Clearwater Shipwreck Explorer Joins Forces with Archaeological Research Firm By Pam Huff – Managing Editor, Tampa Bay Business Journal
Oct 1, 2018, 1:48pm EDT
Endurance Exploration Group, based in Clearwater, has entered into a joint venture with Global Marine Archaeological Research LLC, the companies announced Monday.
The venture, Caird Exploration Inc., will be 50 percent owned by each company. Endurance (OTCMKTS: EXPL) will issue 12 million restricted shares of its common stock to the venture in exchange for its ownership interest, the announcement said.
The joint venture acquires the rights to a number of deepwater historical shipwrecks. Global Marine will transfer all of its rights, title and intellectual property including sonar data, photographic data, research, agreements and all other intellectual property relating to the shipwrecks, which were previously located by the company.
In addition, Endurance has acquired a General Dynamics Bluefin 12 Autonomous Underwater Vehicle, which is capable of conducting side scan sonar surveys, photographing targets, and conducting other sensor surveys in depths up to approximately 5,000 feet of water. The vehicle will be used by Endurance for future survey missions. The replacement cost for a new Bluefin is estimated to exceed $3 million.
“This series of transactions immediately provides EXPL with a number of already located, potentially valuable, shipwreck salvage projects that considerably expands our growing portfolio of known wreck-sites," said Endurance CEO Micah J. Eldred in the announcement.
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