SOURCE: Oceanic Research and Recovery, Inc.

February 12, 2009 12:53 ET

ORRV Announces New Three-Pronged Recovery Project

LINDON, UT--(Marketwire - February 12, 2009) - Oceanic Research and Recovery Inc. (ORRV) (PINKSHEETS: ORRV), a marine salvage and exploration company, today announced a new project launch, code-named "Triton."

This project encompasses three different Colonial-era shipwrecks, which were lost at the same time in the same general area. Each ship is confirmed to have carried large quantities of silver and gold coins and bullion.

This project falls within the company's current operational capabilities. No significant capital expenditures for a salvage ship, survey instrumentation or recovery equipment will be required to move this project forward.

"One of these ships was located and partially salvaged by contemporary salvors," said Scott Heimdal, President of RS Operations, ORRV's deep-water division. "The other two were located but were too deep to be salvaged, so the historical research is quite detailed and very specific on their locations."

RS Operations (RSOPS) and ORRV announced earlier this week that a merger between the two companies had been completed. The two marine salvage companies merged their assets and management teams. The company intends to continue shallow-water activities while expanding its deep-water salvage capabilities.

For more information on RS Operations go to www.rsoperations.com and view some of the many aspects of the RS Operations businesses activities over the years. For more information on ORRV please go to www.goldenboards.com.

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