Ocean Guardian and Shark Shield - Case Update

Ocean Guardian and Shark Shield - the companies behind the “Shark Shield” shark-repelling technology - had their business, including all IP, sold through the expression of interest (EOI) campaign conducted in voluntary administration, securing a good outcome despite the companies’ ultimate liquidation.

Olga Litosh of Quartz Advisory was appointed voluntary administrator on 24 May and commenced an EOI campaign which lasted 6 weeks. Overwhelming support was received from the market, including from various stakeholders and government bodies in support of the restructure due to Ocean Guardian’s significant environmental purpose.

The highest bidder was selected as the successful purchaser at the end of the EOI campaign. However, no formal DOCA proposal was received prior to the resumed second meeting of creditors, and creditors had no viable alternative other than to place the companies in liquidation.

The outright acquisition of all IP, assets and business of the Ocean Guardian group is now complete. The business was sold to a group of US-based investors led by Ed Martin, a stalwart in the Florida spear fishing and diving community and creator of Killshot Spearguns. The new owners are ordinary unsecured creditors of Shark Shield and long-standing users of Shark Shield products. They remain committed to manufacturing the dive and surf line of product lines which should be shipping again within the next couple of months. The boat and fishing product lines are planned to be shipped in the summer of 2025, and development and deployment of the large scale shark barrier will continue as well. The group was advised by Thomas Russel of Piper Alderman in Australia.