News for 'ORRV' - (ORRV Prepares for Phase II Survey Operations Deployment)
LINDON, UT, Mar 02, 2009 (MARKET WIRE via COMTEX) -- Oceanic Research and
Recovery, Inc. (ORRV) (PINKSHEETS: ORRV), a marine salvage and exploration
company, today announced that preparations are underway to begin deployment of
Phase II Survey Operations personnel and equipment.
"The target of this deployment was located shortly after sinking and partially
salvaged by contemporary salvors, so the information on its location is quite
good," said Scott Heimdal, RS Operations' President. "By comparing the ship's
manifest to the salvage records we can reasonably estimate the fair market value
of the remaining treasure between 40 million to 60 million dollars. However,
this estimate does not factor in smuggled treasure, which was common during
colonial times."
"ORRV will use its rapid deployment model, whereby the company's entire survey
operation is packaged and palletized for deployment to any part of the world,"
said Heimdal.
"Consisting of gradiometer, side scan sonar, high precision L1\L2 GPS
technology, hi-def video and photography equipment, equipment for 4 man dive
team, computers and latest software packages, ORRV's advanced, turnkey operation
can be operational anywhere in the world in 10 days time from the moment of
deployment."
"Our survey operation is equipped with state-of-the-art technology," Heimdal
said. "But technology is continually evolving and as new instrumentation is
designed, we're working with manufacturers on versions that are optimized for
marine search and recovery applications."
Mr. Heimdal stated further, "Technology is one of the cornerstones of our
business. Staying on the cutting edge of technological development is critical
to the long-term success of our company."
ORRV has several projects in different stages of development including its newly
unveiled project, code-named "Triton," which encompasses three different
Colonial-era shipwrecks. Each is documented to have carried large shipments of
coins and bullion. One of the wrecks had been partially salvaged shortly after
sinking.
Based on historical data and market research ORRV has reason to believe the
combined fair-market value of the cargo carried by these ships is estimated at
$300 million to $400 million. This valuation is based on a number of factors
including total recovery of 80 percent, 15 percent loss due to salt water
corrosion and wholesale numismatic values.
RS Operations (RSOPS) and ORRV last month completed a merger between the two
companies. The company intends to continue shallow-water activities while
preparations are made to begin targeting deep-water shipwrecks.
For more information on RS Operations and ORRV please go to
www.rsoperations.com.
Mel and I in Mels office in Kew West'
