Latest news with #marineindustry
Associated Press
19-06-2025
- Business
- Associated Press
Brownies Marine Group Company Wide Update
Davie, FL, June 19, 2025 (GLOBE NEWSWIRE) -- Brownie's Marine Group, Inc. (OTCQB: BWMG), a leading developer, manufacturer and distributor of tankless dive equipment, best-in-class water scooters, and high-pressure air and industrial compressors in the marine industry, today announced results for the fiscal fourth quarter and twelve months ending December 31, 2024. Robert Carmichael, CEO of Brownie's Marine Group, Inc. stated, 'Although we are disappointed in the operating results, we are pleased with the product development and re-alignment of resources. 'Ongoing market challenges, a cautious retail and trade channel environment resulted in lower total sales and profitability than desired. We remain focused on our key strategic priorities and the changes necessary for near-term growth—investing in consumer-driven innovation, enhancing our go-to-market with novel solutions ethos, and improving operational efficiencies at the fundamental level,' said Robert Carmichael, Chairman and Chief Executive Officer. Fundamental Changes: Headquarters Facility: The Company relocated it south Florida headquarters from Pompano Beach to Davie, Florida just west of the Fort Lauderdale International Air and Sea Port. The 19,000+ Sq. Ft. facility is a free standing, corporate office and manufacturing facility. This climate-controlled facility supports efficient manufacturing, innovation, and future growth. The new layout includes abundant technical areas, vertical storage, and a welcoming product showcase entrance highlighting the BMG portfolio. Audit Firm, Trading and Reporting: To modernize financial reporting and increase transparency, Brownie's engaged Bush & Associates CPA (Henderson, NV) as its independent audit firm. The firm brings a technology-forward, quality-driven approach to audit and assurance services. Additionally, BMG has applied for its OTC Markets listing to be transitioned to the upcoming OTCID platform, expected to go live in July 2025. OTC Markets Group is introducing OTCID as a new tier that replaces Pink Current, offering clearer distinctions between companies that meet basic disclosure standards and those that do not. The transition marks a pivotal shift toward investor transparency and accountability. By joining the OTCID Market, we proudly support OTC Markets Group's mission to distinguish responsible companies that take ownership of their U.S. traded securities and meet elevated disclosure standards. OTCID will make it easier for investors, brokers, regulators, and issuers to identify companies that demonstrate compliance and accountability. The enhanced transparency and disclosure requirements of OTCID may drive positive shifts in investor confidence and behavior, benefiting shareholders in BWMG and the broader OTC market alike. Product News: BLU3: BLU3 continues to redefine recreational diving with its patented, battery-powered dive systems designed for accessibility, portability, and innovation. In 2024, the Company implemented key changes to improve product positioning, operational efficiency, and brand performance: Completed the phase-out of the Nemo model in favor of the more advanced Nomad Mini, streamlining the product line and improving overall manufacturing efficiency. Expanded into the pool and spa service industry through targeted marketing campaigns that highlight BLU3's unique utility for light underwater work and inspection. Reduced overhead expenses by strategically eliminating non-essential salaried roles in sales and marketing, aligning resources with core priorities. Implemented price adjustments across core products to support margin growth and maintain long-term profitability. Maintained a diverse marketing strategy through continued investment in boat shows, influencer collaborations, and a combination of paid and organic social media efforts. BLU3 remains a central growth driver for BMG and continues to explore new markets and applications for its ultra-portable dive technology. SeaNXT Elite: BLU3 completed its first full year as the exclusive distributor and service center for the SeaNXT Elite water scooter across North and South America and the non-French Caribbean. In 2024, the primary focus was on expanding the dealer and service network throughout these regions to establish a strong foundation for long-term growth. While several promising partnerships were explored, some efforts were paused due to market constraints, including restrictive dealer agreements imposed by competing brands that prohibit retailers from carrying alternative products. Despite this, SeaNXT continues to gain traction as a high-performance, service-friendly alternative in the luxury water toy category. Building brand trust remains a top priority, and BLU3 is uniquely positioned to lead this effort thanks to its experienced team, modern facilities, and the modular design of the SeaNXT Elite, which simplifies maintenance and supports long-term ownership value. Brownie's THIRD LUNG / Sea Lion: Since 1969 the 'THIRD LUNG' has been thought of as a simple gasoline powered air compressor on a float tube. The simplicity and long run time has satisfied an enduring audience of local Florida lobster hunters, salvors and shallow sport divers rugged enough to tolerate the dinosaur powered solution for over 5-decades. The next generation THIRD LUNG (Sea Lion) leverages our multi-patented battery-powered technology to deliver a diver sensitive-variable speed solution that is more appealing to a broader audience of resort divers and families with boats. The Sea Lion boost an 18-pound battery that provides up to 3-hours of dive time for 3-divers to depths up to 33-ft. The sluggish cadence of 2024 allowed Brownie's team to develop and heavily invest in multiple improvements that are now delivering better value to the consumer and significant margin enhancements for the company. SPARE AIR (Submersible Systems, Inc.): Submersible Systems, Inc. enjoyed one of the best years in the companies over 40-year history. SPARE AIR is a natural complement to the entire line of Brownie's and BLU3 innovations. As we recruit broader audiences to participate in tankless diving, the addition of a completely redundant air source for our products and other diving systems becomes self-evident. Distribution channels and new market opportunities are exposing more synergies across the brands as we cross-pollinate sales and customer service efforts. LIVE BLUE: Live Blue was launched in 2022 as a pilot program for guided tours, and entry-level dive coaching utilizing the innovative line of products from BLU3. Initially launched in conjunction with our acquisition of Gold Coast Scuba, LLC, a dive shop and scuba diving training center operating in Lauderdale-by-the-Sea, Florida. In late 2024, the company sold the inventory and SCUBA asset package known as Gold Coast Scuba to Adventure Seeker Company. Adventure Seeker Company Dba Gold Coast Scuba continues to operate as a dealer and strategic partner of BMG products and services for the Lauderdale-by-the-Sea area. Live Blue, Inc remains a wholly owned subsidiary of BMG. Robert M. Carmichael, President and Chairman of the Board added, 'One of our core missions is to support entry-level water exploration and promote long-term ocean stewardship. Through education and access, we aim not only to grow our customer base—but to foster the next generation of responsible marine enthusiasts.' About Brownie's Marine Group Brownie's Marine Group, Inc. owns a portfolio of companies focused on industrial breathing air and recreational diving technologies. Together, the Company designs, tests, manufactures, and distributes tankless dive systems, high-pressure breathing air systems, scuba products, and water safety devices across global markets. The Company operates four subsidiaries: BMG operates from its Davie, Florida headquarters and a manufacturing and distribution facility in Huntington Beach, California. For more information, visit: . 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. 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, 2024, as filed with the Securities and Exchange Commission (the 'SEC') on June 17th, 2025, and our other periodic and quarterly filings with the SEC. Source: Brownie's Marine Group, Inc. Contact Information: (954) 462-5570 [email protected]
News.com.au
12-06-2025
- Automotive
- News.com.au
Charged up and ready to make waves – E1's all-electric powerboat series returns in Dubrovnik, Croatia
Charged up and ready to make waves - E1's all-electric powerboat series returns in Dubrovnik, Croatia
Zawya
09-06-2025
- Business
- Zawya
Oman: Shipbuilding hub to boost Musandam's economy
The deal was formalised in the presence of Dr Saud bin Hamoud al Habsi, Minister of Agriculture, Fisheries and Water Resources, and Sayyid Ibrahim bin Said al Busaidi, Governor of Musandam. In a major boost for Oman's marine and fisheries industries, Musandam Global Investment Company SAOC (MGIC) and its Turkish partners have signed binding commercial terms and a shareholders' agreement to establish Musandam Drydock and Marine Industries LLC, a shipbuilding and repair facility in Musandam Governorate. The deal was formalised in the presence of Dr Saud bin Hamoud al Habsi, Minister of Agriculture, Fisheries and Water Resources, and Sayyid Ibrahim bin Said al Busaidy, Governor of Musandam. The project, backed by an initial investment of $15 million, will support the construction and maintenance of aquaculture cages, fishing vessels, tugboats, and service and transport vessels up to 35 metres in length. It is set to serve both domestic and regional markets, aligning with Oman's strategy to enhance food security and marine industrial capacity under Oman Vision 2040. In an exclusive interview with the Observer, Raed al Shehhi, Chairman of MGIC, emphasised the project's strategic importance, "The launch of Musandam Drydock and Marine Industries LLC is aligned with our long-term strategy to build an integrated and diversified economy in Musandam. This project directly supports Oman Vision 2040 by fostering sustainable industrial growth, enhancing food security through support to fisheries, and creating meaningful employment.' According to Al Shehhi, the first phase of the project will include the development of slipways, fabrication workshops, and maintenance yards tailored for small to medium-sized vessels. The company will also build infrastructure for manufacturing and servicing aquaculture cages and coastal fishing boats. 'Phase one focuses on establishing the core shipbuilding and repair infrastructure. Future phases will likely include expansion to handle larger vessel classes, integration of smart technologies, and development of ancillary industries,' he explained. The decision to invest in this sector was driven by strong market signals, both nationally and regionally. 'The Sultanate of Oman has seen a steady increase in demand for modern fishing vessels and aquaculture infrastructure, in line with its national food security strategy,' Al Shehhi noted. "Regionally, the GCC marine sector is expanding, particularly in sustainable fisheries and coastal transport. However, there's a shortage of specialised facilities for these services — and we're stepping in to fill that gap.' Equally important to the project is its social and economic impact on the local community. MGIC has committed to an aggressive Omanisation and skills development programme, focusing on Musandam's youth. 'We are creating 50 direct jobs for the local community in the initial phase alone,' Al Shehhi said. 'We are also developing specialised courses in welding, marine mechanics, vessel design, and industrial safety, along with apprenticeship pathways. The aim is not just employment, but cultivating a generation of skilled professionals who can drive long-term growth in the marine sector.' The company's Turkish partners bring substantial technical know-how to the initiative. Their expertise in shipbuilding and modular construction will play a vital role in setting up world-class facilities and transferring knowledge to Omani technicians and engineers. 'Our partners bring experience in marine engineering and will support us in applying international best practices across the board — from project management and quality assurance to environmental compliance,' Al Shehhi affirmed. Beyond industrial development, the drydock project is expected to position Musandam as a strategic hub for marine services, leveraging its unique geography and proximity to key shipping lanes. The move represents another milestone in Oman's broader strategy to unlock regional development and local value creation in its northernmost governorate. The incorporation of Musandam Drydock and Marine Industries LLC signals more than just economic activity — it marks a commitment to sustainable, integrated growth built on innovation, partnership and local empowerment. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
04-06-2025
- Business
- Zawya
Oman, Turkey announce $12mln venture to boost marine industry
Muscat – Musandam International Investment Company, in partnership with Turkish investors, has signed binding commercial terms and a shareholders' agreement to establish the Musandam Drydock and Marine Industries Company. The venture, based in Musandam governorate, will see an initial investment of over RO5mn in its first phase. The signing ceremony was attended by H E Dr Saud bin Hamoud al Habsi, Minister of Agriculture, Fisheries and Water Resources, and Sayyid Ibrahim bin Said al Busaidi, Governor of Musandam. The company will offer a range of marine services including construction and maintenance of fish farming cages, coastal and commercial fishing vessels, marine tugs, service vessels, and transport vessels up to 35 metres in length. The facility is intended to cater to Oman's domestic market as well as regional demand. The project aims to enhance industrial integration in the marine and fisheries sector, supporting national goals for food security and sustainable economic growth. It forms part of Musandam International Investment Company's wider strategy to build an integrated local ecosystem and promote development in Musandam, aligned with Oman Vision 2040. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Times of Oman
03-06-2025
- Business
- Times of Oman
Agreement signed for key shipbuilding and maintenance project in Musandam
Musandam: Musandam Global Investment company and its Turkish business partners on Tuesday signed an agreement to establish Musandam Drydock and Marine Industries Company. The agreement deals with launching a strategic project in Musandam Governorate, with an investment cost of more than OMR5 million in its first phase, to provide a set of vital services like construction and maintenance of fish farming cages, coastal and commercial fishing vessels, marine tugs, service vessels and transport vessels. The company will take steps to meet the needs of the Omani market and neighbouring regional markets,besides enhancing industrial integration in the marine and fisheries services sector. The project will keep pace with national trends in promoting food security and sustainable industrial growth. The signing ceremony was attended by Dr. Saud Hamoud Al Habsi, Minister of Agriculture, Fisheries and Water Resources, and Sayyid Ibrahim Said Al Busaidi, Governor of Musandam.
