FORT LAUDERDALE, Fla. — Brownie’s Marine Group Inc. has cancelled its previously announced Letter of Intent to Acquire U.S.1 Scuba Inc.
“We are disappointed that we were unable to reach mutually agreeable terms to acquire U.S.1 Scuba, Inc.,” said Brownie’s Marine Group Chairman and CEO Robert Carmichael. “We are in meaningful discussions with a number of interested parties who embrace our concepts, and remain confident that our acquisition strategy will yield positive results for our shareholders.”
Brownie’s Marine Group Inc. and its wholly owned subsidiary, Trebor Industries Inc., d/b/a Brownie’s Third Lung, based in Fort Lauderdale, designs, tests, manufactures and distributes recreational hookah diving, yacht based scuba air compressor and Nitrox Generation Systems, and scuba and water safety products. The company sells its products both on a wholesale and retail basis and comprises of three highly specialized dive product groups.
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