SOURCE: Ocean Bio-Chem, Inc.

November 12, 2008 07:30 ET

Ocean Bio-Chem, Inc. Announces Stock Buyback

FT. LAUDERDALE, FL--(Marketwire - November 12, 2008) - Ocean Bio-Chem, Inc (NASDAQ: OBCI), announced that it has reached an agreement to purchase 349,773 shares of its common stock at $0.80 per common share from an institutional shareholder, under the Company's previously authorized stock buyback program. The transaction was completed on November 11, 2008.

Ocean Bio-Chem President and CEO stated, "We believe this stock buy back is a financially sound transaction for both the Company and our shareholders. The Board of Directors and senior management believe that the current share price has presented an opportunity to buy the shares back at an attractive price. It is the Company's intent to purchase stock from time to time as opportunities arise."

Mr. Dornau continued, "The reduction of 349,773 common shares outstanding would have increased net earnings diluted per share -- by approximately $0.01 per share during the latest 3rd quarter 2008 financial results. We believe this transaction demonstrates the confidence we have in the Company's future."

About Ocean Bio-Chem

Ocean Bio-Chem, Inc. manufactures and markets a full line of maintenance and care products for boats, recreational vehicles, automobiles, motorcycles and aircraft. Products are sold under the Starbrite™ name. The Company trades publicly under NASDAQ SmallCap Symbol: OBCI.

Websites: www.starbrite.com, www.startron.com, www.oceanbiochem.com

This press release (and oral statements made regarding the subjects of this release) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to statements regarding Ocean Bio-Chem's plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as "expects," "should," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning. These forward-looking statements are based upon management's current beliefs or expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. The foregoing factors, among others, could cause actual results to differ materially from those described in the forward-looking statements. Ocean Bio-Chem may not realize benefits from this stock buy back. The statements in this press release are made as of the date of this press release, even if subsequently made available by Ocean Bio-Chem on its website or otherwise. Ocean Bio-Chem does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date such forward-looking statement is made. For a list of other factors, which could affect Ocean Bio-Chem's results, see Ocean-Bio Chem's filings with the Securities and Exchange Commission, including "Item 1A. Risk Factors," set forth in Ocean Bio-Chem's Annual Report on Form 10-K for the year ended December 31, 2008.

Contact Information

  • For additional information contact:
    Peter Dornau
    (954) 587-6280
    President and CEO
    Ocean Bio-Chem, Inc.

    or

    Jeff Barocas
    (954) 587-6280
    Chief Financial Officer
    Ocean Bio-Chem, Inc.