Jefferson, Texas, Dec. 04, 2017 (GLOBE NEWSWIRE) -- Paul Tidwell, Innocap’s President, announced that Innocap has entered into an agreement with a company in Singapore to assist in the recovery of a large shipment of tin from a sunken ship that is believed to be in the waters between Indonesia and Malaysia.
The parties of the agreement have also agreed to use a portion of the proceeds from the salvaged assets equal to $600,000 to recover another sunken cargo believed to have sunk in the South China Sea.
The Company will receive 40% of the proceeds of the salvaged cargo after payment of all expenses related to the salvage effort.
Mr. Tidwell will go to Singapore shortly to participate in the recovery project.
No assurances can be given that the sunken ship will be found and, if found, will have the amount of recoverable tin that the parties to the contract are seeking.
Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company's Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.