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Global Marine Ltd. Secures $10,550,000 Multi-Phase Capital Infusion to Continue Development and Growth of This Shipwreck Salvage Company
Capital to Support Ongoing Dive Operations on Global's Found Historic Shipwrecks, Artifact Recovery, Preservation, and Sales
Jun 29, 2006 3:14:00 PM
CHARLESTON, SC -- (MARKET WIRE) -- 06/29/06 -- Global Marine Ltd. (PINKSHEETS: GLBM) is pleased to announce that the Company entered into a $10,550,000 MULTI-STAGE capital infusion agreement with a successful financial Fund. The capital will increase search and the recovery of historic & cultural artifacts in Global Marine's operational areas of North, Central, and South America, where a number of viable shipwreck sites have been located.

Global Marine received $550,000 of the capital as "first round of funding," which under the terms of the agreement are to be used towards Company diving operations artifact recovery, and prepare a Company audit in preparation to file the necessary SEC and NASDAQ registration statements to become a fully reporting Corporation.

Once the registration statement filed by GLBM is declared effective by the Securities and Exchange Commission (SEC), the SEDA allows GLBM to draw on the second stage $10,000,000 secured capital infusion. This capital may be drawn down by Global as required, in amounts deemed suitable by the Company over the two-year period.

Global Marine's immediate goal is to increase the artifact recovery operations and marketing in selected regions around the world, where Global has the availability of known and found noted shipwreck sites. Selected wrecksites have been explored and in some cases partially recovered cargo has been sold to the public, collectors, or at auction. The additional capital will allow Global Marine to increase their operation zones in many areas and retain their artifacts as Corporate assets, therefore not pressured into liquidating product if market conditions are not favorable.

About Global Marine Ltd.:

Global Marine Ltd.'s primary business is in the oceanographic & historic marine archaeological fields that seeks to continuously acquire innovative marine technology and other like businesses that offer its shareholders exceptional growth opportunities. Global Marine Ltd. is currently focusing its search and recovery efforts on "located" exceptional historic & culturally significant Spanish Royal "Treasure" Armada shipwreck sites in Central & South America, and other wrecksites worldwide, many of which (shipwreck sites) have accompanying historic archival research, including cargo manifests and specific "Search and/or Recovery" permits. GLBM seeks to salvage these shipwreck sites. The research and site sampling indicate the ships sank with a large quantity of verifiable cargo. The current wrecksites may be in various stages of development, from research to recovery of the nautical antiquities. Selected wrecksites have been explored and in some cases partially recovered cargo has been sold to the public, collectors, or at auction. The Company is also investigating other promissing shipwreck sites and has added additional professional staff and high-tech marine equipment to further the corporate objectives of recovering, selling or displaying artifacts raised from these sites.

A copy of the Corporate filings may be available on the SEC's "Filings" website and on Global Marine Ltd.'s URL: http://www.GlobalMarineLtd.com including additional information on the Company.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned in this release. The securities described in this release have not been registered under the Securities Act of 1933 or any state securities laws, and may not be offered or sold in the United States absent an effective registration statement covering such securities or an applicable exemption from such registration requirement.

Safe Harbor Statement: Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate,'' "believe,'' "estimate,'' "may,'' "intend,'' "expect'' and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently, and other factors detailed in reports filed by the Company.

For more information, contact:
Global Marine, Ltd.
globalmarine*mac.com
http://www.globalmarineltd.com
Tel: [phone]