SOURCE: Admiralty Holding Company

March 06, 2006 08:30 ET

Admiralty Holding Company Completes Survey Contract

DOUGLASVILLE, GA -- (MARKET WIRE) -- March 6, 2006 -- Admiralty Holding Company (OTC BB: ADMH) (Admiralty) announced today that it has completed its contract from Fugro Survey Caribbean, Inc. ("Fugro Survey") to perform a bathymetric survey in the waters of Jamaica. Fugro Survey is owned by Fugro, a Dutch, seismic survey and exploration company with worldwide operations. Fugro intends to conduct seismic surveys in the area to search for indications of oil. In order to gather the seismic data, Fugro intends to use an array that is approximately 8,000 meters long. Because the area of interest contains reefs and other obstructions and it is not accurately charted, Fugro requires information concerning water depths and obstructions to avoid any risk of the array becoming tangled or damaged. Admiralty's ship, the New World Legacy, was selected to perform the bathymetric work required to accurately map the area. The work generated over $100,000 in gross revenues and net revenues to Admiralty were just over $96,000.00, after deducting commissions. Fuel was provided by the contractor.

The New World Legacy is currently sailing to the United States to begin working with Captain Carl Fismer under a previously announced marine exploration agreement. The site to be surveyed is in international waters off the coast of Florida. Captain Fismer has code named the site "The Dead Eye Site." A deadeye, is a rounded, flat-sided, wooden block, pierced with three holes and is used in the rigging of a sailing vessel. Captain Fismer has spotted a deadeye at the site as well as other interesting items that would not naturally be on the sea bottom.

A 30-year veteran of shipwreck treasure search and recovery, Captain Fismer is one of the world's most respected and knowledgeable industry professionals. He has excavated wrecks throughout the world and recovered millions of dollars in gold, silver, jewels and artifacts. "Fizz," as he is known to friends, also founded and has served as curator of maritime museums, produced treasure exhibitions for venues from theme parks to children's hospitals and is widely considered an expert in underwater search and recovery.

Please visit our web site www.admiraltycorporation.com for other news.

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.

Contact Information

Multimedia