Company announces the receipt of orders for 430 boats, including a 250 boat backlog, in front of introduction of new Pininfarina designed performance powerboats WASHINGTON, Mo., Nov. 20 /PRNewswire-FirstCall/ -- Challenger Powerboats, Inc. ("Challenger") (OTC:CPBI) (BULLETIN BOARD: CPBI) , a manufacturer of powerboats, tow boats and water-jet powered sport boats, today filed its third quarter, ended September 30, 2007, financial results on SEC form 10-Q. The Company, which entered the recreational boat industry during the first quarter of this year, completed its first nine months with $5.8 million in revenue. In October, the Company was successful in converting $16.9 million in long-term debt it incurred during the development of its boat design technology and the acquisitions of International Marine and Recreation ("IMAR") Group, creators of the Sugar Line of water-jet powered boats, and Gekko Sports Corporation, into preferred equity. The Company also executed a reverse split of its shares of common stock resulting in 3,944,179 shares outstanding and 36,154,739 diluted shares. Challenger conducted its first dealer meeting on September 11 and 12, during which it demonstrated the craftsmanship of its three boat line. As a result of the meetings and the continued expansion of its dealer network, the Company has received orders for 430 boats to date, with a backlog of 250 boat orders, and the Company continues to receive additional orders weekly, for delivery over the next several months. The Company is currently in full production in preparation for the upcoming winter boat shows, where dealers normally generate approximately 30% to 40% of their annual boat sales. The Company is also scheduled to introduce its new Pininfarina designed boats during the first quarter of 2008. Pininfarina is a cutting-edge design company, most notably known for its designs of Ferrari and Maserati automobiles, as well as yachts and private jets. Pininfarina has designed two boats for Challenger: an open bow family performance boat and an offshore powerboat boat, both 36 feet long. Both boats will incorporate the patented revolutionary Duo Delta-Conic ("DDC") hull. Laurie Phillips, Challenger's president and CEO, commented, "We spent the first half of the year fine tuning our production operations and creating a critical mass of dealers and distributors. The order flow for all our lines of boats has maintained a steady growth since the dealer meetings, which was one of the first opportunities for us to demonstrate the quality of our Challenger boat line, especially the DDC line. Dealer response to our Gekko tow boats, considered the world's best tracking towboat, and our innovative water-jet powered Sugar Sand boats has exceeded our expectations. The production capacities of our Washington, Missouri and Fargo, North Dakota plants are equipped to handle significantly increased volume, while maintaining costs efficiencies and delivering exceptional quality. The company is positioned to have a strong 2008." About Challenger Powerboats, Inc. Challenger Powerboats, Inc. designs and manufactures high performance 'go fast' offshore racing boats, family sport cruisers, jet boats and water ski tow boats under the brands 'Challenger Powerboats', 'Sugar Sand' and 'Gekko', which target the recreational boating market. Proven world-class technology is incorporated into the manufacturing of our award winning boats at the Company's 65,000 sq. ft. facility located on our 12 acre complex in Washington, Missouri and 80,000 sq. ft facility in Fargo, North Dakota. The Company's boats are sold through our dealer network in the United States, Canada, Mexico, Europe, Australia, the Middle East and Japan. In 2006, Gekko was selected as an official tow boat for the World Barefooting Championships, and the European Barefooting Championships in 2005. To find out more about Challenger Powerboats, Inc. (OTC:CPBI) (BULLETIN BOARD: CPBI) please visit http://www.challengerpowerboats.com/, http://www.sugarsand.com/, http://www.gekkosports.com/ or http://www.sec.gov/ to view the Company's public financial information and filings. Forward-Looking Statements This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law. Contact: Michael Novielli Chairman of Challenger Powerboats, Inc., 845-575-6770, ext. 202 Malcolm McGuire CCRI Financial Group, 800-828-0406 DATASOURCE: Challenger Powerboats, Inc. CONTACT: Michael Novielli, Chairman of Challenger Powerboats, Inc., +1-845-575-6770, ext. 202; or Malcolm McGuire of CCRI Financial Group, 1-800-828-0406, for Challenger Powerboats, Inc. Web site: http://www.challengerpowerboats.com/ http://www.sugarsand.com/ http://www.gekkosports.com/

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