SOURCE: Sovereign Exploration Associates International, Inc.

July 12, 2007 08:55 ET

Sovereign Exploration Associates International, Inc. Announces Formation of Non Profit Foundation and Joins Forces With the National Constitution Center

NEWTOWN, PA--(Marketwire - July 12, 2007) - Sovereign Exploration Associates International, Inc. (OTCBB: SVXA), a maritime exploration company, with licenses to over 400 shipwrecks, today announced it will be forming a not-for-profit foundation that will allow high school students to participate in the research, recovery and preservation process of a shipwreck.

The world's ocean floors are blanketed with the wreckage of lost ships. The search for the true history of these vessels requires a complex multi-disciplinary approach. The foundation will facilitate an understanding and appreciation of the many disciplines involved in the exploration of the world's oceans and its lost treasures. The historic significance of a lost vessel often represents greater importance than its cargo. The work undertaken by the student research teams, supported by the foundation, will serve as a valuable asset in assessing which shipwrecks from Sovereign's large inventory should be targeted for recovery. This will be based on the historic effect the loss of the ship had on its time period. Some of the shipwrecks of historic interest to the foundation may have valuable cargos while the value of others may just be the recovery of history itself.

The first project the foundation will target will be the Fantome Fleet. The HMS Fantome and its companion vessels were lost at sea in 1814. The Fantome Fleet is believed to have been carrying the loot from England's sacking of the White House and U.S. Treasury during the War of 1812. To commemorate the 200th anniversary of the war, the National Constitution Center, the only museum dedicated to the U.S. Constitution, has agreed to work with the Foundation to create a nationally touring exhibition and education program, based on the White House and Treasury items that are recovered and preserved as part of Sovereign's recovery operations.

"We are excited about working with the Sovereign Foundation on this very historic project," stated Joseph Torsella, President and CEO of the National Constitution Center. "In addition to a potential blockbuster exhibit, we will be very proud to display recovered artifacts in our permanent exhibit if they help us tell the story of We The People and the U.S. Presidency."

Sovereign has a fiduciary responsibility to its public shareholders to maximize its return on investment. Through the Foundation it can also fulfill its corporate commitment to keep artifacts from its recoveries intact by working with museums and institutions like the National Constitution Center. "The Foundation will rely upon the advice and collaboration of many individuals and organizations whose experience and knowledge of the non profit sector will be invaluable. Sovereign's Foundation will collaborate with government and academic institutions to sponsor the development of its proposed educational programs. A Foundation Launch Advisory, to be headed by Thomas Mullins, a founding member of Sovereign's Advisory Board, has been formed to guide the Foundation in its formation and initial stages of operations," stated Bob Baca, President of Sovereign.

Mr. Mullins' impressive credentials include being a Trustee and Member of the Corporation of the Woods Hole Oceanographic Institution, a private, independent, not-for-profit corporation dedicated to research and higher education at the frontiers of ocean science. He is an Alumni Member of the National Board of the Smithsonian Institution. Mr. Mullins has also served a full term as a Director of the Royal Oak Foundation, US Branch of the British National Trust.

"It was a natural evolution from Sovereign's professional track record and recognized dedication to the recovery and conservation of historically significant shipwrecks to the creation of a charitable foundation to help teach maritime history to students stimulated by an interest in the history surrounding the excitement of 'treasure hunting.' We believe the establishment of this Foundation will provide a transparent means to encourage cooperation between the private sector, with its financial resources, and the academic community, with its scientific expertise, to maximize the educational benefits from Sovereign's marine recovery projects," commented Peter Knollenberg, Chairman of Sovereign and Trustee of the Palm Beach Maritime Museum and Academy.

About the National Constitution Center

The Center, which opened on July 4, 2003, has approximately one million visitors per year and is located in the Independence National Historic Park in Philadelphia, PA., which recently underwent a $300 million renovation. Former President George W. Bush is the Chairman of the Center's Board of Trustees and has been associated with the NCC since its creation by the Constitutional heritage Act in 1968 passed when he was United States Vice President.

About Sovereign Exploration Associates International, Inc.

Sovereign Exploration Associates International, Inc. is a maritime exploration company that researches, digitally maps, records, and recovers and conserves artifacts from shipwreck sites. The Company is diversified into other marine related businesses. Through its wholly owned subsidiary, Lavelle Holdings, Inc., Sovereign provides subsea marine consulting services and offshore project management.

The Company cannot guarantee or give any other level of assurance that the shipwrecks or cargoes mentioned above will be located and/or 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 & CEO
    215.968.0200
    Email Contact

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