BRANSON, Mo., Nov. 12, 2008 (GLOBE NEWSWIRE) -- Hollund Industrial Marine, Inc. (Pink Sheets:HIMR) today announced that Sheridan Westgarde and Valor Energy Corp. ("Valor") have been hired to advance the development and production of the TigerLynk AR-120, the first in a series of new robotic-based heavy equipment for the marine industry.
The AR-120, which features a 120-foot long robotic arm mounted on a vessel, can lift heavy payloads and perform a wide array of underwater remote construction and recovery services. This machine under development is expected to reach the market in 2009 and should position the company as a leading player in the area of underwater heavy equipment.
Under the agreement, Valor will receive a short-term consulting fee and additional incentives, including the right to market TigerLynk to the offshore drilling sector, based on performance. Valor will provide technical expertise and consulting to the project during the development, production, and testing phases.
Michael Lacy, CEO of Hollund, commented, "I am delighted to announce the addition of Mr. Westgarde and Valor to the TigerLynk team at this time. Prior to joining Valor, Mr. Westgarde and his group were involved in the successful development, production, testing, and operation of the original TigerLynk prototype system, which was proven safe and effective at harvesting submerged timber. While Valor is now in the energy sector, their prior experience with the technology, along with increased market opportunities for TigerLynk in offshore energy, makes the addition of Valor strategic to Hollund's development and growth objectives. The technical experience Valor brings to Hollund will significantly benefit Hollund in its goal of introducing TigerLynk to market rapidly."
About Hollund Industrial Marine, Inc.
Hollund Industrial Marine, Inc. (Pink Sheets:HIMR) is an industrial marine equipment and services company. The Company seeks to align the interests of the offshore producer and contractor by providing innovative heavy equipment solutions designed to improve operating safety, efficiency and productivity. Hollund is currently focused on developing TigerLynk technology for challenging underwater applications in energy, construction, forestry, mining, and emergency flood response services. For more information, visit www.hollundindustrial.com and www.tigerlynk.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "estimated," "believe," "optimistic," "expect," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in forward-looking statements. Such risks and uncertainties include, but are not limited to, unfavorable market conditions, increased competition, limited working capital, and failure to implement business strategies, actions by regulatory agencies, and other risks.