ATLANTA, Aug. 5, 2009 (GLOBE NEWSWIRE) -- UnderSea Recovery Corporation, www.UNSR.com, (formerly Legal Access Technologies, Inc.) (Pink Sheets:LGAL) announced today that it is taking steps to meet its commitment under the License Agreement with Admiralty Holding Company to complete and test the ATLIS field units for use in its historic shipwreck search and recovery operations. The Company announced in February of this year that it had licensed from Admiralty in perpetuity the exclusive worldwide rights to use the ATLIS technology, including the associated patent rights, in its search and recovery operations. In that same announcement, the Company noted that it planned to improve the basic ATLIS technology and incorporate it into field units to be used in operations later this year. In accordance with that announcement, work has continued on improving ATLIS and an innovative housing and cabling system for the technology has been designed that will greatly enhance maneuverability, flexibility and functionality. The new design is both unique and proprietary.
In making this announcement, James Larsen, Chief Technical Officer, commented: "We are continuing to make progress with our plans to finish and make operational the ATLIS field unit, the mechanics for which are already 95% complete. Our goal is to make this happen in the next few months so we can commence project operations not later than early next year. The new design for the housing and cabling should enhance diver manipulation of the field units and will allow us to conduct search operations from a greater distance from the host ship than previous design configurations."
Herbert Leeming, Chief Executive Officer, added: "We have always had the utmost confidence in Jim Larsen, the inventor of ATLIS, and his new design is demonstrating again why we have placed such trust in him and his abilities. We are pleased with our progress to date and will continue our work with Admiralty in accordance with the terms of the ATLIS License Agreement. This is an exciting time for management and our stockholders. We believe the next twelve months will prove very rewarding for our investors who have stayed the course with us and deserve to have their faith rewarded."
About the Company
The Company is engaged in the business of developing technologies for the locating and recovering historical shipwrecks, primarily those from the 15th through 19th centuries, from the world's oceans and large lakes by applying advanced technologies in an environmentally responsible manner.
Forward-Looking Statements Caution:
This release includes forward-looking statements, which are based on certain assumptions and reflect management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.