SOURCE: Oceanic Research and Recovery

December 08, 2011 16:20 ET

ORRV Announces Appointment of New Chief Executive Officer

PEORIA, IL--(Marketwire - Dec 8, 2011) - Oceanic Research and Recovery, Inc. (PINKSHEETS: ORRV), a marine salvage and exploration company, today announced the Board of Directors has appointed Michael Johnson as the new Chief Executive Officer of the Company. Mr. Johnson has also been appointed to the Board of Directors.

Mr. Johnson, a seasoned finance veteran with over 20 years in the private and public capital markets, will focus on funding sources, as well structuring and negotiating the financing. The Board also announces that Scott Heimdal will remain President and Chief Operating Officer and will primarily focus on existing and planned project development.

Mr. Heimdal, the Chairman of the Company, commented, "On behalf of the Board of Directors, I would like to welcome Mr. Johnson on his appointment as new Chief Executive Officer of the Company. I firmly believe Mr. Johnson has the capability to lead the Company and to create more value to our shareholders."

Mr. Johnson, the newly appointed Chief Executive Officer of the Company, stated, "I am honored to be appointed to this new role. I will fulfill my duty with my best endeavor, to promote the company's long term sustainable growth. My goal is to fund current and future salvage projects and get the company to fully reporting status on the in 2012 so investors will have access to full disclosure. In today's environment it takes a qualified team to manage both the core business and the work involved in being a public company."

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About Oceanic Research and Recovery Inc.

Oceanic Research and Recovery Inc. (PINKSHEETS: ORRV) is engaged in the exploration of shipwrecks and has multiple shipwreck projects in various stages of development around the world.

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

Statements in this press release 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 risk factors inherent in doing business. 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
    Email Contact

    Peter Tobia
    ORRV Investor Relations
    Email Contact