SALT LAKE CITY--(BUSINESS WIRE)--Deep Blue Marine Inc. (Pink Sheets: DPBE) today announced completion of an Asset Sale Agreement with Oceanic Research & Recovery, Inc (Pink Sheets: ORRV), for the purchase of its equipment located in Key West, Florida and the assumption of 100% of Deep Blue Marine's Florida Operations.
By the terms of the Asset Sale Agreement, Oceanic will receive three fully equipped work vessels, including additional support equipment and Deep Blue’s Key West offices and boat slips. Oceanic recently entered into an agreement to assume the sites currently under contract with the Rose/Wells Group known as the “Kirby” and “Woman Key” sites.
As consideration Deep Blue Marine received 100,000,000 shares of ORRV’s restricted stock. This stock in turn will be distributed among the Deep Blue shareholders, on a 1:1 exchange basis. These shares will be sent to the Deep Blue shareholders of record June 3rd, 2008 and will include Deep Blue’s shareholders that purchased stock in the open market. These shares will be directly deposited through the DTC on these shareholders’ behalf and credited to their accounts, as of the record date. Deep Blue Marine will also receive a 12.5% share of any artifacts recovered in the Rose/Wells permitted areas.
“We are a new recovery company; however, virtually all personnel involved in the operations are experienced divers. We are excited about this opportunity and we will run the Key West operations in an efficient and professional manner, while pursuing additional contracts for salvage and recovery,” said William Shupe, Oceanic’s President.
For more information on Deep Blue Marine Inc. (DPBE) go to www.alldeepblue.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.