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The Fountain 47 Lightning Wins Powerboat Magazine's Prestigious Offshore Boat of the Year Award

WASHINGTON, NC -- (MARKET WIRE) -- 05/16/2006 -- Fountain Powerboat Industries, Inc. (AMEX: FPB), a leading manufacturer of high performance sport boats, fish boats and express cruisers, announced today that at Powerboat Magazine's annual performance award banquet, Fountain Powerboats

CEO and President Reggie Fountain was presented with top honors in the Offshore Boat of the Year category for its new 47 Lightning built to challenge the high performance catamaran market. Sales of the new 47 Lightning have been strong and the company looks to continue this upward trend in the coming months. "This award is a great honor for us," said Fountain. "Every major performance boat manufacturer puts their best foot forward for the Powerboat Performance trials, and when Bob Teague and John Tomlinson say you're the best of the best, it is really an honor." Fountain went on to add, "Powerboat Magazine scrutinizes every detail of these boats, not only on performance but on rigging, paint, mold work, ergonomics and layout. Winning this award further reinforces the superiority of our products and brand image." According to Powerboat Magazine's Associate Publisher Vicki Newton, Fountain Powerboats received its first award for product excellence 25 years ago. "Thanks to Fountain for sending such an incredible boat. They really made our job easy," added Newton. Fountain's new 47 Lightning features the latest in hull technology in addition to a newly designed cockpit with a six-man stand-up bolster option. This boat was designed to challenge the high performance catamaran market and give those customers a safe, stable, high-speed alternative. To further prove the superiority of the hull, Fountain is currently campaigning a 47 Unlimited Super Vee on the SBI/APBA racing circuit this season. The boat, powered by twin Mercury racing 1075's engines, clinched the season opener last weekend at The Miami Beach Offshore Grand Prix. To obtain more information on Fountain's new 47 Lightning visit us on the web at www.fountainpowerboats.com. 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 sport 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 238,000 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.

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