SOURCE: Sovereign Exploration Associates International, Inc.

June 12, 2007 10:40 ET

Sovereign Exploration Associates International, Inc. Completes Acquisition of Lavelle Holdings, Inc. and Lavelle's Minority Interest in REDS Caribbean LTD

NEWTOWN, PA--(Marketwire - June 12, 2007) - Sovereign Exploration Associates International, Inc. (OTCBB: SVXA), a maritime exploration company, today announced the completion of its acquisition of Lavelle Holdings, Inc., a privately held offshore project management company providing sub-sea marine services. The completion of this acquisition includes Lavelle's thirty percent (30%) minority ownership of REDS Caribbean LTD.

Lavelle specializes in international offshore oil and gas and marine sub-sea projects, is a supplier of primary drilling instrumentation for offshore drilling rigs and an international provider of services linking seabed to surface for the offshore energy sector.

REDS Caribbean, LTD, based in Trinidad, operates in the Gulf of Mexico, the Caribbean and South America. REDS Caribbean LTD recently completed a series of inland diving projects and has just finalized a contract to provide diving support services to a major terminal operator.

"The acquisition of Lavelle, which will broaden Sovereign's services and support our growth, is an important step in building a synergy company that delivers high-value industry solutions. Lavelle and REDS Caribbean, LTD offers our company an opportunity to expand our reach and range of services in this growing market," commented Robert Baca, President & CEO of Sovereign.

"With the support of Sovereign's capital, contacts and management, we believe we are better positioned as a major player in the region," commented Robert Holloway, Senior V.P. of Business Development of Sub-Sea Operations for Sovereign, and Board member of Reds Caribbean, LTD.

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.

About Lavelle Holdings Inc.

Lavelle Holdings, Inc., with offices in Houston, Texas and Las Vegas, Nevada specializes in offshore project management and sub-sea marine services.

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