Ocean Bio-Chem Reaches Marine Oil Supply Agreement Worth Up To $1.2 Million Per Year

    FORT LAUDERDALE, Fla.--Oct. 17, 2001--Ocean Bio-Chem, Inc. announced that it has reached an agreement to supply marine oil under private label to a leading national retailer of marine and general boating products. Marine oil supplied as per the agreement is anticipated to result in an estimated increase of $1.2 million in annual revenue to the Company and will be processed at the Company's Kinpak manufacturing facility.
    Ocean Bio-Chem President and CEO Peter Dornau stated, "As planned, our Kinpak facility is enabling our efforts to increase revenues by providing us with a more competitive ability to manufacture a wide range of products. As a manufacturer, we are in an improved position to hold and strengthen our core business while also attracting new business opportunities. The projected sales of marine oil together with the $2.3 million of recently announced new automotive business sets up a promising revenue picture for both the fourth quarter of 2001 and fiscal 2002. Overall, we are very pleased to report this new business and look forward to being able to report further such positive news as it develops."

    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(TM) name as well as several private labels. The Company trades publicly under NASDAQ SmallCap Symbol: OBCI. www.oceanbiochem.com

    NOTE: The foregoing is news relating to Ocean Bio-Chem, Inc. (OBCI or "the Company") and contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. When used in this report, the words "anticipate," "believe," "estimate," "expect" and similar expressions as they relate to the Company or its management, including without limitation the Company's other subsidiaries, are intended to identify such forward-looking statements. The Company's actual results, performance or achievements could differ materially from the results expressed in, or implied by these forward-looking statements. For more detailed information the reader is referred to the Company's 10-K and other documents filed with the United States Securities and Exchange Commission. This does not constitute an offer to buy or sell securities by GeoMarketing, the Company or its subsidiaries and is meant purely for informational purposes.