FORT LAUDERDALE, Fla., June 8, 2012 (GLOBE NEWSWIRE) -- Brownie's Marine Group, Inc. (OTCBB:BWMG), a leading developer, manufacturer and distributor of highly specialized dive and safety products, today announced that that its Board of Directors has authorized the Company to evaluate strategic alternatives for its steam generation technology rights; including the separation of this potential business platform into a new company through a spin-off or other transaction.
In recent testing, the Molecular Impact Energy (MIE) steam generation system produced continuous steam without the aid of a conventional boiler apparatus. The MIE system was also successfully attached to a conventional double acting two-cylinder steam engine. Developing a test platform to prove the relative energy efficiency of the MIE invention and its integration into the marine industry are key near-term goals of the Company. Brownie's maintains exclusive rights to this technology for marine industry applications.
"We see significant upside for the application of this technology for the marine industry; upside that is potentially greater than our current core business and not reflected in our current enterprise value" stated Robert Carmichael, CEO of Brownie's.
For more information on the MIE project see: http://browniesmarinegroup.com/mie-marine-energy-project
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, based in Fort Lauderdale, Florida designs, tests, manufactures and distributes recreational hookah diving, yacht based scuba air compressor and Nitrox Generation Systems, and scuba and water safety products. The Company sells its products both on a wholesale and retail basis. The Company is an industry leading manufacturing and distribution company that serves middle income boat owners, higher income yacht owners, recreational divers, military operators and public safety personnel. The Company holds more than ten patents that have yielded several proprietary products. Many of these products and innovations have become the "standard" for the marine industry. 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. In 2011, Brownie's introduced the first in a series of patent-pending Variable Speed Battery Powered Third Lung (hookah diving) devices engineered to conserve energy while delivering performance to the diver. In May of 2012, the company opened its first company owned, full service dive and paddle board store; Brownie's Dive and Paddle showcases a premium selection of top brands of SCUBA, Technical and beginner level diving and Stand-Up Paddle Board equipment. Due to a long history in advanced high-pressure gas systems Brownie's has taken a leading development role and invested in a permanent license agreement for Molecular Impact Energy (MIE) technology in the field of marine applications.
Forward-Looking Statements:
Except for statements of historical fact, the matters discussed in this press release are forward-looking. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "expects," or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These forward looking statements include potential commercialization of the MIE technology for marine applications, the viability of the MIE technology, the potential realization of new revenue streams from the MIE and other patent and license rights, and our success in obtaining venture partners to help fund the testing of the MIE technology These risk factors include, among others, limited operating history, our ability to obtain funding for the MIE project, and the efficacy of the MIE technology in marine applications, difficulty in identifying and marketing products, intense competition, substantially increasing the enterprise value of Brownie's, successfully commercializing other patents, generating new lucrative streams of revenue from the MIE, successfully spinning off the MIE into a new entity or through another transaction, and additional risks factors as discussed in reports filed by the company with the Securities and Exchange Commission, which are available at http://www.sec.gov.
For more about Brownie's, http://www.browniesmarinegroup.com.
Contact:
Robert Manuel Carmichael
CEO
Brownie's Marine Group
954-462-5570 x 202
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