CORAL GABLES, Fla., April 10, 2013 /PRNewswire/ -- Marine Exploration Inc. (OTC PINK: MEXP) today announced the execution of a letter of intent for an initial $1 million investment from a strategic investor with additional investment funds anticipated to follow. The purpose of the investment is to fund a new high growth niche opportunity within a fragmented and underserved market sector of North America.
Marine Exploration, which has made efforts over the last year to diversify for the benefit of shareholders by making forays into different business arenas, will continue to deliver marine salvage services in the Dominican Republic. However, the Company shall now redirect its primary diversification focus toward the introduction of offshore contract manufacturing for North American small and medium business clients.
The lower cost manufacturing resources within industrialized emerging markets such as China are more often than not only available to large companies. With the initial infusion of capital from its strategic investor, Marine Exploration will begin making low cost, offshore contract manufacturing services available to the North American small and medium business market.
The Company will utilize the $1 million investment to finance select client's offshore contract manufacturing projects. After refining the offshore contract manufacturing process through the first few client experiences, the Company and its strategic financing partner intend to rapidly expand capacity targeting the one hundred thousand to one million-dollar contract manufacturing market segment.
This new business plan does not include a shareholder change of control. The contemplated strategic investment is anticipated to be executed as a debt transaction without any near term issue of new common stock. Marine Exploration is not contemplating a near term recapitalization of the common stock of the company at this time.
The controlling shareholders are contemplating the introduction of new management and directors in addition to a possible name change which was referenced in previous press statements.
The new business plan and investment announced today have been under development for several months and the signing of an initial offshore contract manufacturing client is anticipated promptly.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995.
Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully, and the ability to complete before-mentioned transactions. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
William A. Young Sr.
SOURCE Marine Exploration, Inc.