SOURCE: Admiralty Holding Company

March 30, 2006 08:30 ET

Admiralty Holding Company Surveys Dead Eye Site

DOUGLASVILLE, GA -- (MARKET WIRE) -- March 30, 2006 -- Admiralty Holding Company, (OTC BB: ADMH). Admiralty Corporation announced today initial magnetometer and bathymetric surveys have been conducted at the Dead Eye Site by its ship the R/V New World Legacy with Captain Carl Fismer. At the same time, Nova Ray personnel utilized a Nova Ray® submersible remotely operated vehicle (ROV) which was operated from Captain Fismer's ship, the Time Ranger. The ROV was equipped with forward and sidescan imaging systems as well as a video camera. The results of these surveys are currently being analyzed. As a result of the initial analysis, Captain Fismer is expected to dive on and examine specific areas of interest.

Admiralty and Captain Fismer have partnered to examine this site, which lies in international waters off the coast of Sarasota, Florida. The site was brought to Admiralty by Captain Fismer and is the second site surveyed this month, by Admiralty, under its agreement with Captain Fismer. Admiralty hopes to survey several additional sites in the general area around Florida over the next several weeks. All of the sites scheduled for survey have been introduced to Admiralty by third parties and will be examined in partnership with the introducing parties. Admiralty hopes to develop an inventory of survey results that can be examined by its partners, thereby more fully utilizing the marine survey capabilities of the R/V New World Legacy. Depending upon the survey results and the equipment required, the R/V New World Legacy may also participate in on-site search and recovery efforts.

Admiralty continues to seek potential partners who may know the location of valuable wrecks or who may have a search or recovery permit, but need our equipment or expertise to go to the next level. Captain Fismer, for example, has a wealth of knowledge concerning the location of potentially valuable wreck sites and a proven record in the search and recovery of valuable ship wreck artifacts, but still requires our equipment to capitalize on his information and experience.

More information concerning Admiralty may be found at our web site, www.admiraltycorporation.com, and more information concerning Captain Fismer may be found on his web site at www.divefortreasure.com. Information about Nova Ray may be found at www.novaray.com.

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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