updated 2/17/2011 10:46:54 AM ET 2011-02-17T15:46:54

ATLANTA, Feb. 17, 2011 (GLOBE NEWSWIRE) -- UnderSea Recovery Corporation ("UnderSea") (Pink Sheets:UNDR) announced today that it has received new assurances from high-ranking Haitian officials that it will be awarded the much sought after national permit to search for and recover historic shipwrecks in Haitian waters. However, UnderSea was advised that it would need to wait for the issuance until the new President of Haiti is elected. The run-off presidential election is now slated for March 20, 2011, with election results expected to be announced in mid-April and the newly elected President expected to take office shortly thereafter.

In making this announcement, Herbert C. Leeming, UnderSea's CEO, stated: "We are fully confident that our perseverance and hard work in Haiti will pay off this spring with the issuance of the permit. Assuming that to be the case, we still believe we can get in Haitian waters on a major shipwreck project this year, which is our primary objective. Additionally, we are now setting up meetings with other Caribbean countries with a view to securing other permits."

About the Company

UnderSea is engaged in the business of locating and recovering historical shipwrecks, primarily those from the 15th through 19th centuries, and other cultural resources (artifacts and other objects of historical and archaeological interest) from the world's oceans and large lakes by applying advanced technologies in an environmentally and ecologically responsible manner.

Forward-Looking Statements Caution:

This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: UnderSea Recovery Corporation
         Bobby Goldman, Business Development Manager
         (404) 826-1164
         P.O. Box 28961
         Atlanta, GA 30358

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com