ATLANTA, July 21, 2010 (GLOBE NEWSWIRE) -- UnderSea Recovery Corporation ("UNSR") (Pink Sheets:LGAL) formerly (Legal Access Technologies, Inc.) (Pink Sheets:LGAL), announced today that the OTC Corporate Actions section of the Financial Industry Regulatory Authority (FINRA) has approved its request for a name change from Legal Access Technologies, Inc. to UnderSea Recovery Corporation. However, FINRA also stated that it has suspended, for 90-120 days beginning June 1, 2010, the grant of any new trading symbols to companies for corporate name changes while new rules established by FINRA to process symbol change requests are finalized and implemented. The FINRA examiner for UNSR indicated by telephone that UNSR will be permitted to obtain a new trading symbol as soon as the new rules go into effect, which she indicated should occur within the next 60 days. In the interim, UNSR will continue to trade under its LGAL symbol, but the corporate name will be changed to UnderSea Recovery Corporation on all over-the-counter and pink sheet systems effective today.
In its normal course of business, the Company has continued to pursue sources of finance. At this time, UNSR is in various stages of discussions and negotiations with a number of financing entities, with new prospects expanding rapidly. As an example, the Company has received a verbal commitment for interim funding from a source which has completed a number of financings for the Company in the past. This does not mean that UNSR believes the $1,500,000 funding is not going to occur. UNSR is merely acting, as announced in prior press releases, to move forward with alternative and supplemental sources of funds.
In making this announcement, Herbert Leeming, UNSR's CEO, stated: "Regarding the $1,500,000 funding, I still believe it will be funded. I have known the head of the investment group for many years and always found him to be a man of integrity and so I would be very surprised and deeply disappointed if the group fails to come through. We should find out in the next several days whether they are going to perform and will of course make that information public as soon as we know."
About the Company
The Company is engaged in the business of locating and recovering historical shipwrecks, primarily those from the 15th through 19th centuries, and other cultural resources (artifacts and other objects of historical and archaeological interest) 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 reflects 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.