Monday, January 23, 2006

 

RMS Titanic, Inc. Enters Into Joint Venture Partnership to Conduct Research and Recovery Expeditions to the RMS Carpathia

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PR Newswire
January 20, 2006

ATLANTA -- RMS Titanic, Inc. a wholly owned subsidiary of Premier Exhibitions Inc. (BULLETIN BOARD: PXHB) today announced the formation of a joint venture agreement with Legal Access Technologies, Inc. (BULLETIN BOARD: LGAL) , which is an Atlanta, GA, based corporation formed to engage in research, planning and recovery operations for historic shipwrecks. RMS Titanic, Inc. announced they had secured a Five Hundred Thousand Dollar ($500,000) advance payment from LGAL in return for a percentage ownership in the joint salvage efforts that will start later in 2006. The Company also disclosed LGAL will also have a minimum payment of Two Hundred Thousand ($200,000) due at a later date. RMST noted that they will act as co-expedition partners when the expedition plans are crafted, and the actual dives are conducted.

Mr. Arnie Geller, President and CEO of Premier stated, "We are pleased to have an expert partner that can help our Titanic Division monetize this asset that has been held by the Company for some time. The RMS Carpathia has material historic value as the actual rescue ship from the sinking of the RMS Titanic, as well as the ships service in World War I. The RMS Carpathia was sunk by a German u-boat in 1918." Mr. Geller added, "We believe there is value in salvaging the many important artifacts available from this historic vessel for both exhibitions as well as for sale to museums and maritime collectors."

Mr. Herbert Leeming, the President of Legal Access Technology, Inc. stated today, "Our Company is honored to be partnering with a Company that has pioneered deep water salvages, through their historic dives to the RMS Titanic." Mr. Leeming also added, "The RMS Carpathia is an important piece of the United Kingdom's history, and to be able to provide a glimpse into the heroic adventures of this ship through this salvage and exhibition development project, will provide a great educational opportunity for people, as well as some well deserved recognition, regarding the historical importance of the ship and crew that saved over seven hundred survivors, when the RMS Titanic tragically sank."

Legal Access Technologies, Inc. whose name is currently being changed to UnderSea Recovery Corporation (www.unsr.com) is an Atlanta based corporation formed to engage in research, planning and recovery operations for historic shipwrecks. UnderSea Recovery Corporation intends to become an international leader in recovery of shipwrecks and other cultural resources from the world's oceans and large lakes by applying advanced technologies in an archaeologically and environmentally sensitive manner. UnderSea expects to engage in strategic partnerships with governments, nonprofit organizations, and businesses for: 1) responsible development of maritime museums, 2) cultural and heritage tourism, 3) development of intellectual property for public entertainment and education, 4) development of new technologies, and 5) the ethical sale of cultural materials.


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