Pompano Beach, Florida (GLOBE NEWSWIRE) — Brownie’s Marine Group, Inc. (OTC Pink: BWMG) a leading developer, manufacturer and distributor in the marine industry announced several business updates on their existing businesses and new opportunities.
Impact of COVID-19 On Existing Businesses
Like many consumer-facing companies, BWMG’s core business lines are experiencing significant challenges, as the COVID-19 related economic slow-down impacts consumer spending. The management team of BWMG expects that revenues will be down significantly from internal estimates on various products sold, including those in the boating and recreational diving industry. The company has taken several steps to ensure the long-term viability of operations, including the shift of focus onto developing a ventilator prototype using the company’s existing IP.
Purchase Order for Ventilator Prototype
On April 14th, 2020, BWMG received a purchase order from a third-party to produce several ventilator prototypes. BLU3 Vent is a development stage emergency ventilator in the prototype phase that has been in development over the past 30 days based on a call-to-action for innovators to help create solutions during this crisis. BLU3 Vent has undergone preliminary testing but is not yet ready to be put on the market.
The core technology of BLU3 Vent is BLU3’s proprietary breathing air pump and respiration detection sensor originally invented for a tankless diving system called ‘Nemo.’
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 Brownie’s High-Pressure Services, Inc. dba LW Americas. The Company is headquartered in Pompano Beach, Florida.
For more information, visit: www.BrowniesMarineGroup.com.
Safe Harbor Statement
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 BLU3 Vent. 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, 2018 as filed with the Securities and Exchange Commission (the “SEC”) and our other periodic and quarterly filings with the SEC.