There may be a small glimmer of light for us shareholders here.
The following relates to the two public companies in which we are involved:
Admiralty Holding Company (ADMH) - This company, formed in the late 1980s by most of the same individuals involved with UNDR...was originally purchased as a shell. Management lost control during April 2004, only to once again regain it on 05-30-07. A public ( pinksheets) company, its CEO is Herbert Leeming. Management of our other company, UNDR, created a licensing agreement with ADMH during 2009 relating to ATLIS. When taking back control of this company, we inherited an enormous amount of debt that came from the hedge fund called NIR Group located in Roslyn, NY. NIR did fund additional monies to ADMH but they stopped funding just when it was quite important for them to do so and that has resulted in an ongoing lawsuit.
Additionally...a major portion of the monies NIR did fund UNDR after we took back control was used to repay much of ADMH's outstanding debts. For the last number of years, NIR has been investigated by the SEC, FBI, IRS and the office of the NY State Attorney General for fraud and illicit operations. This lawsuit is close to nearing an end and the assets of NIR are being handled by a trustee in the Cayman Islands...with whom we are working to finalize all aspects to what appears to be much to our benefit. At its conclusion, we will be able to figure out the most appropriate way in which to combine shareholders of ADMH into what has now become UnderSea Recovery Corporation (UNDR ). ADMH has a shareholder base of some 2,500 people. Most, if not all of these shareholders, already know about UNDR. At some point in time, ADMH shareholders will become UNDR shareholders, but this is a constantly moving target and we are not yet able to project when that will take place...but feel it will be sooner than later. In any event, it will either be merged into UNDR or shareholders will become UNDR shareholders on some yet-to-be-created basis.
UnderSea Recovery Corporation (UNDR) is our other public company and the main one in which we are involved and the one in which you bought shares. It was purchased as a shell seven years ago. I suggest going to the website that is continuously upgraded www.undersearecovery.com. Take a look and read-thru it. As with ADMH, Herbert Leeming is also CEO of this company.
OUR UNIQUE TECHNOLOGY
The main focus of UNDR is our technology known as ATLIS, currently owned by ADMH...which we also control 100%. We have complete operational control of this because of a licensing agreement (and our management also controls both companies that were party to this agreement). ADMH licensed this technology to LGAL during early 2009 and has complete and exclusive control of it. Besides...our scientist (originally the senior research physicist from Georgia Tech Institute of Technology) developed this technology. We currently have five patents.
