PEORIA, Ill., March 3, 2011 /PRNewswire/ -- Oceanic Research and Recovery Inc. (Pink Sheets: ORRV), a marine salvage and exploration company, today announced that it has entered into a joint venture agreement with Deep Marine Salvage ("DMS").
DMS is comprised of an international team of experienced deep water marine contractors bought together to form Deep Marine Salvage. The entire staff at DMS has been selected because of their previous involvement and extensive experience in salvage and deep water operations around the world.
ORRV and DMS will work together to locate and recover cargo from shipwrecks internationally located in deep water. Under the terms of the agreement, any cargo recovered will be divided between the companies on a 50\50 basis.
"We're very pleased to be working with the DMS team!" said Scott Heimdal, CEO of ORRV. "Partnering with DMS greatly accelerates our entry into the arena of deep ocean salvage and puts our business plan well ahead of schedule."
Deep Marine Salvage web-site www.deepmarinesalvage.com
About Oceanic Research and Recovery Inc.
Oceanic Research and Recovery Inc. (Pink Sheets: ORRV) is engaged in the exploration of shipwrecks and has multiple shipwreck projects in various stages of development around the world.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements in this press release 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 risk factors inherent in doing business. 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.
SOURCE Oceanic Research and Recovery Inc.