Brownie's Marine acquires Submersible Systems for $1.75M in stock and convertible notes

Brownie's Marine Group, Inc

Total purchase price of $1,750,000 paid with $350,000 in 8% convertible notes and 27,305,442 shares of common stock (~$0.05127/share).
Submersible Systems (Spare Air brand) had 2019 revenue of ~$1.8M; 2020 revenue reduced to ~$1.4M due to COVID.
Leak-out restriction on merger shares: 12.5% after 6 months, 25% after 9 months, 75% after 24 months, 100% after 36 months.
Acquisition expected to expand BWMG's product portfolio and U.S. government contractor footprint.
Financial statements of the acquired business to be filed within 71 days of this 8-K.

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