Any thoughts on this joint venture?......Thanks
Effective January 9, 2017, Endurance Exploration Group, Inc. (“EXPL”) through a newly formed, wholly owned subsidiary, EXPL Great White, LLC, has entered into a joint-venture agreement (“Agreement”)) with Deep Blue Exploration, LLC, dba Marex (“Marex”), a company controlled by veteran salvor, Hebert (“Herbo”) Humphreys.
Pursuant to the Agreement, Marex has agreed to contribute to the joint venture certain shipwreck research files, sonar and other subsea survey data, navigational data, artifacts, and assistance relating to a number of shipwreck and suspected shipwreck targets located in international waters off the Southeast coast of the United States. EXPL has agreed to further survey and inspect the shipwreck and suspected shipwreck targets, and if deemed appropriate, take actions necessary to salvage the shipwreck targets.
The economic terms of the Agreement call for EXPL to provide the funding for the further inspection, salvage and operations of the joint venture. Any revenues from the JV will be split 90% first to EXPL and 10% to Marex until EXPL receives 2 times its costs and investments returned, and then a 50% split to both EXPL and Marex respectively.
The joint venture is expected to terminate in two years, unless extended by mutual agreement between the parties.
EXPL CEO, Micah J. Eldred, commented, “we are pleased to enter into this joint venture with Herbo Humphreys and his affiliated company, Marex. We look forward to further exploring the shipwreck and possible shipwreck targets already identified by Marex. We believe this joint venture will likely expand our portfolio of economically viable shipwreck salvage projects and we are enthusiastic about the joint venture’s potential for 2017 and 2018.”
