Global Marine Ltd. Names Stephen Bennett to Serve as President Nov 21, 2006 3:53:00 PM CHARLESTON, SC -- (MARKET WIRE) -- 11/21/06 -- Global Marine Ltd. (PINKSHEETS: GLBM) today announced that its board of directors has named New Hampshire executive and attorney Stephen Bennett to serve as the company's president.
"Mr. Bennett's straightforward style and diverse business abilities match extremely well with the direction that you see unfolding for Global Marine Ltd., which is a solid focus on maximizing current opportunities," said Board Chairman Douglas W. Beatty. "In particular, we were impressed by his experience with government contracts and the communications industry, attributes that make Mr. Bennett tailor-made as the new President. The fact that he's also very knowledgeable in the area of maritime law is just icing on the cake."
In 2004, Mr. Bennett was contracted by the Department of Defense on a telecommunications project in Iraq. While there, his assistance was requested as a military tribunal judge. More recently, he has consulted with several well known Companies and individuals in the marine salvage and recovery industry.
Starting his career as a land-use planner in California, Mr. Bennett then graduated from the University of Idaho Law School and spent more than a decade practicing in the areas of corporate governance and compliance. He has particular expertise in SEC reporting and regulatory issues including the new requirements of the Sarbanes-Oxley and Graham-Leech-Bliley acts.
"The deciding factor in my decision to come aboard was not just Doug Beatty's strong determination in executing a successful plan to return a profit to Global's stockholders, but also his and the company's firm commitment to strict compliance with all corporate rules and regulations," Mr. Bennett said.
About Global Marine Ltd.:
Global Marine Ltd. is recognized in the Oceanographic & Historic Marine Archaeological field and as a Registered Contractor for the United States Government, distinct with CAGE / NAGE numbers, CAC and security clearances. The Company continuously seeks to acquire innovative communication, acoustic & marine technology and business projects within the Government, Private, and Public sector. Leading-edge technology and projects are selected that offer the Company and its shareholders exceptional growth opportunities. Global Marine Ltd. is currently focusing its marine search and recovery efforts on "located" historic & culturally significant Royal Spanish "Treasure" Armada shipwreck sites, and other wrecksites worldwide. Current "located" wrecksites may be in various stages of development, from research to recovery of the nautical antiquities. Selected wrecksites have been explored and in some cases partially recovered cargo has been sold to the public, collectors, or at auction. As a Government Contractor, the Company may at times be involved in Department of Defense agreements, awarded business contracts, or may submit proposals on other Government Tendered opportunities & projects to further the Corporate growth objectives noted above.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This press release does not constitute an offer to sell or a recommendation to purchase any securities. This press release may contain forward-looking statements, including the company's beliefs about its business prospects and future results of operations. These statements involve risks and uncertainties. Among the important additional factors that could cause actual results to differ materially from those forward-looking statements are risks associated with the overall economic environment, the successful execution of the company's plan of operation, changes in the company's anticipated earnings, continuation of any contracts, changes in other applicable regulations, and other factors that will be detailed in the company's filings with the Securities and Exchange Commission. In addition, the factors underlying any company forecasts are dynamic and subject to change and therefore those forecasts speak only as of the date they are given.
The information provided in this press release is provided solely for the reader's general knowledge, it is not intended to be a comprehensive review for all matters and developments concerning the Company.
CONTACT: Public Relations Website: http://www.GlobalMarineLtd.com 843-744-4361 Fax: 843-744-4973 Admin@globalmarineltd.com info@globalmarineltd.com
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