Annapolis MD, June 20th, 2005: The shareholders of Farr International announce today that Geoff Stagg has purchased the full shareholding of the company and that, after 23 years of trading under its present name, the company is to be renamed Stagg Yachts Inc., and that it will continue its present operation under his sole ownership.
For much of the time that Farr International has been trading, Stagg has been the company's President and has now realised his ambition to purchase the shareholding previously held by Bruce Farr and Russell Bowler.
Farr and Bowler wish Stagg well and will maintain working relationships with Stagg Yachts as Geoff continues the class management of the Farr 40, Farr 30, and Farr 395 programs, together with the sales and marketing of the new boat products; Farr 30, Farr 36, Farr 395 and Farr 40, and the boat brokerage and project management services for which the company has become world famous.
Nelson Stephenson, the President of the Farr 30 Class, in a note of encouragement to the new company, said, 'The Farr 30 Class had a long history with Farr International and Geoff Stagg, and between them they have been instrumental in our mutual success over the last 10 years. We look forward to a great future relationship with Stagg Yachts Inc., and Farr Yacht Design Ltd.'
Jim Richardson, President of the Farr 40 Class Association, clearly endorsed the move. 'Geoff Stagg and Farr International have been integral to the growth and continued success of the Farr 40 Class. We are confident that we will reap the benefits of Geoff's knowledge and leadership for many years to come. We could not be happier for Geoff and we wish him and his team all the best with this new endeavour.'
Following a recent kidney transplant, Stagg will be running his own show with the same loyal staff that has created a well defined niche in the marine market. He declared, 'I felt that after all these years, I want to be in charge of my own destiny, but it will be business as usual same place, same number, same people. I would like to thank Bruce and Russell for their kind consideration and agreement to this change in the shareholding and for their foresight in founding the company in September 1982.'
Stagg says, 'I am delighted that Tink Chambers, Renee Mehl and Carol Horvath, are to remain with me at Stagg Yachts Inc.; they are very much a part of this business Tink has been with us for twelve years, Renee ten and Carol runs us all. Their understanding of our clientele's requirements and their unswerving loyalty will do much to make the corporate changes seamless.'