SOURCE: Ocean Bio-Chem

September 30, 2009 15:30 ET

Ocean Bio-Chem Receives Notice of Non Compliance From Nasdaq

FORT LAUDERDALE, FL--(Marketwire - September 30, 2009) - September 28, 2009 Ocean Bio-Chem (NASDAQ: OBCI) received a notice from the Nasdaq stock market (Nasdaq), that for 30 consecutive business days the bid price of the Company's common stock had closed below the minimum $1.00 per share requirement for continued inclusion under Marketplace Rule 4310(c)(4) (the "Rule") and, as such, the Company's common stock has become non-compliant with Nasdaq's requirements.

In accordance with Marketplace Rule 4310(c)(8)(D), the Company will be provided 180 calendar days, or until March 29, 2010, to regain compliance. If, at anytime before March 29, 2010, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will provide written notification that it complies with the Rule.

In the event the Company does not regain compliance with the Rule prior to the expiration of the grace period, it will receive written notification that its securities are subject to delisting. Alternatively, the Company may be eligible for an additional grace period if it meets the initial listing standards, with the exception of bid price, for The Nasdaq Capital Market. If it meets the initial listing criteria, Nasdaq's Staff will notify the Company that it has been granted an additional 180 calendar day compliance period.

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

NOTE: The foregoing is news relating to Ocean Bio-Chem, Inc. (OBCI or "the Company") and contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. When used in this report, the words "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to the Company or its management, including without limitation the Company's other subsidiaries, are intended to identify such forward-looking statements. The Company's actual results, performance or achievements could differ materially from the results expressed in, or implied by these forward-looking statements. For more detailed information the reader is referred to the Company's 10-K and other documents filed with the United States Securities and Exchange Commission. This does not constitute an offer by, the Company or its subsidiaries and is meant purely for informational purposes.

Contact Information

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

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

    Ocean Bio-Chem, Inc.
    4041 S. W. 47th Avenue
    Fort Lauderdale, FL 33314
    Tel. (954) 587-6280
    Fax. (954) 587-2813
    Nasdaq SmallCap Symbol: OBCI