Brownie's Marine signs binding term sheet to acquire Submersible Systems for $1.75M

Brownie's Marine Group, Inc

Acquires all membership interests of Submersible Systems, LLC, which designs/manufactures scuba, diving, and rescue equipment.
Total purchase price of $1,750,000: $350,000 in convertible notes (8% interest, 3-year) and $1,400,000 in common stock.
Closing expected by August 31, 2021, subject to due diligence and definitive agreements.
Shares subject to leak-out restrictions: 12.5% after 6 months, 25% after 9 months, 75% after 24 months, 100% after 36 months.
Non-compete for 5 years from Rick Kearney; license of Nomad trademark and Snorkelator/Easy Dive IP.

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