SOURCE: Admiralty Holding Company

August 24, 2007 13:02 ET

Admiralty Holding Company Files 8-K Report Announcing Settlement Agreement, New Funding and Change of Control

ATLANTA, GA--(Marketwire - August 24, 2007) - Admiralty Holding Company (PINKSHEETS: ADMH) (Admiralty), a holding company for Admiralty Corporation and Admiralty Marine Operations, Ltd., a Bahamas, West Indies company, recently filed an 8-K announcing a settlement agreement with its former officers and directors, a new funding from the NIR Group of Funds, Admiralty's major secured creditor, and the issuance of preferred stock to Herbert C. Leeming, the sole director and officer of Admiralty and the former founder and former CEO of Admiralty, which resulted in a change in control of Admiralty.

Admiralty has taken new office space at 3455 Peachtree Rd., N.E., Suite 560, Atlanta, GA 30326. The new telephone number is 404-995-7010. Additionally, Admiralty has signed a lease for 3,800 square feet of space in Atlanta, which is to be used for technology development. Admiralty anticipates that it will complete development of its two 1st generation Atlis units within the next four months. One unit is in Atlanta, the other is currently in Kirkland, WA and is expected be shipped back to Atlanta by August 31, 2007.

The Company's ship, New World Legacy, is currently undergoing repairs in Ft. Pierce, FL due to the previously deferred maintenance. Repairs are expected to be completed within one month and once completed, it is anticipated the ship will be moved to Brunswick, GA to be fitted for deployment with one Atlis unit.

Forward-Looking Statements

This press release contains "forward-looking statements." Statements made in the future tense, and words such as "anticipate," "expect," "project," "believe," "plan," "estimate," "intend," "will," "may" and similar expressions are intended to identify forward-looking statements. These statements are based on current expectations, but are subject to certain risks and uncertainties, many of which are difficult to predict and are beyond the control of Admiralty. Relevant risks and uncertainties include those referenced in Admiralty's filings with the Securities and Exchange Commission ("SEC") (which can be obtained as described in "Additional Information" below), and include but are not limited to: general industry conditions and competition; economic conditions; availability of new capital; weather conditions; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; governmental laws and regulations, including foreign governments. These risks and uncertainties could cause actual results to differ materially from those expressed in or implied by the forward-looking statements, and therefore should be carefully considered. Admiralty assumes no obligation to update any forward-looking statements as a result of new information or future events or developments.

Additional Information

This press release is not a substitute for any other documents filed or to be filed by Admiralty with the SEC. Documents filed or to be filed by Admiralty with the SEC are or will be available free of charge at the SEC's website (http://www.sec.gov).

Contact Information

  • For Further Information:
    Herbert C. Leeming
    Chief Executive Officer
    Admiralty Holding Company
    PH: (404) 995-7010
    Email Contact