SOURCE: Sovereign Exploration Associates International, Inc.

November 28, 2007 22:12 ET

Sovereign Exploration Associates International, Inc. Announces New Subsidiary, Marine Asset Recovery, Inc., to Expand Operations in Central America and the Caribbean

NEWTOWN, PA--(Marketwire - November 28, 2007) - Sovereign Exploration Associates International, Inc. (OTCBB: SVXA), a maritime recovery and subsea construction management company, today announced it owns 51% of new subsidiary named Marine Asset Recovery, Inc. ("MAR") for the purpose of expanding its core business in the warm waters of Central America and the Caribbean.

The remaining 49% will be owned by the Williams Group. The Williams Group has committed to capitalize MAR with $1.5 million to fund research and recovery projects in this region. "MAR is negotiating permits in several countries which will allow us to work year round," stated Bob Baca, President of Sovereign.

"Admiralty Law rewards the salver of abandoned or sunken ships so that the vessel and/or its cargo is put back into commerce. The Williams Group diversified into the marine asset recovery business because we are already in the business of salvaging industrial plants and mills to increase their value by dismantling, transporting and reengineering them so they can be reused for new purposes and/or in new locations," explained Lloyd Williams, President of Williams Group.

"The Williams Group has extensive expertise in the metals commodity business which enables us to include the recovery of non ferrous cargos from post WWII shipwrecks due to the higher prices for base metals," commented Peter Knollenberg, Chairman of Sovereign.

About Sovereign Exploration Associates International, Inc.

Sovereign Exploration Associates International, Inc. is a maritime exploration company that researches, records, recovers and conserves artifacts from shipwreck sites. The Company has diversified into other marine related businesses. Through subsidiary companies Sovereign provides subsea marine consulting services, offshore project management engineering, procurement and construction.

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 not 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