Brownie's Marine Group, Inc. (OTCPK:BWMG) entered into a binding term sheet to acquire Submersible Systems, LLC from Tierra Vista Group, LLC and Summit Holdings V, LLC for $1.8 million on July 30, 2021. The consideration to be paid as $0.35 million in convertible promissory notes and by the issuance to the sellers of an aggregate of $1.4 million, a 27,305,442 common shares of Brownie's for a calculated price of approximately $0.05 per share. The board of managers of the Company shall consist of Christopher Constable and Robert Carmichael, with Rick Kearney holding a seat as a board observer. For 2020, Submersible Systems reported revenue of $1.4 million. The closing of the merger is subject to (a) consummation of merger agreement and all other required definitive agreements, (b) obtaining all necessary board, shareholder, and third-party consents, (c) satisfactory completion of all necessary technical and legal due diligence, and (d) satisfaction of other customary closing conditions. The transaction is expected to close on August 31, 2021. Newbridge Securities Corporation is acting as the exclusive M&A Advisor to Brownie's Marine Group, Inc. and The Crone Law Group is acting as the Company's legal counsel. Akerman LLP acted as legal advisor to Tierra Vista.

Brownie's Marine Group, Inc. (OTCPK:BWMG) completed the acquisition of Submersible Systems, LLC from Tierra Vista Group, LLC and Summit Holdings V, LLC on September 3, 2021.