Off The Hook Yachts | Investor Relations

Off The Hook Yachts Signs Definitive Agreement to Acquire Bellhart Marine, Creating the Carolinas’ Premier Mega Service & Refit Platform

Wilmington, NC, April 02, 2026 (GLOBE NEWSWIRE) — Off The Hook YS Inc. (NYSE American: OTH) (“Off The Hook Yachts” or “Off The Hook” or “the Company”), a vertically integrated, AI-powered marine marketplace and one of the largest buyers and sellers of used boats in the United States, today announced that it has entered into a definitive agreement to acquire Bellhart Marine Group, LLC, along with its affiliated entities Bellhart Marine Services, LLC, Specialized Mechanical Services, LLC, and Specialized Mechanical Services, Inc. (collectively, “Bellhart”).

Transformational Step Toward a Mega Service & Refit Platform

This acquisition represents a major strategic expansion of Off The Hook’s service capabilities, positioning the Company to build what it believes will become the premier marine “Mega Service & Refit Center” platform in the Carolinas.

The combined platform is designed to function as a high-efficiency reconditioning and service engine, enabling the Company to rapidly intake, service, refit, and remarket vessels at scale.

By bringing best-in-class service operations in-house, Off The Hook expects to:

  • Significantly accelerate inventory reconditioning timelines
  • Improve gross margins through lower service costs
  • Increase control over quality and execution
  • Enhance speed-to-market for resale inventory

“This is an infrastructure-driven acquisition,” said Jason Ruegg, Founder of Off The Hook Yachts. “We are building what we believe will be one of the most efficient marine service and refit platforms on the East Coast-allowing us to recondition boats faster, more cost-effectively, and at a higher level of consistency than the traditional model.”

Establishing a Three-Location Mega Service Network

As part of the transaction, Off The Hook will operate an integrated, multi-location service platform across three strategic facilities:

Cape Fear River Shipyard (Heavy Service & Yacht Refit Hub)

A full-service shipyard capable of hauling vessels up to approximately 70 tons, supporting major refits, structural work, and large-yacht service projects.

Market Street Facility (Outboard Service & Repower Center)

A high-volume service and diagnostics center focused on outboard engines, repowers, and ongoing maintenance, while also serving as a primary sales and customer interface location.

Sloop Point Marina (Dry Stack Service & Sales Hub)

Following recent approval to expand to approximately 450 dry stack racks, this location will serve as a high-density service and sales hub. Bellhart will lead service operations and new boat sales, supporting a large and growing captive customer base.

Strategic Geographic and Cost Advantage

Off The Hook believes its Wilmington-based service platform provides a unique competitive advantage:

  • Lower refit and service costs compared to South Florida, making it economically advantageous to transport certain vessels to North Carolina for refurbishment
  • Strategic positioning between Florida and the Northeast boating markets, allowing efficient movement of inventory
  • Immediate access (approximately 5-10 minutes) to Wilmington International Airport, enabling convenient travel for buyers to inspect vessels

This combination of cost efficiency, location, and accessibility is expected to expand the Company’s buyer reach while improving profitability on reconditioned inventory.

Enhancing Vertical Integration Through Service Excellence

The acquisition strengthens Off The Hook’s vertically integrated model by adding nearly two decades of service expertise from Bellhart, along with deep diesel capabilities from Specialized Diesel.

Bellhart is widely recognized as a leading marine service provider in the Carolinas, with a strong reputation for quality, reliability, and customer satisfaction.

By integrating these operations, the Company expects to:

  • Reduce reliance on third-party service providers
  • Increase service throughput and capacity
  • Improve turnaround time on inventory
  • Deliver a more consistent and higher-quality customer experience

“Service is one of the most important-and historically fragmented-components of the marine industry,” added Ruegg. “By bringing this capability in-house with proven operators like Bellhart and Specialized Diesel, we are creating a platform that is faster, more efficient, and more scalable.”

Scaling Platform Synergies and Inventory Throughput

The addition of Bellhart’s operations is expected to further enhance Off The Hook’s ability to efficiently source, recondition, and remarket inventory, supporting faster transaction cycles and improved capital efficiency.

When combined with the Company’s proprietary AI-driven marketplace and acquisition engine, the expanded service infrastructure is expected to:

  • Increase inventory velocity
  • Improve margin capture
  • Support more consistent execution across markets

“This acquisition aligns directly with our long-term strategy of building a scalable, infrastructure-backed platform,” said Brian John, Chief Executive Officer of Off The Hook Yachts. “By significantly expanding our service capabilities, we are positioning the Company to drive increased transaction volume, improve operating efficiency, and enhance long-term profitability.”

This transaction marks another pivotal milestone in Off The Hook’s execution of its long-term infrastructure strategy. With the addition of Bellhart, the Company is further advancing its vision of building a fully integrated network of “Mega Hub” facilities across the East Coast. Complementing its previously announced South Florida Mega Hub (Apex Marine Group) and Mid-Atlantic hub on the Chesapeake Bay, this Carolinas platform strengthens a tri-regional footprint spanning South Florida, the Mid-Atlantic, and the central East Coast, positioning Off The Hook to accelerate inventory flow and scale its platform with greater efficiency and control.

Transaction Details

The transaction is subject to customary closing conditions, including due diligence and third-party approvals, and is expected to close within a standard transaction timeline.

About Off The Hook YS Inc.

Founded in 2012, Off The Hook YS Inc. is a vertically integrated, AI-powered marine marketplace transforming how boats are bought, sold, and financed across the United States. Leveraging proprietary technology, deep transaction data, and a national acquisition network, the Company increases speed, transparency, and inventory velocity across boat brokerage, wholesale trading, auctions, financing, and marine services, with an integrated ecosystem that includes Autograph Yacht Group, Azure Funding, and proprietary lead-generation platforms. Headquartered in Wilmington, North Carolina, Off The Hook is rapidly expanding its national footprint and market share within the $57 billion U.S. marine industry.

Contact

Off The Hook YS Inc.
Chad Corbin, Chief Financial Officer
chadcorbin@offthehookys.com

Investor Relations
ir@offthehookys.com

Forward-Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Off The Hook YS Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Off The Hook YS Inc. undertakes no duty to update such information except as required under applicable law.


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George Jousma

Independent Director

George Jousma, age 66, brings more than 45 years of executive experience representing the Italian yachting sector in the Americas. In 1994, Mr. Jousma became President of Allied Marine/Richard Bertram Yachts, where he expanded the business from a single yacht product line generating under $20 million in sales to a company of over 200 employees across nine locations, with revenues exceeding $200 million. 

During his 14-year tenure, Allied became one of the largest distributors of Azimut, Benetti, and Ferretti yachts in the Americas, ultimately leading to its acquisition by the Ferretti Group in 2008. That same year, Mr. Jousma founded Sanlorenzo of the Americas, serving as President and Chief Executive Officer for ten years and establishing Sanlorenzo as one of the leading motor yacht brands in the region.

 Mr. Jousma also served on the Board of Directors and as a two-term President of the International Yacht Brokers Association (IYBA), the largest professional association of its kind globally. He has been an active participant in the Marine Industries Association of South Florida (MIASF) and is a lifelong boater originally from the Midwestern United States.

Mary Reynolds

Independent Director

Mary Reynolds, age 41, has over 15 years of leadership experience in retail and commercial finance, with a focus on business development, process optimization, and strategic growth. Mrs. Reynolds currently serves as Digital Innovation Director at a Connecticut-based bank, where she leads cross-functional teams in delivering technology-driven financial solutions. 

Previously, Mrs. Reynolds led marine operations at a top-performing national bank, supporting over $500 million in loan originations in under two years while managing federal and state regulatory audits. 

From November 2024 to May 2025, she served as Vice President of Consumer Lending at The Washington Trust Company. From July 2020 to August 2023, Mrs. Reynolds served as Chief Operating Officer of LV/Bank of Clark and later as Senior Vice President, Head of Operations at LV/Axos Bank of LaVictoire Finance.

Jim Seagrave

Independent Director

Jim Segrave, age 54, is the Founder, Chairman, and Chief Executive Officer of flyExclusive, one of North America’s largest and most innovative private jet operators. Founded in 2015, flyExclusive operates a fleet of over 90 light, mid, and super-midsize jets, employs nearly 800 professionals, and generated estimated annual revenues exceeding $350 million in 2024.

 In December 2023, flyExclusive (NYSE: FLYX) completed its public listing on the New York Stock Exchange. Mr. Segrave previously founded Segrave Aviation, Inc., a successful aircraft charter company sold to Delta Air Lines in 2010, which became Delta Private Jets. He also founded LGM Ventures, LLC, which operates fixed-base operations (FBOs) at Eastern North Carolina airports, the largest daycare center in Kinston, and a restaurant and bar in Atlantic Beach. Mr. Segrave has been named to the North Carolina Power List of Most Influential Leaders for the past three years.

 In 2024, he received the Boy Scouts Distinguished Citizen Award and was awarded the Key to the City by the Mayor. He currently serves on the Board of Directors of Quality Equipment, which owns and operates 38 John Deere dealerships, and as Vice Chairman of the Board of Directors of L. Harvey & Son, one of North Carolina’s oldest privately held businesses, founded in 1871. Mr. Segrave is also a member of the Board of Trustees at East Carolina University, the Embry-Riddle Aeronautical University Industrial Advisory Board, and the National Business Aviation Association (NBAA) Leadership Council.

Mike Kosloske

Independent Director

Mike Kosloske, age 61, is a third-generation insurance industry professional with a long-standing track record in executive leadership and public company governance.

 He is the founder of Health Insurance Innovations, Inc. (HIIQ), a health insurance technology company that completed its initial public offering on Nasdaq in February 2013. Mr. Kosloske served as Chief Executive Officer of HIIQ, which was recognized as the #1 Growth Company on Nasdaq in 2016, 2017, and 2018. In 2013, he was a finalist for the Ernst & Young Entrepreneur of the Year award. HIIQ was acquired by Madison Dearborn Partners in 2019. Mr. Kosloske previously served on the Board of Directors for St. Joseph’s Hospitals Foundation (2016 – 2025) and currently serves on the Board of Directors for Seminole Boosters (2019 – Present). 

He is also Managing Partner of Future Labs Capital, a firm focused on funding and consulting for MIT-affiliated companies in artificial intelligence, machine learning, and quantum computing (2024 – Present).

Andrew Simmons

Executive Vice President

Andrew Simmons, age 37, combines over 19 years of experience in senior sales and marketing leadership across the marine and automotive industries. Previously, he had been involved in multiple ventures within these sectors, holding positions including Founder, Partner, and President of Sales. Mr. Simmons was the Founder and Partner of American Yacht Group, one of the United States’ largest new yacht dealerships, generating over $100 million in annual sales since its inception in 2019. 

His success at American Yacht Group contributed to over 50% growth in annual sales for HCB Yachts. Most recently, Mr. Simmons was promoted to President of Sales for HCB Yachts globally. Mr. Simmons has demonstrated a consistent ability to drive growth in competitive markets through innovative sales strategies and strong leadership. 

His experience in scaling businesses provides a valuable commercial perspective that supports the Company’s expansion and revenue growth initiatives.

Chad Corbin

Chief Financial Officer

Chad Corbin, age 47, combines over 22 years of experience in financial and operational senior management following a career that began at Ferguson Enterprises. Previously, he had been involved in multiple companies within the financial and manufacturing industries, holding positions including Chief Financial Officer, Controller, General Manager, and Operations Manager.

 From 2000 through 2008, Mr. Corbin was the Credit Manager and later the Operations Manager for Ferguson Enterprises’ Jacksonville, FL branch. From 2008 to 2017, he served as Controller and subsequently as Chief Financial Officer and General Manager of Filmwerks International, a company specializing in event production and technical solutions. During his nine-year tenure, he was responsible for overseeing financial operations, maintaining the company’s banking relationships, overseeing two large competitor acquisitions. Following Filmwerks, from 2017 to 2024, Mr. Corbin worked as a Financial/ Operational consultant for several small companies. 

Two of his larger contracts were with Audioengine and Manufacturing Methods. Audioengine, a leading innovator in high-end audio equipment, he managed accounting, fulfilment, production, and sales support functions. Manufacturing Methods, he served has their CFO, where he was responsible for financial and human resources decisions across three companies, maintaining compliance with GAAP standards. Mr. Corbin is also currently the Chief Financial Officer of the Company.

BLake R. Phillips

Chief Operating Officer

Blake R. Phillips, age 39, combines over 17 years of experience in the recreational marine industry’s senior management.

 Previously, he had been involved in three major companies in the boating industry, holding positions including senior sales executive and Chief Operating Officer. From 2013 through 2022, Mr. Phillips held leadership roles with White River Marine Group, the world’s largest builder of fishing and recreational boats by volume, and MarineMax, the world’s largest retailer of recreational boats and yachts. 

In October 2022, he joined Off The Hook YS Inc. as Chief Operating Officer to lead the Company’s expansion of its consumer base, supplier network, stores, and operational systems. Mr. Phillips has recruited, built, and led teams of over 100, earned top sales accolades for brands such as Boston Whaler and Azimut Yachts, consulted on new vessel manufacturing, opened retail locations, and designed and managed major boat show displays.

Brian S. John

Chief Executive Officer

Brian S. John, age 56, combines over 25 years of experience in financial consulting, capital markets, and senior executive leadership, following a career as an investor and advisor to global emerging growth companies. Previously, he had been involved in numerous companies in the financial consulting and consumer products industries, holding positions including Chief Executive Officer, Chairman, and board member. 

From 2018 through 2023, Mr. John was the Chief Executive Officer of Jupiter Wellness, Inc., a consumer health and wellness company that he took public on NASDAQ in November 2020. In 2021, as CEO of Jupiter Wellness, he acquired SRM Entertainment, which began trading on NASDAQ in August 2023. From 2021 to 2023, he also served as CEO of Jupiter Wellness Acquisition Corp (NASDAQ: JWAC), now known as CJET. Mr. John is the founder of Caro Partners, LLC, a financial consulting firm specializing in advising emerging growth companies, and has worked with hundreds of companies across dozens of countries. 

He is also currently the Chairman of the Board for Caring Brands, Inc., a consumer brand development company. Mr. John served on the board of directors of The Learning Center at the Els Center of Excellence, a school for children with autism in Jupiter, Florida, from 2015 through 2023.

Jason Ruegg

Founder, President and Chairman of the Board

Jason Ruegg, age 36, combines over 12 years of experience in senior management within the marine industry following an entrepreneurial career that began during college. Previously, he had been involved in multiple ventures within the recreational boating sector, holding positions including Founder, President, and Chairman. Since 2012, Mr. Ruegg has served as Founder and President of Off the Hook Yachts, a national leader in the wholesale and retail pre-owned yacht market. 

Under his leadership, the company has completed nearly 10,000 transactions and acquired close to $1 billion in used boats and yachts. Off the Hook Yachts has been repeatedly recognized, including being named to the Inc. 500 list of America’s Fastest-Growing Companies, consistently ranked among Boating Industry’s Top 100 Dealers, and has completed over 5,000 transactions. In addition to leading core operations, Mr. Ruegg founded Azure Funding, a marine finance company, which has grown to over $100 million in annual loans, and has acquired multiple marinas, shipyards, and dry-stack facilities. 

Mr. Ruegg is also currently a director of Off the Hook YS Inc., a vertically integrated marine retail and finance platform.