Brownie's Marine Group, Inc. (OTCPK:BWMG) signed a term sheet to acquire Substantially all assets of Gold Coast Scuba, LLC on February 7, 2022. Brownie's Marine Group, Inc. executed an asset purchase agreement to acquire Substantially all assets of Gold Coast Scuba, LLC for $0.15 million on May 2, 2022. In consideration for the assets purchased, BWMG paid $150,000.

The purchase price was paid by (a) issuance of an aggregate of 3,084,831 shares BWMG (b) a cash payment of $30,000. The Consideration Shares are subject to a leak-out restriction which provides that (i) up to 25% may be sold after November 2, 2022; (ii) an additional 25% may be sold after February 2, 2023; and (iii) the balance may be sold after the one-year anniversary of the closing, or May 2, 2023. Brownie's has also retained the services of Darcy Kieran, principal at the Business of Diving Institute.

Newbridge Securities Corporation acted as financial advisor and Joe Laxague of The Crone Law Group acted as legal advisor to Brownie's Marine Group, Inc.