions. 

Marcos was founded in 1959 and went into receivership in 2000. The
Company was 
restarted in 2002, conducting business as an independent supplier of a
new high 
performance family of hand built lightweight sports cars that provide a
uniquely 
exhilarating driving experience. Despite mounting competition from
companies with 
substantially greater financial, technical, distribution and marketing
resources Marcos continued to develop its sports cars that received
international acclaim. 

As the cost of capital continued to climb and the potential for profit
faded, the 
Company's Board and management took steps to minimize product and
operational 
costs while they investigated various strategic opportunities and
engaged in 
discussions regarding lower cost distribution, alternate manufacturing
and external 
capital transactions with potential business partners. After reviewing
Marcos's 
business prospects and potential opportunities, the Company came to the
conclusion that Administration of the Company would have the highest
probability of returning the greatest value to its shareholders and
creditors. 

"Regrettably, despite the extraordinary efforts of our employees,
suppliers and 
dealers, we simply could not attain a profit point, reduce our cost base
or raise the 
necessary capital to sustain the business", said Tony Stelliga, Managing
Director. 
"My sincerest gratitude goes out to everyone that worked relentlessly to
revive the 
Great British Sports Car Company one final time". 

 	
	 	  	 				
		www.marcos-eng.com
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Marcos Engineering | Kenilworth | Warwickshire | United Kingdom 	


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