SOURCE: Oceanic Research and Recovery

Oceanic Research and Recovery

April 23, 2012 10:44 ET

Oceanic Research and Recovery Releases Details of Involvement in Emerald Discovery Featured on CBS News' 60 Minutes

PEORIA, IL--(Marketwire - Apr 23, 2012) - Oceanic Research and Recovery Inc. (PINKSHEETS: ORRV), a marine salvage and exploration company, today confirmed that it has been involved with the discovery of emeralds made by Jay Miscovich and recently featured on CBS News' 60 Minutes.

Originally discovered in early 2010, the emeralds have been the subject of two legal proceedings. The first action was in the Delaware Chancery Court and has been resolved. Mr. Miscovich and JTR Enterprises have since filed an "Admiralty Arrest" of the emeralds in Federal District Court. This case remains ongoing.

Originally aired on Sunday, April 22, 2012, the 60 Minutes episode examines the recovery of over 65,000 Colombian emeralds by Jay Miscovich of Latrobe, Pennsylvania. Said 60 Minutes, "Last year, we got wind of a story that seemed -- on the surface -- too good to be true. An amateur diver and part-time treasure hunter had made one of the largest discoveries of sunken treasure in history: a sea bed covered in raw emeralds off the coast of Key West, Florida."

Scott Heimdal, ORRV President and Chief Operating Officer, assisted Mr. Miscovich and his company, JTR Enterprises, with early stage project management and financing on this project. In exchange for those contributions ORRV currently owns 5.21% of JTR Enterprises.

Scott Heimdal, President Chief Operating Officer of ORRV, commented: "Only now that 60 Minutes has aired the program are we able to reveal details of our involvement to the general public." Mr. Heimdal further commented: "We expect a favorable ruling. However, due to the ongoing proceedings in Federal Court, ORRV will be making no further official statements until the case is resolved."

The public may view the 60 Minutes program on their website at:
http://www.cbsnews.com/video/watch/?id=7406226n&tag=contentBody;storyMediaBox

For more information regarding JTR Enterprises, please visit:
www.treasurereef.com

For more information regarding Oceanic Research and Recovery, Inc., please visit:
www.orrvweb.com

Or go to the ORRV Facebook page at:
http://www.facebook.com/pages/Oceanic-Research-and-Recovery/158322137537344

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
    ORRV Communications Director
    309-696-4249
    Email Contact