UNDR UnderSea Recovery Corporation (trading under
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UNDR UnderSea Recovery Corporation (trading under the symbol UNDR), also referred to as UNSR or UnderSea Recovery, is a technology-based company engaged in the worldwide pursuit of archaeologically guided exploration and recovery of shipwrecks, primarily those from the 15th through 19th centuries. Our efforts are based on sound scientific, business, and ethical principles and practices. We use proven protocols to maximize efficiency and effectiveness while maintaining archaeological and environmental integrity of the site and its artifacts, in order to preserve cultural heritage, scientific information, and value of the recovered artifacts. We combine proprietary and unique sensors with state-of-the-art technologies to deploy efficient rapidly adaptable instrumentation systems for the location, recovery, and protection of maritime antiquities in an environmentally and ecologically responsible manner.
Our mission is to become a world leader in the exploration and recovery of historic shipwrecks, a pursuit, which is very small in terms of viable participants but very large in terms of potential profit.
UnderSea Recovery Corporation believes it will generate significant future revenues from two primary sources: (1) the sale and public exhibition of recovered items (some sales will be for bullion value and some sales will be for their much higher artifact and/or numismatic values) and (2) the sale of intellectual property rights, including documentaries, television specials, merchandise, books, and educational programs.
UnderSea Recovery Corporation is an over-the-counter company trading on the pink sheets under the symbol UNDR.
http://www.undersearecovery.com/
UNDERSEA RECOVERY CORPORATION (OTC PINK: UNDR) UPGRADES TO “OTC PINK CURRENT INFORMATION” STATUS
Feb 08, 2011
OTC Disclosure & News Service
Atlanta, GA -
ATLANTA,GA, February 8, 2011 (OTCDisclosure & News Service) -- UnderSea Recovery Corporation("UnderSea") (Pink Sheets: UNDR)is pleased to announce that its reporting status has been upgraded to “CurrentInformation” on the OTC Pink Market, the highest level of the OTC Pink Market.The change will be reflected on February 9, 2011.
Asa result, the Stop Sign and “No Information” caveats from our trading symbol willbe removed and replaced with the “Current Information” designation and symbol.
UnderSeawas able to achieve this upgrade by posting a detailed disclosure document (ourInitial Information and Disclosure Statement), together with financialstatements for the past three years and an Attorney Letter with respect to AdequateCurrent Information, on the OTC Disclosure and News Service in compliance withthe OTC Markets Group’s rigorous “Guidelines for Publishing Adequate CurrentInformation.”
Oneindication of the trading benefits and market value associated with an upgradeis documented in a comparison of “Current Information” companies with “NoInformation” companies, in terms of annual trading volume. Last year, theaverage trading volume for a “Current Information” security was 73 timesgreater than the average volume for a “No Information” security ($45,000,000 ascompared with $617,000).
Inmaking this announcement, Herbert C. Leeming, UnderSea’s CEO, stated: "Weare delighted with our upgraded reporting status and the greater transparency whichresult from this achievement. We are confident that our new status will enhanceinvestor confidence in UnderSea and enable us to more readily access sources ofcapital and expand our stockholder base. We also plan to move forward withregistering with the SEC later this year.”
About the Company
UnderSeais engaged in the business of locating and recovering historical shipwrecks,primarily those from the 15th through 19th centuries, andother cultural resources (artifacts and other objects of historical andarchaeological interest) from the world's oceans and large lakes by applyingadvanced technologies in an environmentally and ecologically responsiblemanner.
Forward-LookingStatements Caution:
Thisrelease includes forward-looking statements, which are based on certainassumptions and reflects management's current expectations. Theseforward-looking statements are subject to a number of risks and uncertaintiesthat could cause actual results or events to differ materially from currentexpectations. The Company disclaims any intention or obligation to update orrevise any forward-looking statements, whether as a result of new information,future events or otherwise.
CONTACT:
UnderSea Recovery Corporation
Bobby Goldman,
Business Development Manager
212-628-8777
bobby777@rcn.com
(404) 826-1164
P.O. Box 28961
Atlanta, GA 30358
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