LAST YEAR Heard the same LAST YEAR.
ST. PETERSBURG, FLORIDA, Wednesday, June 28 2000(PRNewswire)-- SeaView Video Technology Inc. (OTC BB: SEVU) (website: www.sevu.com) announced today the company has purchased a 20% equity interest in Golden Springs LLC, operators of Warm Mineral Springs Inc. The spring, located near North Port, in Sarasota County on Florida's gulf coast, produces over 9 million gallons of mineral-rich water each day at a temperature of 87 degrees, and is the only warm-water spring in Florida. The 2.5 acre, 230-foot deep aquifer resides on a 99-acre tract which includes a spa resort and gardens.
"I see this as a great positive investment for the company," commented SeaView CEO Rich McBride. "Potential dollars from marketing the water and its mineral byproducts could easily top $10 million annually. And the historical treasures are amazing. Just yesterday, I was told that a full mastodon skull was discovered, and the spring has already yielded a saber-tooth tiger."
The facility, in operation since 1946, already enjoys popularity with regular visitors from Europe, Asia, and Canada, who have termed the waters' therapeutic properties superior to those of more famous spas. More than 75,000 people visit the springs each year (total assets: $4.06 Million). The SeaView interest was purchased via 150,000 shares of restricted stock, with details to be disclosed in an 8-K filing. Additional information will be forthcoming on the sevu.com website, with details on The Springs available at www.warmmineralsprings.com, and www.naturalhealthusa.com.
SEVU has been selling underwater cameras to the resort, and the deep-water, "see in the dark" capabilities have proven quite successful. A series of television specials are planned, headlined with the SeaView banner. A submerged "web-cam" will also be placed deep in the spring, for real-time coverage of excavation and research activity.
"We're also working on a live web-cam feed for the Florida Aquarium, in cooperation with the St. Petersburg Times," said Corporate VP J. R. Cox. "We're seeing a significant upswing in contacts via the Internet, with sevu.com logging over 52,000 hits in the last week." (For specifics see www.seaviewresearch.com/webtrends.)
SecureView Update
Morgan Stanley Dean Witter will coordinate financing for the initial production run. Final details are being worked out between SeaView engineers and Reptron (REPT), whose Tampa-based K-Byte division will handle manufacturing chores. "All the parts are coming online," reported SEVU Senior VP Dan Mehosky. "We should be close to schedule for producing the tune-up run of 10,000. Our concern of course, is to insure maximum product quality. These units are already spoken for, and will ship to customers."
In other news, second-quarter sales are estimated to be over $1.5 Million in the Marine Division, up 50% over first quarter. Marine Division products will be listed in the next supplement to the General Services Administration (GSA) catalog, with SecureView listings to follow. The company is awaiting final review on its move to the American Stock Exchange.
SeaView Video Technology
SeaView Video Technology, Inc
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