Sweet Article here:
Blue Water Ventures the latest local company to go public
by Mark Basch, Contributing Writer
It's always sad when a local public company disappears from the market after a buyout or other event.
At least it's sad for business journalists because it means one less news-generating company to keep us occupied.
The latest talk last week, unconfirmed by the companies, was that Fidelity National Financial Inc. was working to reacquire Lender Processing Services Inc.
That deal may or may not happen, but the good news is every time a public company disappears, it seems another comes on the scene to take its place.
We do have a new public company emerging in Northeast Florida and this one looks like it will be a lot of fun to follow.
Blue Water Ventures International Inc. describes itself as "a historic shipwreck research and recovery company that locates and recovers lost treasures dated from pre-colonial times to our recent past."
In other words, this company goes after treasures that sunk with legendary ships hundreds of years ago.
"Our motto is 'join the adventure,'" said Keith Webb, CEO of the company.
According to its Securities and Exchange Commission filings, Blue Water Ventures is headquartered in Fleming Island, where Webb lives. However, it carries on operations in the waters of the Caribbean and Atlantic Ocean.
Blue Water Ventures started in 2005, working to recover artifacts from a Spanish galleon called the Santa Margarita that sunk in a 1622 hurricane off the coast of Key West. It worked on the ship in a joint venture with Motivation Inc., a company started by late treasure hunter Mel Fisher.
Blue Water Ventures said it recovered an estimated $16 million in gold, silver and pearls from the Margarita and after splitting the treasure with Motivation, its share is worth more than $6 million.
The company finished work at the Margarita site in 2011 and is now about to start work on a site near Panama of the ship San Jose, which sunk in 1631.
"We found part of a vessel," said Webb. "We're going into recovery mode, I think, in June."
It also will be working at the site of a fleet that sunk in 1715 off the coast of Fort Pierce.
As it works to expand its operations, Blue Water Ventures became public a year ago.
"We're looking at some acquisitions to build a revenue base for the company," said Webb. Those acquisitions include technologies for shipwreck exploration.
Blue Water Ventures became public by merging with an existing public company called SmartPay Express Inc. that was selling off its businesses.
The company has maintained a low profile and has been working to file its required financial reports with the Securities and Exchange Commission.
Webb said working with the auditors has "really taken a lot longer than I expected" but he expects to have the filings up to date soon.
As the company launches what it calls its "Phase II" of operations, it expects to make more noise.
"You'll start to see some activity in the market," Webb said.
Blue Water Ventures trades in the OTC market under the ticker symbol "BWVI."
Blue Water Ventures the latest local company to go public
by Mark Basch, Contributing Writer
It's always sad when a local public company disappears from the market after a buyout or other event.
At least it's sad for business journalists because it means one less news-generating company to keep us occupied.
The latest talk last week, unconfirmed by the companies, was that Fidelity National Financial Inc. was working to reacquire Lender Processing Services Inc.
That deal may or may not happen, but the good news is every time a public company disappears, it seems another comes on the scene to take its place.
We do have a new public company emerging in Northeast Florida and this one looks like it will be a lot of fun to follow.
Blue Water Ventures International Inc. describes itself as "a historic shipwreck research and recovery company that locates and recovers lost treasures dated from pre-colonial times to our recent past."
In other words, this company goes after treasures that sunk with legendary ships hundreds of years ago.
"Our motto is 'join the adventure,'" said Keith Webb, CEO of the company.
According to its Securities and Exchange Commission filings, Blue Water Ventures is headquartered in Fleming Island, where Webb lives. However, it carries on operations in the waters of the Caribbean and Atlantic Ocean.
Blue Water Ventures started in 2005, working to recover artifacts from a Spanish galleon called the Santa Margarita that sunk in a 1622 hurricane off the coast of Key West. It worked on the ship in a joint venture with Motivation Inc., a company started by late treasure hunter Mel Fisher.
Blue Water Ventures said it recovered an estimated $16 million in gold, silver and pearls from the Margarita and after splitting the treasure with Motivation, its share is worth more than $6 million.
The company finished work at the Margarita site in 2011 and is now about to start work on a site near Panama of the ship San Jose, which sunk in 1631.
"We found part of a vessel," said Webb. "We're going into recovery mode, I think, in June."
It also will be working at the site of a fleet that sunk in 1715 off the coast of Fort Pierce.
As it works to expand its operations, Blue Water Ventures became public a year ago.
"We're looking at some acquisitions to build a revenue base for the company," said Webb. Those acquisitions include technologies for shipwreck exploration.
Blue Water Ventures became public by merging with an existing public company called SmartPay Express Inc. that was selling off its businesses.
The company has maintained a low profile and has been working to file its required financial reports with the Securities and Exchange Commission.
Webb said working with the auditors has "really taken a lot longer than I expected" but he expects to have the filings up to date soon.
As the company launches what it calls its "Phase II" of operations, it expects to make more noise.
"You'll start to see some activity in the market," Webb said.
Blue Water Ventures trades in the OTC market under the ticker symbol "BWVI."
