SOURCE: Gaiacor International, PLC

April 07, 2010 01:00 ET

Gaiacor International, PLC Announces Joint Venture in Marine Salvage

LONDON--(Marketwire - April 7, 2010) -  Gaiacor International, PLC (FRANKFURT: VCG) announced today that it has entered into a joint venture with Deep Blue Marine (PINKSHEETS: DPBE) to manage the sale and beneficial re-use of salvage spoils from a multi-ship recovery project at the mouth of Iraq's Tigris river. Deep Blue Marine in conjunction with its strategic partner; Salt Lake City, Utah based Cross Marine Projects has entered into a Memorandum of Understanding with parties from Iraq, Kuwait and the U.A.E. charged with river remediation. The MOU provides for the recovery and salvage of commercial vessels, freighters and oil tankers sunk at the mouth of the Tigris adjacent to the city of Basra.

Gaiacor was selected to manage the sale of material recovered from the salvaged vessels because of management's extensive operating knowledge of, and experience in the Middle East, as well as the Company's network of prospective material buyers in South Asia.

Company Chairman Franklin Johnson commented, "We are eager to embark on this additional line of business as an adjunct to our traditional agriculture oriented activities. We also look forward to utilizing out regional know-how and expertise."

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