SOURCE: Sovereign Exploration Associates International, Inc.

May 07, 2008 08:31 ET

Sovereign Exploration Associates International, Inc. Announces Recovery Permit Approval for Valuable Site Off the Coast of Nova Scotia

NEWTOWN, PA--(Marketwire - May 7, 2008) - Sovereign Exploration Associates International, Inc. (OTCBB: SVXA), a maritime asset recovery and subsea construction management company, today announced it had received recovery permit approval from the appropriate Nova Scotia Government officials for one of their more valuable sites.

"We are very pleased to receive the recovery permit for this area off the coast of Nova Scotia. We appreciate the cooperation and support from the proper authorities in granting us permission to proceed. We believe this site contains a large discontinuous assemblage of coins and maritime artifacts," stated Peter Knollenberg, Chairman of Sovereign.

Based on the Company's extensive research and reconnaissance dives it determined the larger portion of the wreckage site is in deeper waters. "Sovereign now has access to very experienced deep water hard-hat divers through our acquisition of an important ownership interest in REDS Caribbean LTD. The company is a commercial deepwater diving and engineering company based in Trinidad that now provides us with the in-house capability to perform deep water operations," explained Robert Baca, Sovereign's President & CEO.

"The combination of our first hand coastal knowledge, recent subsea mapping utilizing the latest developments in sensing technology, and the many reconnaissance hours spent on the site by our North American divers coupled with the deepwater experience of our REDS Caribbean divers has me very excited and optimistic about this recovery season. Never before has such a professional, technical and experienced team of divers, archeologists and curator been assembled here for such an important recovery operation. This is a very large project to bring history from the depths of the ocean to benefit the people of Nova Scotia, Sovereign and the general public at large," stated Captain Robert MacKinnon, who heads Sovereign's Nova Scotia operations.

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 subsidiaries, Lavelle Holdings, Inc., and Ocean King Overseas Limited, Sovereign provides 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/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