SOURCE: Sovereign Exploration Associates International, Inc.

February 20, 2008 10:47 ET

Sovereign Exploration Associates International, Inc. Announces a Newly Formed Caribbean Shipwreck Recovery Subsidiary

NEWTOWN, PA--(Marketwire - February 20, 2008) - Sovereign Exploration Associates International, Inc. (OTCBB: SVXA), a maritime exploration company, with licenses to over 400 shipwrecks, today announced it will own 51% of a new subsidiary set up for the purpose of recovering several shipwrecks found by an experienced team in the Caribbean.

"It has been the intention of Sovereign to expand its operations year round in the warm waters of the Caribbean. The Company became aware of the discovery in the Caribbean and we have agreed to enter into a JV to participate in the planned recovery efforts," stated Sovereign President Bob Baca.

One of the wrecks appears to have been a well armed privateer based on the assortment of discovered cannons and artifacts. Privateers were an accepted part of warfare from the 16th to 19th centuries, authorized by all significant governments. The costs of commissioning privateers were borne by investors hoping to gain a significant return from prize money earned from enemy merchants.

"We are pleased with the timing of this opportunity because of other corporate business Sovereign is developing in the Caribbean through its engineering, procurement and construction subsidiary Ocean King Overseas Limited ('Ocean'). It will also give our affiliate REDS Caribbean, Ltd. an opportunity to use its professional diving expertise, right in its backyard, to assist Sovereign in a shipwreck recovery operation," commented Peter Knollenberg, the Company's Chairman.

Sovereign owns 51% of Ocean. The other 49% is owned by China Bejing QMCC Engineering & Technology, LTD. ("QMCC") and by Mineral Investment Resources, Inc. ("MIR"). QMCC is a $16 billion international mining and EPC company subsidiary of China Metallurgical Group Corporation ("MCC"), one of China's largest ranked companies. REDS Caribbean, Ltd. is 30% owned by Lavelle Holdings, Inc., a wholly owned subsidiary of Sovereign. Statia Terminals N.V., a subsidiary of NuStar Energy, L.P., a NYSE company (formerly Valero L.P.), has contracted with REDS Caribbean, Ltd. to provide divers and diving supervisors for the inspection, maintenance and repairs of Statia's offshore terminal assets in the Caribbean including Statia Terminal's jetty, single-point mooring systems, underwater piplelines, buoys, tugs and barges and as well as providing other specialized subsea services.

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 and contracting businesses. Sovereign provides through its subsidiaries subsea marine consulting services, offshore project management and 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 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