UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 6, 2018
OCEAN BIO-CHEM, INC.
(Exact name of registrant as specified in charter)
| Florida | 0-11102 | 59-1564329 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) |
| 4041 S.W. 47 Avenue, Fort Lauderdale, Florida | 33314 | |
| (Address of principal executive offices) | (Zip Code) |
(954) 587-6280
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.01. Completion of Acquisition or Disposal of Assets
On August 6, 2018, Ocean Bio-Chem, Inc. (the “Company”) issued a press release announcing the acquisition of Snappy Marine, Inc. A copy of the press release is furnished as Exhibit 99.1 to this Current Report.
The information furnished pursuant to Item 2.01 of this Current Report, including the exhibit furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The Company is furnishing the following exhibit to this Current Report:
|
Exhibit No. |
Description | |
| 99.1 | Press Release, dated August 6, 2018 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| OCEAN BIO-CHEM, INC. | ||
| Date: August 6, 2018 | By: | /s/ Jeffrey S. Barocas |
| Jeffrey S. Barocas | ||
| Chief Financial Officer | ||
1
Exhibit 99.1
Ocean Bio-Chem, Inc. Announces the Acquisition of Snappy Marine, Inc.
FORT LAUDERDALE, Fl., August 6, 2018 --Ocean Bio-Chem, Inc. (NASDAQ: OBCI) subsidiary Star brite Distributing, Inc. announces the acquisition of Snappy Marine, Inc. a leading manufacturer and distributor of teak care products, for the marine industry.
Peter Dornau, President and CEO commented: “We started looking at Snappy Marine, Inc. in early 2018. As discussions continued, we realized that Snappy had great brand recognition, which would fit nicely into the Star brite range of products. By acquiring Snappy Marine, Star brite acquires a brand of teak care products trademarked under the Snappy Teak-Nu® name, which has significant brand recognition in the boating/marine industry. The Snappy brand of products are known for high quality and superior performance in renewing weathered teak wood to like-new condition. Snappy Marine has a loyal customer base in both the US and international markets. We believe that together the Star brite and Snappy brands can be leveraged to increase sales of both brands.”
Mr. Dornau concluded - “The strong economy continues to drive sales of new and pre-owned recreational boats, and increased recreational boating which, in turn, is increasing demand for boat care products, including teak care products. We believe the acquisition of Snappy will be accretive to net income in 2018.”
Greg Dornau, Executive VP of Sales & Marketing, also commented - “The acquisition of Snappy Marine, Inc. provides Star brite with a great opportunity to expand the sales of the Snappy brand of products to our existing and new customers. Our sales team is excited to continue the legacy of the Snappy line of teak products. We also see opportunities for the increased sales of teak and other product line extensions under the Snappy brand. Strategically we are evaluating the launching of a brand of teak care products for restoring home and outdoor teak furniture.”
About Ocean Bio-Chem, Inc.:
Ocean Bio-Chem, Inc. manufactures, markets and distributes a broad line of appearance and maintenance products for the marine, automotive, power sports, recreational vehicle and outdoor power equipment markets under Star brite®, Star Tron®, Odor Star® and other brand names 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. The Company also manufactures, markets and distributes a line of disinfectant, sanitizing and deodorizing products under the Performacide® and Star brite® brand names.
The Company’s web sites are www.oceanbiochem.com, www.starbrite.com; www.startron.com; www.performacide.com.
Forward-looking Statements:
Certain statements contained in this Press Release constitute forward-looking statements, including, without limitation, Snappy will be accretive to net income in 2018, the opportunity for the increase sales of teak and other product line extensions. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “believe,” “may,” “will,” “expect,” “anticipate,” “intend,” or “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 which may cause actual results 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; reliance on certain key customers; changes in consumer demand for marine, recreational vehicle and automotive products; advertising and promotional efforts.
Contact:
Peter Dornau
CEO and President
pdornau@starbrite.com
954-587-6280
Jeff Barocas
Vice President & CFO
Jbarocas@starbrite.com
954-587-6280