PEORIA, Ill., Aug. 2, 2011 /PRNewswire/ -- Oceanic Research and Recovery Inc. (OTC: ORRV), a marine salvage and exploration company, today announced that it has surrendered its rights to the Deep Marine Salvage Joint Venture.
ORRV recently completed a detailed review of the deep water venture planned to be undertaken by ORRV and DMS. Analysis of project requirements, both financial and logistical, determined that it would be difficult for ORRV to raise the significant funding levels required by the Joint Venture. ORRV has identified a group with the ability to raise the funding required by the Joint Venture.
ORRV has invested approximately $40,000 towards project development to date and as compensation for its direct investment and development efforts ORRV will receive a finder's fee in the form of common shares and common stock options in the new group. ORRV will not be directly involved in the new Joint Venture and will have no liability in the ongoing operations and funding raising efforts.
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.
Forward Looking Statements
Statements in this press release may be forward-looking statements. 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
SOURCE Oceanic Research and Recovery Inc.