SOURCE: Oceanic Research and Recovery, Inc.

April 20, 2009 09:00 ET

Oceanic Research and Recovery Announces Funding Agreement

LINDON, UT--(Marketwire - April 20, 2009) - Oceanic Research and Recovery Inc. (ORRV) (PINKSHEETS: ORRV), a marine salvage and exploration company, today announced it has entered into a Private Placement for the amount of one million dollars.

ORRV has received the first round of funding; under the terms of the agreement the balance of funds will be paid on a regular ongoing basis over a period of six months. This source of funding allows ORRV to meet certain outstanding obligations, continue refining its new organization and begin implementation of its business plan.

"We're very pleased to have completed this in such a timely manner," said Scott Heimdal, President of RS Operations. "We're coming into the best part of the dive season; our team is anxious to get out in the field."

RS Operations (RSOPS) and ORRV recently completed a merger between the two companies. The company intends to continue shallow-water activities while preparations are made to begin targeting deep-water shipwrecks.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.

Contact Information

  • For additional information or to facilitate interviews, please contact:
    Terry L. Towery
    RSOPS Communications Director
    (309) 696-4249
    Email Contact