updated 3/25/2011 12:46:41 PM ET 2011-03-25T16:46:41

ATLANTA, March 25, 2011 (GLOBE NEWSWIRE) -- UnderSea Recovery Corporation ("UnderSea") (Pink Sheets:UNDR) is pleased to announce that Herbert Leeming's motion for dismissal of the Complaint by the NIR Funds against him have been dismissed with prejudice by the Supreme Court of the State of New York, County of New York.

A similar motion has been filed by UnderSea to dismiss the Complaint by the NIR Funds against it, and the Company is confident that this motion will be granted.

In making this announcement, Mr. Leeming, UnderSea's CEO, stated: "I am obviously delighted with this ruling by the Court dismissing the claims by the NIR Funds against me. I am also confident that the claims against UnderSea will likewise be dismissed."

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
         212-628-8777
         bobby777@rcn.com
         
         (404) 826-1164
         P.O. Box 28961
         Atlanta, GA 30358

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

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 4.96%
$30K home equity loan FICO 5.23%
$75K home equity loan FICO 4.66%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.28%
13.21%
Cash Back Cards 17.73%
17.70%
Rewards Cards 17.00%
16.96%
Source: Bankrate.com