ATLANTA, July 17, 2009 (GLOBE NEWSWIRE) -- Monday's blockbuster news concerning Spain's decision to search for sunken treasure in its territorial waters represents an enormously positive development for Legal Access Technologies, Inc., operating as UnderSea Recovery Corporation (Pink Sheets:LGAL). News articles released on Monday reported that Spain, a country that has opposed historic treasure salvage for many years, has ordered its navy to look for huge gold and silver reserves that were lost at sea in the 16th century. According to these reports, naval mine sweepers are set to commence radar and sonar surveys to attempt to locate shipwrecks on the seabed off the southern coast of Spain. The value of the gold and silver treasure, which is believed to include Inca and Aztec artifacts, is estimated at $140 billion dollars. The wrecks to be sought were heavily laden treasure ships that went down in bad weather as they were returning to Cadiz from South America. One of the news reports also estimated the total number of treasure-laden shipwrecks in the world's oceans to number 3,000.
The Company believes this news to be a truly momentous announcement, as it legitimizes and validates historic shipwreck recovery as a business and an industry, and affirms the immense value of the business opportunities now available. The Company plans to approach the Spanish Government as soon as its technology is completed and ocean-tested later this year, in order to explore a relationship with Spain to assist its navy in locating some of the treasure targeted in the news reports as well as other shipwrecks which lie in Spain's territorial waters.
In making this announcement, Herbert Leeming, the Company's CEO, commented: "This decision by the Spanish Government is certainly the most important event in decades regarding the salvage of historic treasure ships, and should be appreciated by our stockholders and other interested parties. Spain's decision validates what we have been saying for years, that our estimates of the value of historic shipwrecks around the world could be in the trillions, not billions, of dollars. We believe that host governments should be very receptive to our proposals to work with them to find the shipwrecks in their territorial waters. Of great importance to the Company, we remain confident that a significant portion of the treasure lost at sea can only be found with our advanced detection technologies. This news also opens the door to our being able to draw on naval and other marine resources of host countries as we conduct licensed search and recovery operations in their territorial waters. Additionally, the security component represented by the active involvement of the host country in recovery operations should certainly not be overlooked. All in all, the news about Spain's efforts to locate and recover historic treasure wrecks in its waters is sensational for the Company and our industry."
About the Company
The Company is engaged in the business of developing technologies for and the locating and recovering of historic shipwrecks. Primarily those from the 15th through 19th centuries, in 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.