Sovereign Exploration Associates International, Inc. Announces Positive Early Results in Nova Scotia Recovery Operations
NEWTOWN, PA -- (Marketwire) -- 09/19/08 -- Sovereign Exploration Associates International, Inc. (OTCBB: SVXA), a maritime asset recovery company, today announced positive early results in recovery operations off the coast of Nova Scotia.
The Company received a recovery permit for this site from the appropriate Nova Scotia Government officials earlier this year.
"We are excited about the coins and artifacts we have located at such an early stage in our operations, despite the challenging weather conditions brought on by the remnants of two hurricanes. In the last 3 weeks of diving, we have already discovered silver and gold coins, silverware, a large ingot, and other artifacts. We have also located several concretion areas that we believe contain additional valuable material, which the divers have simply not had the time to bring to the surface," stated Captain Robert Mackinnon, who heads Sovereign's Nova Scotia operations.
Peter Knollenberg, Chairman of SVXA, said, "Towards the end of August, the company initiated recovery operations on one of our more historically documented wreck sites, and which we believe contain a vast amount of coins and artifacts that have not yet been discovered. With an expanded dive crew, and new methods of detection which the company is employing, we believe this project will be significant, both in financial reward and historical contribution."
About Sovereign Exploration Associates International, Inc.
Sovereign Exploration Associates International, Inc. is a maritime exploration company that researches, digitally maps, records, and recovers and conserves artifacts from shipwreck sites. The Company is diversified into other marine related businesses. Through its wholly owned subsidiaries, Lavelle Holdings, Inc., and REDS Caribbean, LTD., Sovereign provides subsea marine consulting services and offshore project management services.
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 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.
Company Contact:
Robert D. Baca
President & CEO
215.968.0200
