Friday, September 10, 2004


Salvage Company Struthers, Inc. changes name to Global Marine Ltd.


CHARLESTON, S.C.--(BUSINESS WIRE)--Sept. 9, 2004--Struthers, Inc. (PINK SHEETS: GLBM; formally STTJ), announced today it has formally changed its name to Global Marine Ltd. and acquired the new stock ticker symbol "GLBM" along with a new CUSIP Number.

Global Marine Ltd. a public Company whose primary business is in the oceanographic & historic marine archaeological fields. Through recent acquisitions the Company, Global Marine Ltd. (GLBM), acquired an experienced world-renown well-published management, marine archaeologists, divers and consultancy team which are thoroughly established in marine salvage, historical research, marine archaeology, search and recovery of marine antiquities, media documentaries, publications, and a nautical hazard removal component.

Global Marine Ltd's new office location in Mount Pleasant, South Carolina will now control all of their recent acquisition's projects worldwide including the United Arab Emirates division, which manages the area's marine, oil & gas survey, engineering, vessel salvage and other associated inshore and offshore diving projects. The Hertfordshire office in the UK will manage the Company's historical marine search & salvage division.

The Company's President/CEO, Douglas Beatty commented that, "I am very happy that the new name really highlights the Company's international focus in the world-wide marine business environment. The Company's marine salvage division has identified sunken valuable cargoes and artifacts from historical shipwrecks located in South-eastern USA, United Kingdom, Bahamas, western Caribbean, Spain, Brazil, the Middle East, South and East Africa, and the South China Sea. Global has been researching a number of valuable shipwreck sites and recently located and permitted 7 lucrative salvage sites internationally. A number of these sites have ongoing salvage operations at present".

The immediate corporate focus for Global Marine, Inc. will be on raising the cargo of found shipwrecks in the targeted locations, and modern day shipwreck salvage operations, which is expected to create an aditional immediate revenue-generating source for GLBM. As the company's revenue increases, Global Marine will then focus the corporation's attention on locating other lucrative targets. Beatty went on to say that, " Currently the Company is also pursuing large-scale marine hazard salvage operations, and hydro-security agreements in the Middle East which are expected to commence shortly. The Company's hallmark will be its tenacity to compete globally and deliver results, thanks to the excellent fusion of skilled human resources with the latest technology and hardware".

Corporate developments in the Middle East will also be released shortly.

The filed 8K, which outline the Company's acquired by Global Marine, may be viewed by accessing the recent Edgar filing under GLBM through the Internet. The new Company address and telephone numbers for Global Marine Ltd. may be found at the bottom of this release.

(the bold is mine) EN

Comments: Post a Comment

<< Home

This page is powered by Blogger. Isn't yours?