SOURCE: Admiralty Holding Company

March 21, 2006 08:30 ET

Admiralty Holding Company Begins Survey of Dead Eye Site

DOUGLASVILLE, GA -- (MARKET WIRE) -- March 21, 2006 -- Admiralty Holding Company (OTC BB: ADMH) (Admiralty) announced today that it has completed a survey of The Dead Eye Site off of the coast of Sarasota, Florida in international waters. This is the first of two surveys scheduled to be conducted with Captain Carl Fismer and personnel from Nova Ray, Inc. utilizing a Nova Ray® submersible remotely operated vehicle (ROV). The Nova Ray® was operated under tow and thruster power for speed and efficiency during the survey of the site. The ROV was equipped with an Imagenex® sidescan sonar and a BlueView forward scan sonar.

Nova Ray® president, Marc Geriene, stated, "This is the first ocean floor survey where the forward and sidescan imaging systems were fully integrated with the Nova Ray® ROV." The survey revealed a number of anomalies which appear to be man made.

The next survey is expected to utilize Admiralty's research ship the R/V New World Legacy to produce a bathymetric, magnetic and sub-bottom map of the site, building on the data obtained from the ROV. It is expected that sample collection will follow utilizing divers from the New World Legacy and the Time Ranger, Captain Fismer's Ship.

Please visit Admiralty's web site at www.admiraltycorporation.com, Nova Rays web site at www.novaray.com, BlueView's web site at www.blueviewtech.com and Captain Fismer's web site at www.divefortreasure.com for additional information.

Forward-Looking Statements Caution:

This release contains "forward-looking statements." Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, estimates and projections that involve a number of risks and uncertainties (some of which are described in the Company's Annual Report for 2004 on Form 10-KSB filed with the SEC) which could cause actual results or events to differ materially from those anticipated. Admiralty does not undertake to update any of its forward-looking statements that may be made from time to time.

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