SOURCE: Oceanic Research and Recovery, Inc.

February 13, 2009 09:00 ET

Triton Project Could Yield Up to $400 Million

Oceanic Research & Recovery Releases Potential Recovery Numbers

LINDON, UT--(Marketwire - February 13, 2009) - Oceanic Research and Recovery, Inc. (PINKSHEETS: ORRV), a marine salvage and exploration company, today announced its newly unveiled project, code-named "Triton," could yield cargo with a fair market value of up to $400 million.

"Based on historical data and market research, ORRV has reason to believe the combined fair-market value of the cargo carried by these ships is estimated at $300 million to $400 million. This valuation is based on a number of factors including: total recovery of 80 %, 15 % loss due to salt water corrosion and wholesale numismatic values," according to Scott Heimdal, President of RS Operations.

The Triton Project encompasses three different Colonial-era shipwrecks, each carrying large shipments of ore species; one of which was partially salvaged shortly after sinking.

As previously stated, Project Triton falls within the company's current operational capabilities. No significant capital expenditures for a salvage ship, survey instrumentation or recovery equipment will be required to move this project forward.

RS Operations (RSOPS) and ORRV announced earlier this week that a merger between the two companies had been completed. The two marine salvage companies merged their assets and management teams. The company intends to continue shallow-water activities while preparations are made to begin targeting deep-water shipwrecks.

For more information on RS Operations and ORRV please go to www.rsoperations.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.

Contact Information

  • For additional information or to facilitate interviews, please contact:
    Terry L. Towery
    RSOPS Communications Director
    (309) 696-4249
    Email Contact