FORT LAUDERDALE, Fla.,
April 17, 2017 /PRNewswire/
-- Ocean Bio-Chem, Inc. (NASDAQ: OBCI) is pleased to announce
the Board of Directors unanimously voted on April 13, 2017 to declare for the second
consecutive year a special cash dividend of $0.06 per share payable May 11, 2017, to holders of record of the
Company's Common Stock on April 27,
2017.
Peter Dornau stated, "This
special cash dividend is the third special cash dividend in past
four years rewarding our loyal shareholders. We are pleased to
issue the special dividend to our shareholders as we continue to
generate strong cash flow from our operations."
Mr. Dornau concluded, "Our Company remains financially strong
with a current ratio of over 5:1 on February 28, 2017."
About Ocean Bio-Chem, Inc.:
Ocean Bio-Chem, Inc. is
principally engaged in the manufacturing, marketing and
distribution of a broad line of appearance and maintenance products
for boats, recreational vehicles, automobiles, power sports,
outdoor power equipment and motorcycle markets under the Star
brite®, StarTron® and other trademarks within the United States of America 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 trades publicly under NASDAQ Capital Markets, Ticker
Symbol: OBCI.
The Company's web sites are: www.oceanbiochem.com,
www.starbrite.com, www.startron.com, and www.performacide.com
Forward-looking Statements:
Certain statements contained in this Press Release, including
without limitation, our ability to provide required capital to
support inventory levels, the effect of price increases in raw
materials that are petroleum or chemical based or commodity
chemicals on our margins, and the sufficiency of funds provided
through operations and existing sources of financing to satisfy our
cash requirements constitute forward-looking statements. For
this purpose, any statements contained in this report that are not
statements of historical fact may be deemed forward-looking
statements. 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 these results 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.
Contact:
Peter Dornau
CEO and President
pdornau@starbrite.com
954-587-6280
Jeff Barocas
Vice President & CFO
Jbarocas@starbrite.com
954-587-6280
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ocean-bio-chem-inc-announces-special-cash-dividend-of-006-pershare---second-consecutive-year-for-special-dividend-300439940.html
SOURCE Ocean Bio-Chem, Inc.