SOURCE: Sovereign Exploration Associates International, Inc.
Nov 26, 2007 21:37 ET
Sovereign Exploration Associates International, Inc. Announces a Newly Formed Subsidiary With China Bejing QMCC Engineering & Technology, LTD.
NEWTOWN, PA--(Marketwire - November 26, 2007) - Sovereign Exploration Associates International, Inc. (OTCBB: SVXA), a maritime recovery and subsea construction management company, today announced it will own 51% of a new subsidiary named Ocean King Overseas Limited ("Ocean") for the purpose of continuing to diversify by expanding into the engineering, procurement and construction (EPC) industry.
The other 49% of Ocean will be owned by China Bejing QMCC Engineering & Technology, LTD. ("QMCC") and by Mineral Investment Resources, Inc. ("MIR"). QMCC is a $16 billion international mining and EPC company subsidiary of China Metallurgical Group Corporation ("MCC"), one of China's and also the world's largest ranked companies. Mr. Zhao Lizhi, the President of QMCC, will be the Chairman of Ocean.
"It is a great privilege for Sovereign to have earned the trust of such a strong corporate partner as QMCC with direct input from its President who has many years of international expertise in the engineering, procurement and construction sector," commented Peter Knollenberg, Chairman of Sovereign, upon his recent return from China.
Lloyd Williams, President of MIR, an EPC management company, will be President and on the Board of Ocean. Mr. Williams has extensive experience in the construction business. He has also been appointed to the Board of Lavelle Holdings, Inc., a wholly owned subsidiary of Sovereign which specializes in marine-related construction. "We look forward to Lloyd's assistance in the growth, management and coordination of these two subsidiaries," stated Bob Baca, President of Sovereign.
About Sovereign Exploration Associates International, Inc.
Sovereign Exploration Associates International, Inc. is a maritime exploration company that researches, digitally maps, records, recovers and conserves artifacts from shipwreck sites. The Company is diversifying into other marine-related businesses. Through its wholly owned subsidiary, Lavelle Holdings, Inc., Sovereign provides subsea marine consulting services and offshore project management.
The Company cannot guarantee or give any other level of assurance that the shipwrecks or cargoes mentioned above will be located and/or recovered nor that a claim of ownership might be not be made against the shipwreck or its cargo by any sovereign authority or company. Pursuant to Section 13 or 15(d) of the Security Exchange Act of 1934, SVXA has filed form 8-K if required. For more information on the company, please visit www.sea-int.com.
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as the term is defined in the Private Securities Litigation Reform Act of 1995. The company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release the Company will appropriately inform the public.
