SOURCE: Sovereign Exploration Associates International, Inc.

October 26, 2007 09:39 ET

Sovereign Exploration Provides Update on Its Commercial Diving Operations in the Caribbean

NEWTOWN, PA--(Marketwire - October 26, 2007) - Sovereign Exploration Associates International, Inc. (OTCBB: SVXA) is pleased to provide an update on its commercial diving operations in the Caribbean currently being conducted at the St. Eustatius terminal by its minority owned subsidiary REDS Caribbean, LTD.

NuStar Energy, a Texas company (formerly known as Valero), has recently begun a major expansion of its St. Eustatius terminal. Nustar contracted with REDS Caribbean, Ltd. to assist in this expansion. REDS Caribbean, Ltd. is 30% owned by Lavelle Holdings, Inc., a wholly owned Subsidiary of Sovereign.

"The progress on this project and our involvement as reported recently in Lloyd's List (http://media.marketwire.com/attachments/200710/377132_lloydslist.pdf), the leading Maritime & Transport News Portal, is an exciting project for our Company. Our expansion plan to have year round diving operations was initiated through our involvement in this project. We expect to continue our diversification and expansion in the energy sector through quality projects such as this," stated Peter Knollenberg, Chairman of Sovereign.

About Sovereign Exploration Associates International, Inc.

Sovereign Exploration Associates International, Inc. is a maritime exploration company that researches, digitally maps, records, and recovers and conserves artifacts from shipwreck sites. The Company is diversified into other marine related businesses. Through its wholly owned subsidiary, Lavelle Holdings, Inc., Sovereign provides subsea marine consulting services and offshore project management.

The Company cannot guarantee or give any other level of assurance that the shipwrecks or cargoes mentioned above will be located and recovered nor that a claim of ownership might 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.

Lloyd's List Article

"This article is copyright Informa UK Limited and is reproduced with permission. Further reproduction, retrieval, copying or transmission of this article is not permitted without the publisher's prior consent. Informa UK Ltd does not guarantee the accuracy of the information contained in this article nor does it accept responsibility for errors or omissions or their consequences. Lloyd's is the registered trademark of the Society incorporated by the Lloyd's Act 1871 by the name of Lloyd's. Visit the Lloyd's list website at www.lloydslist.com."

Contact Information

  • Company Contact:
    Robert D. Baca
    President & CEO
    215.968.0200