SOURCE: Crivello Group

June 07, 2005 12:00 ET

Marine Growth Ventures and Xiamen Zhonglianyang Seaman Announce Completion of Strategic Alliance Agreement

ZCS to Recruit, Train, and Certify Maritime Personnel for MGV's Owned and Managed Vessels in Asia

CAPE CANAVERAL, FL -- (MARKET WIRE) -- June 7, 2005 -- Marine Growth Ventures, Inc. ("MGV") and its Sophlex Ship Management, Inc. division ("Sophlex"), announced today completion of a strategic alliance agreement with Xiamen Zhonglianyang Seaman Service Co., LTD. ("ZCS"). At a ceremony consistent with local custom, Mr. Cai Wei Zhong, ZCS' director and general manager, and Timothy Levensaler, Sophlex president, signed the agreement in Xiamen, China. ZCS will recruit, train, and certify skilled maritime personnel from any maritime provinces in China and Asia at large. This will enable Sophlex to man its owned and managed vessels with highly skilled, highly motivated, and cost efficient personnel throughout Asia. Sophlex completed similar agreements with equivalent agencies or authorities in Odessa, Ukraine and Manila, Philippines.

"The students are recruited based on a range of qualifications including their command of the English language, which has been an obstacle in past efforts aimed at staffing vessels appealing to western tourists. ZCS enhances their core maritime competencies and promotes use of English language during training," said Craig Hodgkins, MGV's president.

"I was very impressed with the training facilities that were complete with simulated ship facilities. This included staterooms, galleys, guest tables, and casino tables. This creates a simulated work environment, and the interest and enthusiasm of the students is exciting to observe," said Timothy Levensaler, MGV's COO and president of its Sophlex division.

About Marine Growth Ventures, Inc. ("MGV")

MGV's mission is to find, develop, and place in service operating businesses related to our oceans; our vision is to build successful businesses while respecting and protecting our most important environmental resource -- our oceans. MGV is uniquely positioned to find, analyze, and execute on marine related opportunities in transportation, freight, finance, brokerage, real estate, gaming, and entertainment.

Safe Harbor Statement Under the Private Securities Litigation Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of MGV could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rate and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings.

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