FORT LAUDERDALE, Fla., May 24, 2011 /PRNewswire/ -- Brownie's Marine Group (OTC Bulletin Board: BWMG) today provided a business update for its investors and interested parties.
Brownie's Marine Group is comprised of three highly specialized dive product groups. Based in Fort Lauderdale, Florida, the Company has grown from a garage based business in the late 1960s, to an industry leading manufacturing and distribution company. The Company serves middle income boat owners, higher income yacht owners, recreational divers, military operators and public safety personnel.
The Company holds numerous 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.
Robert Carmichael, Brownie's Chairman and CEO stated, "Over the last few months, we have received approximately $400,000 in capital from investors principally in the form of convertible debentures. It is very encouraging that we have added business partners who see the vision for our Company. This capital infusion has helped to significantly improve our liquidity and future business outlook. The new funding will first support the growing demand for the new products by enabling us to increase inventories to sufficient levels necessary to narrow the gap between orders and fulfillment."
Carmichael further added, "We believe that the interest generated by the exposure of our new products through trade shows during 2010 and early 2011 validates our new technologies, pricing plan and best in class dealer program. Orders for our core products within the current calendar quarter are up significantly over same period in 2010. This trend, combined with our entry into the broader boating consumer market with our new Variable Speed Battery-Powered dive systems, is indicative of the potential for our products."
In 2010, Brownie's introduced the first in a series of patent-pending Variable Speed Electric Third Lung devices engineered to conserve energy while delivering performance to the diver up to 3-times that of the nearest competitor.
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, 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. Brownie's Marine Group holds multiple U.S. patents in the field of diving and life safety products. 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 about 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 of future revenues, the level of market acceptance of our variable speed dive systems and other new technologies, the 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, 2010. 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.
Contact: Robert Carmichael
Brownie's Marine Group, Inc. 954-562-5570 x-202
SOURCE Brownie's Marine Group, Inc.