ATLANTA, Aug. 25, 2004 (PRIMEZONE) -- Ruby Mining Company (OTCBB:RUBM) ("Ruby"), which conducts its operations through its subsidiary, Admiralty Corporation ("Admiralty"), has announced a strategic alliance with Nova Ray, Inc. ("NRI"), Kirkland, WA, producer of the Nova Ray(r), a highly advanced winged submersible remotely operated vehicle (ROV). NRI has agreed to make available its patented Arcuate wing technology to enhance the operating stability of Ruby's ATLIS field units in the marine environments in which they will be used.
Ruby CEO G. Howard Collingwood described the alliance with NRI as "a logical and valuable next step in our continuing efforts to increase our technology base and to expand our range of business opportunities".
NRI President Marc Geriene stated, "This is an excellent opportunity to integrate two independently developed yet compatible technologies for more dynamic commercial marine applications. The combination of the Nova Ray(r) ROV and the ATLIS(tm) remote sensing technology should produce superior results in the field of marine exploration, more specifically in applications related to marine archaeology and marine forensics."
The alliance will simultaneously widen the opportunities for NRI's ROVs and open opportunities for Ruby to explore deep water wrecks. NRI's highly portable and maneuverable winged Nova Ray(r) ROV operates efficiently in currents up to 9 knots and can be towed and/or use built-in thruster power. The Nova Ray(r)'s Arcuate wing and proprietary operating system stems from seven years of research and development.
Please visit NRI's web site at www.novaray.com
A new feature, "Questions from Shareholders" has been added to our website. Please pay us a visit. www.admiraltycorporation.com
Forward-Looking Statements Caution:
This release contains "forward looking statements." Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements are based on expectations, estimates and projections that involve a number of risks and uncertainties (some of which are described in the Company's Annual Report for 2003 on Form 10-KSB filed with the SEC) which could cause actual results or events to differ materially from those anticipated. Ruby does not undertake to update any of its forward-looking statements that may be made from time to time.