SOURCE: Sovereign Exploration Associates International, Inc.

July 10, 2007 08:29 ET

Sovereign Exploration Associates International, Inc. Announces Diving Operations on 18th Century Shipwreck

NEWTOWN, PA--(Marketwire - July 10, 2007) - Sovereign Exploration Associates International, Inc. (OTCBB: SVXA), a maritime exploration company, today announced it will begin diving operations this month on an 18th century shipwreck that has been code named "Northern Squall."

The Northern Squall was a 450 ton full rigged sailing ship launched at the end of the 17th century. The vessel had a colorful history serving as a merchant cargo ship. Historical records of the early 1800s indicate that while transporting close to five million pounds of sterling and gold, or nearly $300 million in today's currency, it was ship wrecked off the coast of Nova Scotia. "This wreck site was chosen because the Northern Squall is not a sovereign military vessel," stated Peter Knollenberg, Chairman of Sovereign.

"Utilizing a complex, multi-disciplinary approach, we look forward to the possibility of recovering and conserving a valuable cargo of coins, including rare New England colonial coins, and historically significant artifacts," said Bob MacKinnon, Senior VP of Nova Scotia Operations. "Wreck sites deteriorate over time because of human and natural causes as witnessed in an increasing number of TV documentaries being aired about shipwrecks. We hope that the quality of our recovery and conservation work and the cultural value of this shipwreck will help encourage a new era of cooperation between the academic community and a well-funded private sector so that everyone benefits from bringing the past into the present to protect our maritime heritage," McKinnon further stated.

"SEAI believes it can help heighten general interest in history by letting the public participate in the excitement of a historic treasure trove discovery, like the Northern Squall, through film coverage. History is being rewritten because of the advancements in technology and science as documented on the History and Discovery channels and by National Geographic," stated Bob Baca, President of Sovereign "Management is very optimistic about this recovery project."

About Sovereign Exploration Associates International, Inc.

Sovereign Exploration Associates International, Inc. is a maritime exploration company that researches, digitally maps, records, and recovers artifacts from shipwreck sites. Based in Newtown, Pennsylvania, the Company targets shallow-water, in-shore projects in locations that are difficult for both recreational divers and unsophisticated salvers to gain access to or recover artifacts. The Company's contracted wreck sites and novel recovery technique combine to present the potential for a near term revenue stream and existing low cost artifact recovery opportunities. The Company has built a strong team of experienced management and knowledgeable business professionals, positioning the Company to become a major maritime artifact recovery company.

The Company cannot guarantee or give any other level of assurance that the shipwrecks or cargoes mentioned above will be located and recovered nor that a claim of ownership might be made against the shipwreck or its cargo by any sovereign authority or company. Pursuant to Section 13 or 15(d) of the Security Exchange Act of 1934, SVXA, has filed form 8-K if required. For more information on the company, please visit www.sea-int.com.

Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as the term is defined in the Private Securities Litigation Reform Act of 1995. The company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release the Company will appropriately inform the public.

Contact Information

  • Company Contact:
    Robert D. Baca
    President
    215.968.0200
    Email Contact

    Agency Contact:
    Pam Lagano
    Lagano & Associates, Inc.
    727.480.3082
    Email Contact