CLEARWATER, FL--(Marketwired - Jan 12, 2017) - Effective January 9, 2017, Endurance Exploration Group, Inc. ("EXPL") (OTCQB: EXPL) through a newly formed, wholly owned subsidiary, EXPL Great White, LLC, has entered into a joint-venture agreement ("Agreement") with Deep Blue Exploration, LLC, dba Marex ("Marex"), a company controlled by veteran salvor, Hebert ("Herbo") Humphreys.
Pursuant to the Agreement, Marex has agreed to contribute to the joint venture certain shipwreck research files, sonar and other subsea survey data, navigational data, artifacts, and assistance relating to a number of shipwreck and suspected shipwreck targets located in international waters off the Southeast coast of the United States. EXPL has agreed to further survey and inspect the shipwreck and suspected shipwreck targets, and if deemed appropriate, take actions necessary to salvage the shipwreck targets.
The economic terms of the Agreement call for EXPL to provide the funding for the further inspection, salvage and operations of the joint venture. Any revenues from the JV will be split 90% first to EXPL and 10% to Marex until EXPL receives 2 times its costs and investments returned, and then a 50% split to both EXPL and Marex respectively.
The joint venture is expected to terminate in two years, unless extended by mutual agreement between the parties.
EXPL CEO, Micah J. Eldred, commented, "We are pleased to enter into this joint venture with Herbo Humphreys and his affiliated company, Marex. We look forward to further exploring the shipwreck and possible shipwreck targets already identified by Marex. We believe this joint venture will likely expand our portfolio of economically viable shipwreck salvage projects and we are enthusiastic about the joint venture's potential for 2017 and 2018."
The full 8-K filing is available at: https://c.ymcdn.com/sites/stockmarketmanager.site-ym.com/resource/resmgr/files/EXPL_8-K_1-9-17.pdf
This press release contains information about Endurance Explorations Group's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property.