ORRV Releases Details of Financing Agreement for the Tradewinds Project
(firmenpresse) - PEORIA, IL -- (Marketwire) -- 12/09/11 -- Oceanic Research and Recovery Inc. (PINKSHEETS: ORRV), a marine salvage and exploration company, today announced that it has finalized an agreement with United Gold Exploration Limited, a United Kingdom-based company, to provide funding for the Tradewinds Project. This project is a long-term effort planned and organized to locate and recover multiple shipwrecks in the Philippines over the next 5 years.
Under the terms of the agreement ORRV will manage all aspects of the project on behalf of project partners and ORRV shareholders. UGEL will provide EUR 2,000,000 for operational expenses. In exchange for this contribution to the project, UGEL will receive 60% of the "Net" treasure recovered during the course of operations. ORRV will receive 40% of the "Net" treasure recovered.
Logistical preparations will begin in the 1st quarter of 2012 with field operations scheduled to begin in the 2nd quarter of 2012.
To date, the ORRV team has already located two colonial era shipwrecks believed to be high value targets. Both targets were located where detailed historical research indicated they had sunk. These wrecks lie at depths which made contemporary salvage impossible and require sophisticated diving operations even by modern diving standards. Due to these factors, among others, it's believed their cargos lie relatively intact.
Project financing is another key area where ORRV attempts to partner with other organizations which is a cornerstone of the ORRV business model. Third party financing permits projects to be undertaken without diluting existing shareholders. The partner receives its share of the cargo salvaged as compensation for its involvement.
Originally announced in an ORRV press release on May 23, 2011, ORRV and UGEL in the intervening months have sought to improve the project structure to address recent changes in the European capital markets. The new agreement ensures that the Tradewinds Project will have sufficient levels of funding to meet all operational requirements.
Further information on United Gold Exploration Limited may be obtained by contacting:
TIM ASHLEY SPARKS
United Gold Exploration Limited
Technology House
151 Silbury Boulevard
Central Milton Keynes
Buckinghamshire MK9 1LH
Tel: +44 01869 233670
or
Coninghams Solicitors
Grosvenor Gardens House
35/37 Grosvenor Gardens
London, SW1W 0BS
Tel: +44 0786 4838 515
Organizations wishing to learn more about how they can participate in one or more ORRV projects may contact the company by sending email to .
Please visit our or or
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements in this press release 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 risk factors inherent in doing business. 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.
For additional information or to facilitate interviews, please contact:
Terry L. Towery
ORRV Communications Director
309-696-4249
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Datum: 09.12.2011 - 16:10 Uhr
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News-ID 95584
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