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/ CORRECTION - Fountain Powerboats Continues Global Expansion

/ CORRECTION - Fountain Powerboats Continues Global Expansion

WASHINGTON, NC -- (MARKET WIRE) -- 09/28/06 -- In the news release, "Fountain Powerboats Continues Global Expansion," issued earlier today by Fountain Powerboat Industries, Inc. (AMEX: FPB), we are advised by the company that in the first four paragraphs, all instances of "Luxury Yachts," as originally issued, should instead read "Mirage Marine." Complete corrected text follows.

Fountain Powerboats Continues Global Expansion

Company Sets Solid Footprint in Australia

WASHINGTON, NC -- September 28, 2006 -- Fountain Powerboat Industries, Inc. ("Fountain"; "Fountain Powerboats") (AMEX: FPB), a leading manufacturer of high-performance sport boats, fish boats and express cruisers, today announced that Fountain Worldwide, LLC, the international distributor for Fountain Powerboats, has added Mirage Marine Australia to its international dealer network. Mirage Marine, with operations in both Sydney and Perth, is recognized as one of the premier boat dealers in Australia.

Mirage Marine's official launch of the Fountain Powerboats line will be at the Mandurah Boat Show, in Mandurah, Australia in mid-October where they will be showcasing a Fountain 32 Center Console fishboat. Australia ranks among the top three importers of U.S. manufactured pleasure boats.

"Given the excellent brand awareness of Fountain boats and a very competitive pricing structure, we really believe we have a winner here," said Lyndon Davies, Managing Director for Mirage Marine.

Tim McSwiney, Director of Business Development for Fountain Worldwide, will be on-hand at the Mandurah show to represent Fountain Powerboats. "I am pleased to have the opportunity to work with the team at Mirage Marine as I believe they exhibit the excitement and dealership dedication that has made Fountain Powerboats a worldwide success, and will be an excellent addition to our network of world-class dealerships."

Senior management at Fountain Worldwide recently undertook a fact-finding mission focused on dealership opportunities in the People's Republic of China (PRC), and were invited to participate in the Shanghai International Boat Show. The exposure of Fountain Powerboats products in the PRC show will strengthen the company's planned market penetration of Asia.

In July of 2006, Fountain announced the addition of BlackFish Marine, located on Grandville Island, Vancouver, British Columbia, as an international dealer of its boats; and Fisherman's Boat Group of Miami, Florida was added to its domestic dealer network.

Fountain Powerboats, through its Fountain Worldwide group, currently has 13 dealers throughout Europe, the Middle East and Asia and recently expanded its international dealer network with the addition of Nautilux in Italy and 1st 4 Boats in the United Kingdom. Fountain Powerboats currently has a combined domestic and international dealership network of 66 dealers.

To further grow international sales, Fountain Powerboats will be represented in nine international boat shows during the 2007 season, including the world renowned Genoa International Boat Show in Italy, which historically has generated more sales than any other boat show in the world; and the famous Southampton Boat Show in the U.K., which now surpasses the London Boat Show in sales and attendance.

About Fountain Powerboats, Inc.

Fountain Powerboats, Inc., a subsidiary of Fountain Powerboat Industries, Inc., has its executive offices and manufacturing facilities along the Pamlico River in Beaufort County, North Carolina. The company designs, manufactures and sells offshore sport boats, sport fishing boats and express cruisers that target the segment of the recreational power boat market where speed, performance, safety and quality are the main criteria for purchase. These recreational boats are based upon an innovative, award- winning design enabling world-class performance while using standard reliable power. There are currently 12 buildings located on 65 acres totaling over 237,000 square feet accommodating 40 to 45 boats in various stages of construction at any one time. The present plant site can also accommodate up to 300,000 square feet of additional manufacturing space. The land and buildings are wholly owned by Fountain Powerboat Industries, Inc. and its subsidiary, Fountain Powerboats, Inc. For more information, visit www.fountainpowerboats.com.

Contact:
Marty Tullio
McCloud Communications, LLC
949.553.9748
[email protected]

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