FORT LAUDERDALE, Fla.,
Nov. 23, 2020 /PRNewswire/ -- Ocean
Bio-Chem, Inc. (NASDAQ: OBCI) announced today that its Board of
Directors has unanimously authorized a program to repurchase shares
of the Company's Common Stock, par value $0.01 per share (the "Common Stock")
constituting, in the aggregate, up to an amount not to exceed
$3.0 million. The program is
effective immediately. Shares of the Common Stock may be
repurchased in the open market or through negotiated
transactions. The program may be terminated or suspended at
any time at the discretion of the Company. The Company may in the
future enter into a Rule 10b5-1 trading plan to effect a portion of
the authorized purchases, if criteria set forth in the plan are
met. Such a plan would enable the Company to repurchase its shares
during periods outside of its normal trading windows, when the
Company typically would not be active in the market.
Ocean Bio-Chem, Inc. President and CEO Peter Dornau, commented "The Boards
unanimous authorization to repurchase up to $3 million of common shares of our stock is
supported by the Company's current financial position as well as
our favorable outlook for the future. The Board also approved
the regular quarterly common share dividend of $.02 per/share for shareholders of record on
December 3, 2020 and payable on
December 17, 2020".
The time of purchases and the exact number of shares to be
purchased will depend on market conditions. The repurchase
program does not include specific price targets or timetables and
may be suspended or terminated at any time. The Company
intends to finance the purchases using available working
capital.
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 the brand names Star brite®, Star Tron®,
Performacide® and OdorStar® within the
United States 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's web sites are: www.oceanbiochem.com,
www.starbrite.com, www.startron.com, odorstar.com and
www.performacide.com
Forward-looking Statements:
Certain statements contained in this Press Release, including
without limitation, statements regarding our intentions with
respect to future share repurchases and the amount, timing and
price targets relating thereto, may be deemed to be forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995.. 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 our plans and activities with respect to
share repurchases 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; exposure to market risks relating to changes in interest
rates, foreign exchange rates, prices for raw materials that are
petroleum or chemical based and other factors addressed in Part I,
Item 1A ("Risk Factors") in our annual report on Form 10-K for the
year ended December 31, 2019 and Part
II, Item 1A ("Risk Factors") of subsequently filed quarterly
reports on Form 10-Q.
Contact:
Peter Dornau
CEO & President
pdornau@starbrite.com
954-587-6280
Jeff Barocas
Vice President & CFO
Jbarocas@starbrite.com
954-587-6280
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SOURCE Ocean Bio-Chem, Inc.