OBCI......this could be our next ebola winner.... News from a week or so ago.....
Ocean Bio-Chem, Inc. Reports Acquisition of Joint Venture Partner's Interest in OdorStar Technology, LLC
FORT LAUDERDALE, Fla., Sept. 24, 2014 /PRNewswire/ -- Ocean Bio-Chem, Inc. (NASDAQ: OBCI), announced the acquisition, of the membership interest in OdorStar Technology, LLC. (OdorStar) that it previously did not own from its joint venture partner, BBL Distributors, LLC (BBL). As a result of the acquisition, OdorStar is now a wholly-owned subsidiary of Ocean Bio-Chem.
OdorStar owns patents relating to a device for producing chlorine dioxide. The Company markets disinfectant products incorporating the device under the brand name Performacide®.
Under the agreement relating to the acquisition of the membership interests, Ocean Bio-Chem provided a cash payment to BBL and released BBL from certain indebtedness and other monetary claims, while BBL released a Company subsidiary from certain royalty claims. BBL was also provided purchase rights with regard to products containing the patented device.
Ocean Bio-Chem, Inc. President and CEO Peter Dornau stated: "The acquisition gives our company complete ownership of OdorStar's patents. In addition, as a result of the agreement, the Company also has exclusive rights to the Performacide® trade name. We are optimistic that Performacide® will begin to contribute to our earnings in 2015."
Mr. Dornau continued: "The Company will highlight Performacide® at the International Sanitary Supply Association (ISSA)/Interclean trade show in Orlando, Florida, which is to be held November 5-7, 2014."
On August 19, 2014, the Center for Disease Control and Prevention (CDC) issued interim guidance for environmental infection control in hospitals for the Ebola virus. The CDC recommendations include use of a U.S. Environmental Protection Agency (EPA) registered hospital disinfectant with a label claim on non-enveloped viruses (such as norovirus, rotovirus, adenovirus and poliovirus) for surfaces in rooms of patients with suspected or confirmed Ebola virus infection. The EPA has accepted labeling for Performacide® claiming effectiveness as, among other things, a viruscide against the non-enveloped viruses referred to above, as well as other viruses, and a disinfectant against a number of different types of bacteria. Performacide® is registered with the EPA and 42 states; registrations are pending in the other states.
Ocean Bio-Chem, Inc. is principally engaged in the manufacturing, marketing and distribution of a broad line of appearance and maintenance products for boats, recreational vehicles, automobiles, power sports, outdoor power equipment and motorcycle markets under the Star brite® StarTron® and other trademarks within the United States of America and Canada. In addition, the Company produces private label formulations of many of its products for various customers and provides custom blending and packaging services for these and other products. It manufactures its products in a 300,000 sq. ft. facility in Montgomery, Alabama, from which they are distributed across the globe.
The Company's web sites are:
www.oceanbiochem.com, www.Starbrite.com, www.Startron.com and www.nos-guard.com
Forward-looking Statements:
Certain statements contained in this press release including without limitation expectations as to future operating results, constitute forward-looking statements. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed forward-looking statements. Without limiting the generality of the foregoing, words such as "believe," "may," "will," "expect," "anticipate," "intend," "could" including the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Factors that may affect these results include, but are not limited to, the highly competitive nature of our industry and the market for disinfectants, reliance on certain key customers, changes in consumer demand for marine, recreational vehicle and automotive products, advertising and promotional efforts, and changes in interest rates and in foreign exchange rates.
Contacts:
Peter Dornau
President & CEO
pdornau@starbrite.com
954-587-6280
Jeff Barocas
Vice President & CFO
Jbarocas@starbrite.com
954-587-6280
Paul Knopick
E & E Communications
pknopick@eandecommunications.com
940-262-3584
SOURCE Ocean Bio-Chem, Inc.
Copyright 2014 PR Newswire
