ORANGE PARK, Fla., June 28, 2012 /PRNewswire/ -- SmartPay Express, Inc., (OTCQB: SPYE) is pleased to announce that it changed its name to Blue Water Ventures International, Inc. (the "Company") in anticipation of the exchange of 18,136,500 shares of its common stock for the assets of Blue Water Ventures International, Inc. ("Blue Water). The transaction, closed on June 15, 2012. On that date, in a separate and unrelated transaction, the Company also disposed of its smart card business in the People's Republic of China in exchange for the unrelated purchaser's assuming the Company's liabilities relating to that business.
As a result of these transactions, the Company will now be in the business of searching for and recovering historical cultural artifacts, intrinsically valuable cargo and treasure from shipwrecks, primarily in shallow water in the Caribbean and off the coasts of Florida, the business engaged in by Blue Water since 2005. Also as a result of these transactions, Blue Water now holds 18,136,500 shares of the Company's common stock, or approximately 93.3% of the Company's 19,428,666 issued and outstanding shares of common stock, which it anticipates distributing to its shareholders pro rata.
W. Keith Webb, the founder and President and Chief Executive Officer of Blue Water, was the beneficial owner of more than a majority of Blue Water's issued and outstanding shares of common stock and, after giving effect to the exchange of shares of the Company's common stock for Blue Water's assets, now is the beneficial owner of more than a majority of the Company's issued and outstanding shares of common stock. Accordingly, Mr. Webb is in a position to elect the entire board of directors of the Company and thereby to control and direct its policies and management. Michael Donaghy, the former Chairman of the Board of the Company before the exchange with Blue Water, will continue as a director, along with Mr. Webb. Both Mr. Donaghy and Mr. Webb are excited about the new direction for the Company, which they believe will enhance shareholder value.
The Company has applied for a new CUSIP number for its securities and a new trading symbol and is cautiously optimistic that shares of the Company's common stock under a new symbol soon will be eligible for quotation and trading on the over-the-counter market.
For financial and other information about the Company's exchange with Blue Water and its disposition of the smart card payment business, please see the Company's current report on Form 8-K filed with the Securities and Exchange Commission on June 21, 2012.
About Blue Water Ventures International, Inc.
Blue Water is in the business of searching for and recovering historical cultural artifacts, intrinsically valuable cargo and treasure from shipwrecks, primarily in shallow water in the Caribbean and off the coasts of Florida. Its common stock is currently quoted on the OTCQB exchange in the United States. The OTCQB is a market tier for OTC-traded U.S. companies that are registered and reporting with the Securities and Exchange Commission (SEC) or a U.S. banking or insurance regulator.
Information in this press release may contain 'forward-looking statements.' Statements describing objectives or goals or Blue Water Ventures International, Inc.'s future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of Blue Water Ventures International, Inc. and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995.
Contact: W. Keith Webb, (904) 215-7601
SOURCE Blue Water Ventures International, Inc.