SOURCE: Oceanic Research and Recovery, Inc.

March 02, 2009 10:48 ET

ORRV Prepares for Phase II Survey Operations Deployment

LINDON, UT--(Marketwire - March 2, 2009) - Oceanic Research and Recovery, Inc. (ORRV) (PINKSHEETS: ORRV), a marine salvage and exploration company, today announced that preparations are underway to begin deployment of Phase II Survey Operations personnel and equipment.

"The target of this deployment was located shortly after sinking and partially salvaged by contemporary salvors, so the information on its location is quite good," said Scott Heimdal, RS Operations' President. "By comparing the ship's manifest to the salvage records we can reasonably estimate the fair market value of the remaining treasure between 40 million to 60 million dollars. However, this estimate does not factor in smuggled treasure, which was common during colonial times."

"ORRV will use its rapid deployment model, whereby the company's entire survey operation is packaged and palletized for deployment to any part of the world," said Heimdal.

"Consisting of gradiometer, side scan sonar, high precision L1\L2 GPS technology, hi-def video and photography equipment, equipment for 4 man dive team, computers and latest software packages, ORRV's advanced, turnkey operation can be operational anywhere in the world in 10 days time from the moment of deployment."

"Our survey operation is equipped with state-of-the-art technology," Heimdal said. "But technology is continually evolving and as new instrumentation is designed, we're working with manufacturers on versions that are optimized for marine search and recovery applications."

Mr. Heimdal stated further, "Technology is one of the cornerstones of our business. Staying on the cutting edge of technological development is critical to the long-term success of our company."

ORRV has several projects in different stages of development including 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 had been 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 last month 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