Brownie's Marine Group, a leading developer, manufacturer and distributor of highly specialized dive and safety products, purchased the assets and assumed the lease of the former Boca Dive Center in Boca Raton, Fla.
The purchase of these assets for a combination of cash and restricted common stock will provide Brownie's with its first retail location in Palm Beach County, Fla.
The new store, which is expected to open for business in April and be fully stocked and operational by the end of June, will be operated under a new retail concept, Brownie's Adventure Center.
“We remain focused on leveraging our innovative and industry-leading products to deliver shareholder value. This transaction provides us with a prominent location to launch our concept store and gives us physical presence in an area with excellent demographics,” CEO Richard Carmichael said in a statement. “We are confident the Boca Raton outdoor and recreational community, as well as sports enthusiasts in general, will embrace our novel new concept.”