Brownie's Marine Group Acquires Assets of Boca Raton Dive Store
Intends to Launch First Company Owned Retail Concept Store
FORT LAUDERDALE, Fla., March 8, 2012 (CISIONWIRE) -- Brownie's Marine Group, Inc. (OTCBB:BWMG), a leading developer, manufacturer and distributor of highly specialized dive and safety products, announced today that it had purchased substantially all of assets, and assumed the lease of the former Boca Dive Center located at 176 Glades Road in Boca Raton, Florida. The purchase of these assets for a combination of cash and restricted common stock will provide Brownie’s with its first retail location in Palm Beach County, Florida.
The Company has begun to refurbish the store which is situated between the Town Center Mall and Federal Highway on Glades Road. The new store, which is expected to open for business in April 2012, and be fully stocked and operational by the end of June 2012, will be operated under a new retail concept, Brownie’s Adventure Center.
Brownie’s Adventure Center
The new store is expected to include the following products, features and activities:
- A broad range of unique water sports products, training and services at level not customarily found at “big box” outlets or online.
- A unique and dynamic display configuration of some of the industry’s finest outdoor products and companies such as: Stand Up Paddle Boards (“SUP”), Brownie’s Third Lung, Driver Propulsion Vehicles (“DPV”), u/w Pro Camera section; Halcyon, Sea Bob, Yacht Pro, Scuba Pro, Global Underwater Explorer’s (“GUE”) and the Project Baseline Center.
- Video action throughout store and interactive web based product information onsite.
- A 10-foot+ wide video screen playing dive, surf, SUP and nature film content during store hours and will feature special content on feature presentation nights (customer and pro exhibitions.
Robert Carmichael, CEO of Brownie’s Marine Group stated, “We remain focused on leveraging our innovative and industry leading products to deliver shareholder value. This transaction provides us with a prominent location to launch our concept store and gives us physical presence in an area with excellent demographics. We are confident the Boca Raton outdoor and recreational community as well as sports enthusiasts in general will embrace our novel new concept.”
About Brownie's Marine Group, Inc.
Brownie's Marine Group, Inc. and its wholly owned subsidiary, Trebor Industries, Inc., d/b/a Brownie's Third Lung, based in Fort Lauderdale, Florida designs, tests, manufactures and distributes recreational hookah diving, yacht based scuba air compressor and Nitrox Generation Systems, and scuba and water safety products. The Company sells its products both on a wholesale and retail basis and is comprised of three highly specialized dive product groups. The Company is an industry leading manufacturing and distribution company that serves middle income boat owners, higher income yacht owners, recreational divers, military operators and public safety personnel. The Company holds more than ten patents and enjoys a robust product development and intellectual property program that has yielded several proprietary products. Many of these products and innovations have become the "standard" for the marine industry. The Company is known for its meticulous devotion to detail, high quality production and design ingenuity. In the boating and diving community, Brownie's is known as the market leader when it comes to surface supplied "Third Lung" dive systems and Scuba Tankfill Systems for yacht-based diving. Brownie's products and support service divers at all levels of the underwater world, from shallow-water dive systems to deep-water mixed gas support systems for exploration divers and submariners.
In 2010, Brownie's introduced the first in a series of patent-pending Variable Speed Battery Powered Third Lung (hookah diving) devices engineered to conserve energy while delivering performance to the diver up to 3-times that of the nearest competitor.
Except for statements of historical fact, the matters discussed in this press release are forward-looking. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "expects," or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in identifying and marketing products, intense competition and additional risks factors as discussed in reports filed by the company with the Securities and Exchange Commission, which are available at http://www.sec.gov.
For more about Brownie's, www.browniesmarinegroup.com.
Robert Manuel Carmichael, CEO
Brownie's Marine Group