NEWS:
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.
