FORT LAUDERDALE, Fla., July 2, 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 it had filed a claim against the BP Deepwater Horizon Settlement Fund to recover economic damages it had suffered as a result of the BP oil spill in the Gulf of Mexico on April 20, 2010.
Robert Carmichael, Chairman and CEO stated, "The BP oil spill had a significant negative economic impact on our business in the Gulf States where we operate. I'm pleased to report that a recovery has started to occur in the affected areas with respect to orders we are seeing for Brownie's products, however, we still see the lingering impact of the spill. We have filed this claim because we believe we are entitled to substantial compensation for the loss of orders we suffered subsequent to the oil spill."
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 and is comprised of three highly specialized dive product groups. 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 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.
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.
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 being entitled to substantial compensation from the Deepwater Horizon Recovery Fund on the claim the Company has filed. These risk factors include the Deepwater Horizon Recovery Fund's determination whether to accept the Company's claim and its determination of the amount of damages it calculates if a claim is paid, as well as 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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