ATLANTA, Feb. 14, 2011 (GLOBE NEWSWIRE) -- UnderSea Recovery Corporation ("UnderSea") (Pink Sheets:UNDR) is pleased to announce that its reporting status has been upgraded to "Current Information" on the OTC Pink Market, the highest level of the OTC Pink Market.
As a result, the Stop Sign and "No Information" caveats from our trading symbol have been removed and replaced with the "Current Information" designation and symbol.
UnderSea was able to achieve this upgrade by posting a detailed disclosure document (our Initial Information and Disclosure Statement), together with financial statements for the past three years and an Attorney Letter with respect to Adequate Current Information, on the OTC Disclosure and News Service in compliance with the OTC Markets Group's rigorous "Guidelines for Publishing Adequate Current Information."
One indication of the trading benefits and market value typically associated with such an upgrade is documented in a comparison of "Current Information" companies with "No Information" companies, in terms of annual trading volume. Last year, the average trading volume for a "Current Information" security was 73 times greater than the average volume for a "No Information" security ($45,000,000 as compared with $617,000).
In making this announcement, Herbert C. Leeming, UnderSea's CEO, stated: "We are truly delighted with our upgraded reporting status and the greater transparency which will result from this achievement. We are fully confident that our new status will enhance investor confidence in UnderSea and enable us to more readily access institutional and individual sources of capital and expand our stockholder base. We also plan to move forward with registering with the SEC later this year."
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 firstname.lastname@example.org (404) 826-1164 P.O. Box 28961 Atlanta, GA 30358