TIMEX was a marketing and sales organisation in every aspect. Apart from an agressive distribution strategy and heavy advertising on national media like television and print, they also used specific campaigns to reach the youngsters. Here is a nice example of a 1977 campaign in Italy for the TIMEX SUB. Well that's what they called the TiMEX Marlin and TIMEX Sprite in this advertising campaign. 

You could get a Captain TIMEX t-shirt for free when buying a TIMEX Sub. Only available in the stores that had the poster in the window. The two models shown are a Marlin Sports Calendar and the smaller model Sprite. Both on Metalcolor TX steel bracelet which in particular were used in Italy on TIMEX watches. Notice the 25 Metres print, on European models only.

This Italian TIMEX ad from 1977 is the only time I came across the cartoon figure Captain TIMEX. Therefor it must have been a local inititiative from TIMEX Italy to use this character to attract the Italian youth and make them buy their TIMEX SUB. For those of you who don't speak Italian, here is the translation of the ads.

TIMEX Junior