UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reportedly): November 13, 2008
OCEAN BIO-CHEM, INC.
(Exact name of registrant as specified in charter)
Florida 2-11102 59-1564329
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
4041 S.W. 47 Avenue, Fort Lauderdale, Florida 33314
(Address of principal executive office Zip Code)
(954) 587-6280
Registrants telephone number, including area code:
Not Applicable
(Former name or former address, if changes since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events
On November 12, 2008 issued a press release announcing a stock buyback of
349,773 shares of common stock at $0.80 per share common from a institutional
investor under the Company's previously announced stock buyback program.
Section 9 - Financial Statements and Exhibits
Exhibit 99.1 - Press Release dated November 13, 2008
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
November 13, 2008
Ocean Bio-Chem, Inc.
/s/ Jeffrey S. Barocas
Jeffrey S. Barocas
Chief Financial Officer
Exhibit 99.1
Ocean Bio Chem., Inc. Announces Stock Buy Back
Ft. Lauderdale Fl. November 12, 2008 - Ocean Bio Chem., Inc (Nasdaq OBCI),
announced that it has reached an agreement to purchase 349,773 shares of its
common stock at $0.80 per common share from an institutional shareholder, under
the Company's previously authorized stock buyback program. The transaction was
completed on November 11, 2008.
Ocean Bio Chem- President and CEO stated "We believe this stock buy back is
a financially sound transaction for both the Company and our shareholders. The
Board of Directors and senior management believe that the current share price
has presented an opportunity to buy the shares back at an attractive price. It
is the Company's intent to purchase stock from time to time as opportunities
arise."
Mr. Dornau continued "The reduction of 349,773 common shares outstanding
would have increased net earnings diluted per share - by approximately $0.01 per
share during the latest 3rd quarter 2008 financial results. We believe this
transaction demonstrates the confidence we have in the Company's future"
About Ocean Bio-Chem
Ocean Bio-Chem, Inc. manufactures and markets a full line of maintenance
and care products for boats, recreational vehicles, automobiles, motorcycles and
aircraft. Products are sold under the Starbrite" name. The Company trades
publicly under NASDAQ SmallCap Symbol: OBCI.
Websiteswww.starbrite.com, www.startron.com, www.oceanbiochem.com
For additional information contact:
Peter Dornau (954) 587-6280 or: Jeff Barocas (954) 587-6280
President and CEO, Ocean Bio-Chem, Inc Chief Financial Officer Ocean
Bio-Chem, Inc.
This press release (and oral statements made regarding the subjects of this
release) contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements may
include, but are not limited to statements regarding Ocean Bio Chem.' plans,
objectives, expectations and intentions and other statements contained in this
press release that are not historical facts, including statements identified by
words such as "expects," "should," "anticipates," "intends," "plans,"
"believes," "seeks," "estimates," "will" or words of similar meaning. These
forward-looking statements are based upon management's current beliefs or
expectations and are inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are beyond our
control. The foregoing factors, among others, could cause actual results to
differ materially from those described in the forward-looking statements. Ocean
Bio Chem. may not realize benefits from this stock buy back. The statements in
this press release are made as of the date of this press release, even if
subsequently made available by Ocean Bio Chem. on its website or otherwise.
Ocean Bio Chem. does not undertake any obligation to update any forward-looking
statement to reflect circumstances or events that occur after the date such
forward-looking statement is made. For a list of other factors, which could
affect Ocean Bio Chem.' results, see Ocean Bio Chem.' filings with the
Securities and Exchange Commission, including "Item 1A. Risk Factors," set forth
in Ocean Bio Chem.' Annual Report on Form 10-K for the year ended December 31,
2008.