Brownie's Marine Group today provided a business update for investors and interested parties, including the news that it recently received about $400,000 in new capital.
“Over the last few months we have received approximately $400,000 in capital from investors, principally in the form of convertible debentures. It is very encouraging that we have added business partners who see the vision for our company,” chairman and CEO Robert Carmichael said in a statement.
“This capital infusion has helped to significantly improve our liquidity and future business outlook. The new funding will first support the growing demand for the new products by enabling us to increase inventories to sufficient levels necessary to narrow the gap between orders and fulfillment.”
Fort Lauderdale-based Brownie's is composed of three specialized dive product groups. The company serves middle-income boat owners, higher-income yacht owners, recreational divers, military operators and public safety personnel.