CHARLESTON, S.C., March 7, 2005 (PRIMEZONE) -- Global Marine Ltd. (Pink Sheets:GLBM) announced today that the Board of Directors of the Company voted on March 4, 2005 to declare a dividend on the common stock of the Company. The Board elected to issue five shares of common stock for each one share of common stock held and set the record date of the dividend as March 15, 2005. Therefore, for all holders of record on the close of business on March 15, 2005, an additional five shares of common stock shall be issued for each one share of common stock held.
Douglas Beatty, Global Marine's President and CEO stated, "We wanted to reward the shareholders of Global Marine for their patience while we built a firm Corporate foundation. The Company is now focused on the operational growth phase and is in a favorable position to capture a market share in the search and recovery of historic and cultural marine resources."
About Global Marine Ltd.
Global Marine, Ltd. is a publicly traded firm whose primary business is in the oceanographic and historic marine archaeological fields seeks to continuously acquire innovative marine and security technology and other like businesses that offer its shareholders exceptional growth opportunities. Global Marine Ltd. currently is involved with a number of found exceptional historic shipwreck sites worldwide each with a large quantity of verifiable cargo. These sites are all in various stages of development, from research to recovery of the nautical antiquities. Many of these wreck sites have been explored and in some cases partially recovered cargo has been sold to the public, collectors, or sold at auction. The Company is also in the process of investigating other promising shipwreck sites and adding additional vessels and high-tech marine equipment to further the corporate objectives of recovering, selling or displaying the artifacts from these sites.
This press release does not constitute an offer to sell or a recommendation to purchase any securities.
This press release may contain forward-looking statements, including the company's beliefs about its business prospects and future results of operations. These statements involve risks and uncertainties. Among the important additional factors that could cause actual results to differ materially from those forward-looking statements are risks associated with the overall economic environment, the successful execution of the company's plan of operation, changes in the company's anticipated earnings, continuation of any contracts, changes in other applicable regulations, and other factors that will be detailed in the company's filings with the Securities and Exchange Commission. In addition, the factors underlying company forecasts are dynamic and subject to change and therefore those forecasts speak only as of the date they are given. The information provided in this press release is provided solely for the reader's general knowledge, it is not intended to be a comprehensive review for all matters and developments concerning the Company.