CLEARWATER, FL and GREEN COVE SPRINGS, FL--(Marketwired - Jul 20, 2017) - Swordfish Partners, a Florida joint venture comprised of Endurance Exploration Group, Inc's wholly-owned subsidiary, EXPL Swordfish, LLC. (
Endurance discovered the site of the loss and the shipwreck is currently subject of a Swordfish Partners admiralty claim in the U.S. District Court for the Middle District of Florida, Tampa. The wreck has been arrested and Swordfish Partners has been named Substitute Custodian with exclusive rights to make the recovery. The parties expect on site salvage operations to begin mid-August of this year.
The terms of the joint venture and the agreement with Blue Water call for a reimbursement of two times the costs to Endurance and Blue Water plus a division committee that will allocate all profits in cash or in kind as follows: Deep Blue fifty percent (50%); Endurance, through its wholly owned subsidiary twenty-five percent (25%); and Blue Water twenty-five (25%).
Endurance CEO, Micah Eldred said, " We have known Blue Water Ventures founder and CEO, Keith Webb, for a long time and also know the excellent capability of his ships, crew and company with regards to shallow water shipwreck recoveries. We are pleased to be working side-by-side with Blue Water on this find. This arrangement furthers our Company's business plan which is to develop a portfolio of shipwreck recovery projects that we believe can be salvaged in a profitable manner."
Keith Webb, CEO of Blue Water added, "Our on-the-water operations are designed for exactly this type of recovery. I know I speak for our entire team when I say we look forward to recovering what was lost almost 180 years ago and helping tell the amazing story of this shipwreck and its brave survivors to the world."
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About Endurance Exploration Group, Inc.:
Endurance Exploration Group, Inc. specializes in historic shipwreck research, subsea search, survey and recovery of lost ship containing valuable cargoes. Over the last 5 years, Endurance has developed a research database of over 1,400 ships that are known to be lost with valuable cargoes in the world oceans. www.eexpl.com www.facebook.com/EnduranceExplorationGroup
About Blue Water Ventures International, Inc.:
Blue Water is engaged in the business of conducting archaeologically sensitive recoveries of cargo and artifacts from various shipwrecks. Its operations to date have focused on shallow water search and recovery projects in less than 150 feet of water. It will be conducting survey or recovery operations off the coasts of North and South Carolina. Interested parties are encouraged to stay up to date with the latest company developments by joining the BWVI mailing list at: http://www.bwvint.com/about-us/
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. These statements may include words such as "anticipate," "believe," "expect," "intend," "may" and other words and terms of similar meaning, including in connection with any discussion of the timing or nature of future financial performance or other events. Such forward-looking statements are subject to certain risks and uncertainties including, but not limited to: our ability to further strengthen our balance sheet, our ability to raise the funding needed to continue our operations, our ability to successfully and profitably locate additional wrecks and valuable cargos, our ability to establish ownership regarding the same, and other factors. As a result of these factors, our actual results may differ materially from those indicated or implied by such forward-looking statements. Except as required by law, the Company disclaims any obligation to publicly update such statements.
Contact Information: Endurance Exploration Group, Inc. Micah Eldred CEO 727-502-0508 Blue Water Ventures International, Inc. Keith Webb President/CEO 905-215-7601
