PEORIA, Ill., April 5, 2011 /PRNewswire/ -- Oceanic Research and Recovery Inc. (OTC: ORRV), a marine salvage and exploration company, today announced that it filed the 2011 1st quarter financial statement with OTC Markets.
The company is currently finalizing additional financial statements and related filings that, upon submission and approval, will result in ORRV's status on OTC Markets being upgraded from "Limited Information" to the "Current Information" designation and symbol.
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, Scott Heimdal, CEO of ORRV, stated: "We're very pleased with our recent upgraded reporting status to "Limited Information" and the greater transparency which results from this achievement. We look forward to achieving the "Current Information" designation which will further enhance investor confidence in ORRV and enable us to more readily access institutional and individual sources of capital and expand our shareholder base."
About Oceanic Research and Recovery Inc.
Oceanic Research and Recovery Inc. (OTC: 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.
For additional information or to facilitate interviews, please contact:
Terry L. Towery
ORRV Communications Director
ORRV Investor Relations
SOURCE Oceanic Research and Recovery Inc.