As ozone is created it floats freely in the air and water. By nature it is an unstable molecule and has a half-life of approximately 20 minutes.
Shortly after ozone is created it begins to break back down. It will cast off the first ozone atom, which will recombine with either another oxygen atom, reverting back to simple Oxygen (O2), or it will recombine with another gaseous element forming an inert gas losing all of its odor characteristics.
Picture a room full of smoke, it is the phenol gas that is released that is the basis of the odor. It is in the air and on the surface of all areas exposed to the smoke. When introduced to that environment, the ozone quickly breaks down as it combines with the phenol gas molecule destroying all odor characteristics.
