SOURCE: Admiralty Holding Company

June 22, 2006 08:30 ET

Admiralty Holding Company Surveys Site of 1715 Fleet

DOUGLASVILLE, GA -- (MARKET WIRE) -- June 22, 2006 --Admiralty Holding Company (OTCBB: ADMH) (Admiralty) announced today that it has begun the surveying of the Mel Fisher Center Inc.'s permitted site known as Corrigan's Wreck. Already more than 100 "hits" have been registered by Admiralty's survey equipment and definite debris trails have been established. Some initial dives have also been conducted. Although Admiralty is still in the beginning stages and much more work will be required to finish the survey work, the Company is very encouraged by the early results. Admiralty believes that its work represents the first time that a systematic survey has been performed on this site utilizing equipment as sophisticated as the New World Legacy 's, although significant treasure has been recovered from the site by salvors in the past utilizing conventional shipwreck exploration and excavation equipment.

The site is mostly in waters from about 20 feet in depth, decreasing until the shore is reached. However, some "hits" have occurred in water approaching a depth of 30 feet. Due to the high level of interest in our current work, we will begin to post some pictures on our web site as work progresses. We hope that they will be of interest to shareholders and others. It is our belief that we will be able to locate items that were previously undetected and that we will uncover treasure in areas which have not yet been worked. All of our equipment is performing well and our new Bathy 1500 is meeting our expectations.

Corrigan's Wreck is thought by many historians and salvors to contain the wreckage from the Nuestra Senora de la Regla. The Regla was the Capitana of the 1715 Fleet and would have likely been the lead ship in the fleet. It was also likely to have been the most heavily laden with treasure. Admiralty's initial survey results are confirming known "hits" and are also revealing new "hits" which were previously not marked.

Please visit our web site at www.admiraltycorporation.com to view current pictures and to learn more about the 1715 FLEET. Please share the adventure with us.

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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