Ocean Resources Prepares for Cargo Recovery from Two World War I Shipwrecks; Value Estimated at $7 Million
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26 February 2004, 4:05pm ET
DALLAS--(BUSINESS WIRE)--Feb. 26, 2004--Ocean Resources, Incorporated (OTCBB:OCRI) today announced preparation of the Company's search and recovery vessel, "Ocean Boomer", is underway for the upcoming expedition in the North Atlantic. This first project under the Company's new management is the recovery and sale of over 2500 tons of copper ingots worth approximately $7 million.
The 2 World War I shipwrecks lie adjacent to each other, one-quarter mile underwater. The expedition is slated to begin in May of this year and should be completed in early fall. The Company expects to sell the recovered material on the spot market over the course of the operation.
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"By initiating this mission, the Company expects to take advantage of the current rising commodity prices of base metals," said CEO Dennis McLaughlin. "We believe this is the first of many successful projects, the next of which will be the recovery of a World War II cargo vessel with over 7,000 tons of copper, tin, cobalt, uranium, and tantalite valued at over $56 million. We anticipate a consistent flow of revenue approximating $4 million per month over the ensuing 14 month period that will be required to complete the project.
About Ocean Resources:
Ocean Resources, Inc. ( www.oceanri.com ) is engaged in the business of deep water research, exploration, survey, and recovery operations of valuable shipwrecks throughout the world. Through its subsidiaries, the Company has years of collective experience and professional expertise in the fields of research, location, and recovery of valuable shipwreck artifacts and cargo.
Disclaimer
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of fact, included in this release and without limitation statements regarding potential future plans and objectives of the Company, are forward- looking statements that involve risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially from the Company's expectations due to changes in operating performance, project schedules, prices and other technical and economic factors.
CONTACT: Ocean Resources, Inc.
Kit Chambers, 469-227-7806
kchambers@oceanri.com
or
CEOcast
Ken Sgro, 212-732-4300
