PEORIA, Ill., June 6, 2011 /PRNewswire/ -- Oceanic Research and Recovery Inc. (PINKSHEETS: ORRV), a marine salvage and exploration company, today announced that team members discovered another shipwreck in the Philippines.
There were always several distinct routes shipping would follow in the Philippines. ORRV has already discovered 2 shipwrecks along one of the routes Spanish shipping followed between Manila and Acapulco. The new discovery is along the trade route taken by ships sailing between Manila and Indonesia.
Preliminary investigations have discovered a large ballast mound on a flat sea bottom. The mound is around 80 feet long and several feet high. The characteristics of the wreck site make it difficult to identify the nationality of the wreck until excavation begins, but the site appears to be undisturbed.
"The years of planning and research are paying off," said Scott Heimdal, CEO of ORRV. "Most companies expend huge amounts of capital just looking for a shipwreck; we're already up to 3 great targets that are ready for excavation."
"As operations proceed," continued Mr. Heimdal, "we'll continue to look for good wrecks along all of the major trade routes. We've already located wrecks along the routes plied by the Spanish and other European ships; we also want to expand our investigations to the routes between the Philippines and other Asian countries and the Northern route that focused on trade with Japan."
ORRV has recently reached an agreement for $2,000,000 in funding for Philippine operations. The company is currently working with its financiers and field team to coordinate the various legal, logistical and operational requirements that will allow the company to begin the next phase of operations.
Organizations wishing to learn more about how they can participate in one or more ORRV projects may contact the company by sending an email to [email protected].
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
SOURCE Oceanic Research and Recovery Inc.