Brownie’s Marine Group Acquires Worldwide Royalty Free License to Manufacture and Sell Undersea Breathing Systems’ Nitrox Generation Diving Systems
FORT LAUDERDALE, Fla., March 19 /PRNewswire-FirstCall/ — Brownie’s Marine Group, Inc. (OTC Bulletin Board: BWMG) today announced the execution of a technology license agreement with Undersea Breathing Systems, Inc. with which Brownie’s has acquired an exclusive worldwide license to manufacture and sell Nitrox Generation Diving Systems developed by Undersea Breathing Systems, Inc. (“UBS”) for the yacht and ship building market. The license is fully paid, irrevocable and royalty free .
Robert Carmichael, CEO of Brownie’s, said, “This fully paid-up, no royalty license agreement will reduce Brownie’s cost of producing Nitrox Systems by more than 50% and makes Brownie’s highly competitive in the global dive industry. Brownie’s is the first and only provider of the latest technological development in Nitrox production system and intends to begin marketing the benefits of the new low-temperature, high efficiency Nitrox Makers systems on a more extensive basis. Our technology is the only Nitrox system totally compatible with the dive-industry standard Bauer Compressor tank fill device.”
Carmichael added, “This is a significant step toward implementation of our recently announced expansion to establish Brownie’s as a leader in the dive industry offering the most complete line of products and services to encompass all divers needs.”
Brownie’s intends to introduce diving to a broader and deeper market and intends to become the premier manufacturer, distributor and retailer of high quality dive equipment throughout the United States and the world. Today, Brownie’s is the industry standard for yacht based dive systems and has the opportunity to become the industry standard for the entire dive experience. With over 30 years of experience, Brownie’s is already recognized as the world’s best manufacturer for hookah and yacht-based dive systems.
About Brownie’s Marine Group, Inc.
Brownie’s and its wholly owned subsidiary, Trebor Industries, Inc., d/b/a Brownie’s Third Lung, a Florida corporation, designs, tests, manufactures and distributes recreational hookah diving, yacht based scuba air compressor and Nitrox Generation Systems, and scuba and water safety products. Brownie’s Marine Group sells its products both on a wholesale and retail basis, and does so from its headquarters and manufacturing facility in Fort Lauderdale, Florida. For more corporate information, please visit www.browniesmarinegroup.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including our expectations regarding fourth quarter revenues, gross margins, and net income. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict.
Further information on the company’s risk factors is contained in our filings with the Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 2008. Any forward-looking statement made by the company in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
SOURCE Brownie’s Marine Group