31 January 24
Yeppoon’s big steam-packet plunger is totally unlike any other wave pool technology out there, and as reported this week by WavePoolMag, looks like it’s all set to head across the Pacific:
Australian wave pool company Surf Lakes has officially transitioned to a United States-based corporation with the successful completion of a Scheme of Arrangement process.
The newly formed Surf Lakes Global, Inc., headquartered in Delaware, now serves as the parent company to Surf Lakes. This move is designed to capitalize on the expansive US market and facilitate the company’s growth.
Despite the shift to the US, Surf Lakes will continue to operate its business from Australia, where it will carry out all research and development activities. The engineering team will remain active both at their Gold Coast office and the research and development facility located in Yeppoon.
The decision to re-domicile was influenced by several factors, including the larger and more suitable market for Surf Lakes’ offerings in the US, the majority of the company’s projects being based in the US, and the fact that 43% of project inquiries have originated from the Americas.
Additionally, the United States boasts a significantly larger population compared to Australia, with states like Texas alone surpassing Australia’s population count. The strategic relocation is expected to provide Surf Lakes with improved access to the US capital markets, enhancing investment potential and creating opportunities for a future public listing. It also positions the company closer to South America, with Brazil noted as an emerging market for the wave pool industry.
In light of these changes, Surf Lakes CEO Aaron Trevis will be relocating to the United States to oversee operations alongside the US-based team in California. However, this transition to a US domicile will not impact the company’s ongoing business activities in Australia. Surf Lakes is actively raising capital in Australia to upgrade the Yeppoon facility into a commercial operation.
- SOURCE: WavePoolMag