Sandy, UT, Nov. 16, 2017 (GLOBE NEWSWIRE) -- Deep Blue Marine, Inc. Announces today completion of an Asset Sale Agreement with Oceanic Research & Recovery, Inc
Sandy, UT-Deep Blue Marine Inc. (Pink Sheets: DPBE) (Pink Sheets: ORRV), for the purchase of its equipment located in Key West, Florida and the assumption of 100% of Deep Blue Marine's Florida Operations.
By the terms of the Asset Sale Agreement, Oceanic will receive three fully equipped work vessels, including additional support equipment and Deep Blue's Key West offices and boat slips. Oceanic recently entered into an agreement to assume the sites currently under contract with the Rose/Wells Group known as the "Kirby" and "Woman Key" sites.
As consideration Deep Blue Marine received 100,000,000 shares of ORRV's restricted stock. This stock in turn will be distributed among the Deep Blue shareholders, on a 1:1 exchange basis.
"We are a new recovery company; however, virtually all personnel involved in the operations are experienced divers. We are excited about this opportunity and we will run the Key West operations in an efficient and professional manner, while pursuing additional contracts for salvage and recovery," said William Shupe, Oceanic's President.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts 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 factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. 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.
CONTACT: Deep Blue Marine, Inc. Wilf Blum, 801-201-4691
