Ocean Bio-Chem Announces That It Will Seek New Hyundai Plant Business; Closes a $3.5 Million Industrial Revenue Bond and Begins Expansion of Kinpak Manufacturing Facility

    FORT LAUDERDALE, Fla.--July 25, 2002--Ocean Bio-Chem, Inc. President and CEO, Peter G. Dornau stated in an interview reported in the July 24, 2002 Business section of the Montgomery Advertiser, www.montgomeryadvertiser.com, that he hopes to do business with the Hyundai Motor Co. who is constructing a $1 billion production plant in Montgomery. Hyundai projects that it will manufacture 300,000 vehicles per year at such facility. The article quoted Mr. Dornau, "They (Hyundai) buy fluids that we make, and they would be a nice customer to have," Mr. Dornau said. "We offer products very few people make in this area and we are in close proximity to them."
    OBCI also announced that it has just closed on a $3.5 million Industrial Development Bond issued through the City of Montgomery, Alabama. The bond is backed by Alabama based Regions Bank who will also provide the Company with a new $5 million line of credit replacing the Company's previous line. Funds from the bonds will finance a 70,000 square foot expansion of the Company's Kinpak manufacturing facility, reduce higher cost short-term debt, and provide additional working capital.
    Mr. Dornau explained, "Obtaining the bonds helps us in a variety of very positive ways. First, it lowers our cost of financing, which will reduce our total interest expense. Second, it frees up working capital, which will allow us take advantage of vendor discounts thereby improving gross margins. And third, it provides us with a source of low cost capital to expand our manufacturing facility at Kinpak. This is critical to our growth as it directly affects our ability to competitively deliver product in a more timely cost efficient manner."

    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. 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.

    Keyword: Florida Industry Keywords: Boating, Recreational Vehicles, Chemicals, Automotive