Ocean Bio Chem Inc – ‘8-K’ for 2/27/96

As of:  Tuesday, 3/12/96   ·   For:  2/27/96   ·   Accession #:  350737-96-2   ·   File #:  0-11102

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         3     12K 
 2: EX-10       Asset Purchase Agreement                              26±   101K 

8-K   —   Current Report
Document Table of Contents

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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 reported:)  February 27, 1996            

OCEAN BIO-CHEM, INC.      

(Exact name of registrant as specified in charter)      

Florida                     0-11102            59-1564329     
(State or other jurisdiction    (Commission File      (IRS Employer             
of incorporation)               Number)           Identification No.) 

4041 S. W. 47 Avenue, Fort Lauderdale, Florida            33314                 
(Address of principal executive offices)                (Zip Code)              

Registrant's telephone number, including area code: (305) 587-6280              

This document contains 34 pages.      
The Exhibit Index is on Page 5.                                               

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INFORMATION TO BE INCLUDED IN REPORT  

Item 2.   Acquisition or Disposition of Assets.                                 

(a)  On February 27, 1996, the Registrant, through its wholly-owned operating   
subsidiary, Kinbright, Inc., an Alabama corporation, acquired certain assets    
of Kinpak, Inc., a Georgia corporation ("Kinpak"), and assumed two (2) leases   
of land and facilities (the "Leases") leased by Kinpak from the Industrial      
Development Board of the City of Montgomery, Alabama and the Alabama State      
Docks Department.  The Leases have a remaining outstanding obligation of        
$990,000 and include an option to purchase the leased premises for $1,000 at    
the end of the lease term on September 1, 1999.  The leased premises consist    
of a manufacturing facility containing approximately 50,000 square feet         
located on approximately 20 acres of real property and a docking facility       
located on the Alabama River.  In addition, Registrant purchased the            
machinery, equipment and inventory located on the leased premises for           
$850,000. The purchase price was determined through arms-length negotiations    
between Registrant and Kinpak.  There was no relationship between Kinpak        
and Registrant or any of Registrant's affiliates, directors, officers or        
associates.                                                                     

     The source of funds for the transaction was (a) the assumption of
the lease obligation and (b) the proceeds of a working capital loan obtained    
from First Union National Bank of Florida.                                      

     (b)  All of the land, equipment and facilities acquired were used
by Kinpak in its contract automotive antifreeze mixing and container-filling    
business.  Registrant intends to continue the existing contract work for        
third parties and to substantially expand and diversify the existing            
business by using the assets acquired to manufacture aftermarket products       
for the consumer marine, automotive and recreational vehicle markets,           
primarily sold under Registrant's Star Brite  label.                            

Item 7.   Financial Statements, Pro Forma Financial Information and Exhibits.   

(c)  Exhibits.                                                                  

Exhibit 2.1  Asset Purchase Agreement dated February 8, 1996; by and among      
Ocean Bio-Chem, Inc. ("Registrant"), Kinbright, Inc., Kinpak, Inc., and         
Kinark Corporation.  Pursuant to Regulation S-K, Item 601(b)(2), the            
Schedules and Exhibits to the Asset Purchase Agreement have been omitted        
inasmuch as they are otherwise disclosed in the Asset Purchase Agreement and    
identified in a list of Schedules and a list of Exhibits, respectively,         
which are included therein.                                                     

Undertaking.                                                

     Registrant hereby undertakes and agrees to furnish the Commission
with a copy of any omitted Schedule or Exhibit supplementally upon request.     

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.                                          

OCEAN BIO-CHEM, INC.                              
Registrant

Date: March  12, 1996              By:      /s/ Peter Dornau                    

            Name:     Peter Dornau

         Title:    President

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EXHIBIT INDEX     

Exhibit 2.1    Asset Purchase Agreement dated as of February 8, 1996, 
by and among Ocean Bio-Chem, Inc., a Florida corporation ("Registrant"),        
Kinbright, Inc., an Alabama corporation wholly-owned by Registrant (the         
"Buyer"), Kinpak, Inc., a Georgia corporation (the "Seller") and Kinark         
Corporation, a Delaware corporation (the "Shareholder").                        

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
		9/1/99		2
Filed on:		3/12/96		2					8-K
For Period End:		2/27/96		1		2			8-K
		2/8/96		2		3
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