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): March 30, 2001
OCEAN BIO-CHEM, INC.
(Exact name of registrant as specified in charter)
Florida 2-70197 59-1564329
(State or other (Commission File Number) (IRS Employer
jurisdiction Identification No.)
of Incorporation)
4041 S. W. 47 Avenue, Fort Lauderdale, Florida 33314
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 954/587-6280
Item 5. Other Events
On March 30, 2001, the Federal District Court for the Northern District of
Georgia entered an order granting North American Oil Company's ("North
American") motion for partial summary judgment and declaring Patent 5,250,598
(the '598 Patent) held by the Registrant's wholly owned subsidiary, Star Brite
Distributing, Inc. ("Star Brite") invalid and unenforceable in the matter of
North American Oil Company, Inc. v. Star Brite Distributing, Inc., Civil Action
No. 1-98-CV-1589-RWS, pending in the United States District Court, Northern
District of Georgia, Atlanta Division. North American filed a complaint against
Star Brite seeking declaratory judgments of invalidity, unenforceability, and
non-infringement of the '598 Patent, entitled "Liquid Electrical Tape
Formulation" and alleging claims for antitrust violation, tortious interference,
unfair competition and trade slander. As a result of the order declaring the
'598 patent invalid and unenforceable, Star Brite's counterclaim for patent
infringement cannot succeed. Further, North American may make a claim for
attorney's fees. The outcome of such a request, if made, is unknown. The '598
patent is held by Star Brite for its liquid electrical tape formulation, and the
invalidity and unenforceability of such patent would not materially adversely
affect the sales and profits of the Company. This decision, unless reversed on
appeal, could increase the financial exposure of the Company although no amount
of potential damage is now known. North American's claim against Star Brite for
antitrust violation, which seeks treble damages and attorney's fees, and its
claims for tortious interference, unfair competition and trade slander remains
stayed at this time. It is difficult to assess the amount or range of potential
damages sought by North American as to these remaining claims because discovery
into these claims was stayed during the court's consideration of the patent
issues discussed above. If the stay is lifted, Star Brite intends to vigorously
defend against North American's claims for antitrust violation, tortious
interference, unfair competition and trade slander. The Company believes that
these claims are frivolous and not supported factually, despite the fact that is
'598 patent is now invalidated. Star Brite intends to appeal the order granting
North American's motion for partial summary judgment at the appropriate time.
Star Brite, based upon discussions with patent counsel, believes that the Order
of Partial Summary Judgment is erroneous and should be reversed on appeal.
SIGNATURES
Pursuant to the requirement 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.
Date: April 12, 2001 By: /s/ Peter G. Dornau
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Name: Peter G. Dornau
Title: Chairman of the Board of
Directors and Chief
Executive Officer
Date: April 12, 2001 By: /s/ Edward Anchel
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Name: Edward Anchel
Title: Chief Financial Officer