The PTV partnership
is
comprised of the 150 Limited Partner members plus the 15 General
Partners. PTV also hires a crew to operate the
vessel and participate in the catching and processing of the fish.
Revenues are derived from the sale of fish caught aboard PTV, plus
other business activities, such as the transportation of cargo between
PTV’s ports of embarkation. Revenues first apply to the on-going
business expenses, including vessel maintenance, fuel, provisions and
the costs of transporting and selling PTV’s fish. Profits beyond those
expenses are then divided among the crew, the general partners, and the
limited partners.
There are 3 levels of Limited Partner shares: Common shares,
Premium shares and Preferred shares, each with various initial
investment cost and corresponding rates of return. Regardless
of the level of partner share, each member is entitled to
the same complete set of membership privileges, including
lifetime fishing privileges aboard PTV.
The 150 Limited Partners comprise:
- 30 Common shares at a cost of $5,000 per share
- 60 Special Common Shares at cost of $10,000 per share.
The limited partnership is formed for the purpose of raising
$1M in startup funding to put PTV into operation so that its
on-going operation becomes self-sustaining and makes profit.
Therefore, the limited partnership is set to dissolve after
5 years, with all above investment costs being reimbursed
to the shareholders (derived from PTV’s initial profits)
within the first 3 years. Within the 5 year formation period,
PTV shares are transferable. At the end of 5 years, a new
corporation is formed of the members of record for the on-going
operation of the vessel (including member fishing privileges)
and continued lifelong dividends from PTV profits.
During the initial 5 year partnership period, after prescribed
deposits to the PTV reserve account and reimbursement of shareholders’
investments, PTV profits are distributed as follows:
-
15% is distributed among the crew of PTV (“crew
share”).
-
Of the remainder (“vessel share”), 38% is
distributed between the 40 Premium shareholders.
-
Of the remainder, 46% is distributed among the General
Partners.
- Of the remainder (“Limited Partner share”),
44% is distributed between the 15 Preferred shareholders
such that each receives 2.93%, and 56% is distributed between
the 90 Common shareholders such that each receives 0.62%.
After 5 years, when the partnership is dissolved and reformed
as a corporation (or similar), PTV profits are distributed
as follows:
-
15% is distributed among the crew of PTV (“crew
share”).
-
Of the remainder (“vessel share”), 27% is
distributed between the 40 Premium shareholders.
-
Of the remainder, 73% is distributed among the General
Partners, 15% is distributed between the 15 Preferred
shareholders, and 18% is distributed between the 90 Common
shareholders.
Individual Limited Partners therefore derive the following
portions of the “vessel share” (after 15% crew
shares are dispersed from net profits):
-
Each Preferred shareholder receives 1.0% during the
first 5 years, and 0.73% thereafter.
-
Each Premium shareholder receives 0.95% during the first
5 years, and 0.675% thereafter.
-
Each Common shareholder receives 0.2% during the first
5 years, and 0.15% thereafter.
Interested participants need not be sports fishermen, per
se. We also welcome those that are associated with the sportfishing
industry and other marine activities in general. Fishing equipment
manufacturers, dealers, etc., are especially urged to take
advantage of this opportunity to be involved. By acquiring
one or more limited partner shares, the fishing gear dealer,
for example, would secure themselves a positive platform from
which to not only advertise, but to sell their products directly
to other involved members and/or affiliates of our operations.
Companies should consider owning one or more limited partner
memberships in order to provide an outstanding perquisite
for their clients, employees, etc. Fishing trips throughout
the year could provide an excellent bonus within your company's
incentive program. Companies holding shares of PTV also receives
the quarterly dividends connected with those shares, which
could be applied toward the ancillary expenses of providing
such fishing trips, such as transportation and lodging.
For those in the business, we urge you to seriously consider
the opportunities and potential, inherent within the overall
program we have presented
Please view PTV’s Pro
Forma Projections of anticipated revenues, expenses
and profits to learn how much you might expect to receive
each year in shareholder dividends.
CAUTION
Please be advised that there are inherent risks involved when
placing personal funds into projects such as ours. We suggest
that you use proper judgment and common sense when making
your decision to become a member.
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