Represents the Largest Single Investment in Company History
March 12, 2019, Pompano Beach, FL – Brownie’s Marine Group, Inc. (OTC Pink: BWMG) a leading developer, manufacturer and distributor of highly specialized dive and safety products is pleased to announce that it has successfully raised $500,000 from Mr. Charles F. Hyatt, an accredited investor and CEO of Hyatt Auto Group. The funds will be used to support the purchase of tooling, materials, and production of the Company’s transformational technology, BLU3’s “NEMO.”
Under the terms of subscription agreement the “Company” issued to Mr. Hyatt, a unit of the securities of the Company, with the unit (the “Unit”) consisting of 50,000,000 shares of common stock, par value $0.0001 per share (the “Shares”) and 50,000,000 eighteen month common stock purchase warrants exercisable at $0.01 per share (the “Warrants”) in consideration of $500,000. The Shares represent approximately 24% of the Company’s outstanding shares of common stock, giving effect to such issuance. In the event the investor exercises all of the Warrants, the Shares and shares of common stock underlying the Warrants would represent approximately 39% of the Company’s outstanding shares of common stock, giving effect to such exercise and issuance.
The new investment round will enable the Company to further capitalize on its position as a leader in the recreational scuba diving and boating industry both in the U.S and internationally. New product innovation backed by sound engineering is a key area of focus for Brownie’s Marine Group. Results of the Company’s investment into research and development are coming to life with the launch of NEMO, the most portable and affordable underwater breathing system ever developed. This innovation is possible thanks to patent-pending technology inside of the device’s regulator (mouthpiece), which gives NEMO the ability to operate at extremely low air pressures when compared to all other systems on the market. One small, 1.2-pound lithium ion battery can now supply a user with nearly the equivalent amount of dive time as a standard 35-pound SCUBA tank. The funding will also drive the subsidiaries expansion.
Robert Carmichael, Brownie’s Chairman and CEO stated, “We are very encouraged by Mr. Charles F. Hyatt’s very significant investment in Brownie’s, as well as the interest shown to date in our ground-breaking NEMO product and technology. This financing coupled with the November 2018 debt conversion of $526,000 of principal and interest into common stock substantially improves our liquidity, stockholder’s equity, and current ratio which is now positive.
information can be found on https://browniesmarinegroup.com
About Brownie’s Marine Group
Brownie’s Marine Group, Inc. is the parent company to a family of innovative brands with a unique concentration in the industrial, military and recreational diving industry. The Company, together with its subsidiaries, designs, tests, manufactures, and distributes recreational hookah diving, yacht-based scuba air compressors and nitrox generation systems, and scuba and water safety products in the United States and internationally. The Company has three subsidiaries including Trebor Industries, Inc., founded in 1981 and dba as “Brownie’s Third Lung,” BLU3, Inc., and LW Americas. The Company is headquartered in Pompano Beach, Florida and employs 18 full-time staff. For more information, visit: BrowniesMarineGroup.com.
This press release may contain forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements in this report are reasonable, we cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to the development, production and marketability of our development stage NEMO product. Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 as filed with the Securities and Exchange Commission (the “SEC”) and our other periodic and quarterly filings with the SEC.
Contact Diana Giorgetti, (954)-462-5570