SOURCE: Admiralty Holding Company

June 13, 2006 08:30 ET

Admiralty Holding Company Completes Ship Upgrade and Resumes Work in Permitted Site

DOUGLASVILLE, GA -- (MARKET WIRE) -- June 13, 2006 -- Admiralty Holding Company (OTCBB: ADMH) (Admiralty) announced today that the repairs and upgrading to its ship, the R/V New World Legacy, have been completed and the Company is resuming the survey of a series of sites in the waters around Florida.

A major upgrade of the ship's depth sensing capacity occurred with the installation of a BATHY-1500 dual frequency hydrographic survey echo sounder. This installation required a thru hull installation that could best be accomplished with the ship out of water. The BATHY-1500 system is a "state-of-the-art" system representing a new standard in bathymetric mapping systems. Its acoustic characteristics include superior shallow and deep water performance with a range of 0.5 meters to 5,000 meters. A heave-compensated chart record is created which generates real-time thermal hard-copy chart records. The BATHY-1500 data will be integrated with the other survey data generated by the R/V New World Legacy's other survey equipment and stored on computer discs and printed if desired. We have also added a StrataBox™ SEG-Y software upgrade for our StrataBox™ instrument. The StrataBox™ is a portable high resolution marine sediment imaging instrument capable of delivering 6 centimeters of marine sediment strata resolution with bottom penetration of up to 40 meters. It is designed exclusively for inshore and coastal geophysical marine surveys in up to 150 meters of water depth. We are one of the first companies to have access to this software. This software will greatly facilitate the integration of the StrataBox™ data with our other survey data. The software was donated to Admiralty by SyQwest, Inc. of Warwick, Rhode Island.

The R/V New World Legacy has begun to survey in an area known as "Corrigan's Wreck" which is one of the Mel Fisher Center, Inc.'s permitted sites. Based on artifacts already recovered, many historians and salvors believe that the Capitana of the 1715 Fleet, the Nuestra Senora de la Regla, lies in this area.

More information concerning Admiralty may be found on our web site, www.admiraltycorporation.com. Please visit our web site and share the adventure with us. More concerning the BATHY-1500 and the Stratabox™ can be found at www.oceandata.com. The new Stratabox PowerPoint presentation can be viewed on the following link: http://oceandata.com/stratabox/ppt/Stratabox%20Geophysical%20Instrument2_files/frame.htm

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 2005 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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