Sovereign Exploration Associates International, Inc. Announces New Subsidiary, Marine Asset Recovery, Inc., to Expand Operations
November 28 2007 - 9:12PM
Marketwired
NEWTOWN, PA , a maritime recovery and subsea construction
management company, today announced it owns 51% of new subsidiary
named Marine Asset Recovery, Inc. ("MAR") for the purpose of
expanding its core business in the warm waters of Central America
and the Caribbean.
The remaining 49% will be owned by the Williams Group. The
Williams Group has committed to capitalize MAR with $1.5 million to
fund research and recovery projects in this region. "MAR is
negotiating permits in several countries which will allow us to
work year round," stated Bob Baca, President of Sovereign.
"Admiralty Law rewards the salver of abandoned or sunken ships
so that the vessel and/or its cargo is put back into commerce. The
Williams Group diversified into the marine asset recovery business
because we are already in the business of salvaging industrial
plants and mills to increase their value by dismantling,
transporting and reengineering them so they can be reused for new
purposes and/or in new locations," explained Lloyd Williams,
President of Williams Group.
"The Williams Group has extensive expertise in the metals
commodity business which enables us to include the recovery of non
ferrous cargos from post WWII shipwrecks due to the higher prices
for base metals," commented Peter Knollenberg, Chairman of
Sovereign.
About Sovereign Exploration Associates International, Inc.
Sovereign Exploration Associates International, Inc. is a
maritime exploration company that researches, records, recovers and
conserves artifacts from shipwreck sites. The Company has
diversified into other marine related businesses. Through
subsidiary companies Sovereign provides subsea marine consulting
services, offshore project management engineering, procurement and
construction.
The Company cannot guarantee or give any other level of
assurance that the shipwrecks or cargoes mentioned above will be
located and/or recovered nor that a claim of ownership might not be
made against the shipwreck or its cargo by any sovereign authority
or company. Pursuant to Section 13 or 15(d) of the Security
Exchange Act of 1934, SVXA has filed form 8-K if required. For more
information on the company, please visit www.sea-int.com.
Statements about the Company's future expectations, including
future revenues and earnings, and all other statements in this
press release other than historical facts are "forward-looking
statements" within the meaning of section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and as
the term is defined in the Private Securities Litigation Reform Act
of 1995. The company's actual results could differ materially from
expected results. The Company undertakes no obligation to update
forward-looking statements to reflect subsequently occurring events
or circumstances. Should events occur which materially affect any
comments made within this press release the Company will
appropriately inform the public.
Company Contact: Robert D. Baca President & CEO
215.968.0200
Sovereign Exploration As... (CE) (USOTC:SVXA)
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