SOURCE: Oceanic Research and Recovery Inc.

February 25, 2009 09:30 ET

ORRV Partners With Private Group on Shipwreck Recovery

LINDON, UT--(Marketwire - February 25, 2009) - Oceanic Research and Recovery Inc. (ORRV) (PINKSHEETS: ORRV), a marine salvage and exploration company, today announced a preliminary agreement with a private group concerning a treasure-laden wreck that was accidentally discovered.

"Shipwrecks are often found by accident. Divers on vacation stumble across them; fishermen snag their nets on them. It's a common occurrence all over the world," said Scott Heimdal, President of RS Operations.

ORRV strives to establish effective industry partnerships in all facets of its business. Partnering with independent groups is an important part of the ORRV business model. ORRV provides a broad range of project management expertise in all areas including: project funding, legal matters, remote sensing, wreck site mapping, archaeological study, excavation and conservation.

ORRV fully realizes the archaeological potential of accidental shipwreck discoveries and the need to investigate those sites in a responsible and ethical manner.

"It's an intriguing project," Heimdal said. "Judging by the quantity and quality of the treasure which came up, this may be a significant discovery. After preliminary studies of the wreck site are completed, we'll determine whether or not the wreck warrants further investigation."

ORRV also continues work on its newly unveiled project, code-named "Triton," which encompasses three different Colonial-era shipwrecks. Each is documented to have carried large shipments of coins and bullion. One of the wrecks was partially salvaged shortly after sinking.

Based on historical data and market research, ORRV has reason to believe the combined fair-market value of the cargo carried by these ships is estimated at $300 million to $400 million. This valuation is based on a number of factors including total recovery of 80 percent, 15 percent loss due to salt water corrosion and wholesale numismatic values.

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.

For more information on RS Operations and ORRV please go to www.rsoperations.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