Silverado Financial Inc. signed a formal letter of intent to purchase Water Skeeter Sports Innovations Inc. (“WSSI”) of Stockton, California. WSSI has established itself as a leader in personal pontoon craft and float tubes, and plans to expand its current line of products with the introduction of several new leading-edge technologies which have been engineered and retrofitted for synergistic use with its products.

 

WSSI, at at www.waterskeeter.com, had sales exceeding $925,000 during 2007, and now expects to increase that number substantially during 2008.

 

Silverado, a Beverly Hills company that trades on the NASDAQ pink sheets, is also currently engaged in negotiations to hire a new Chief Financial Officer. It is Silverado's intention to have its new CFO generate current, accurate financial statements, in full compliance with GAAP and all relevant PCAOB standards, and to publicly release these statements as soon as possible. Subsequently, Silverado plans to have these statements fully audited, and then apply for resumption of reporting status shortly thereafter.