CHARLESTON, S.C., Nov. 12, 2004 (PRIMEZONE) -- Global Marine Ltd. (Pink Sheets:GLBM) announced today that the Company would open a Spain-based subsidiary to resume marine archeological, investigation and the search and recovery of numerous shipwreck targets including a number of very well documented Spanish Galleons and a located WWII submarine. Global Marine (GLBM) acquired a significant database of shipwreck targets located in Spanish, North American, Caribbean, Central American, UK and South China Sea waters by acquiring SeaSearch Scientific Corp. subsequently, all documentation and verifiable targets were transferred to GLBM under agreements released and filed previously.
The Spanish based subsidiary will begin operations in late November, which will allow further research, marine archeology, search and recovery operations and continuity with the specific Spanish authorities to operate in the region.
Global Marine will employ the latest in marine technology for location, identification, documentation, sound archeological techniques, recovery and preservation including underwater cinematography. The Company has developed a unique revenue generating system, which will include diving and participation in the "Treasure Hunt" as part of the crew onboard the Dive Ship, "live" web broadcast of the exploration and educational marine Internet forums, personal training using the latest in marine exploration technology, marine documentary film, and other ancillary products, which include sponsorships to interested individuals, and corporations that will be providing additional high-tech marine exploration and diving equipment.
Through the Company's Spanish shipwreck historian, researcher and financier, GLBM - Spain will have the rights to large search areas off the coast. These rights also include the "Finder Rights" of yet to be announced shipwrecked cargo galleons. The Rights extend to March 2005, and may be extended by the "holder."
The first phase of the Company's operations will be to investigate, film and evaluate the cargo of a noted WWII era submarine. The vessels location is known and records indicate that the sunken wreckage contains an interesting cargo that was being transported from Mediterranean cities during WWII back to Europe.
Following the filming and evaluation of this site, the Company will then move on to searching and investigating a shipwrecked 900 ton cargo galleon which sank after the 1702 battle of Vigo Bay, Spain, code-named "Eldorado" for Corporate security purposes.
The "Eldorado" was not a "war galleon," but was one of the privately owned merchant galleons that had transported European goods to the New World and was returning with a full load of New World "riches". The trip back to Spain was to be completed in one year; however, the trip took almost three years. Due to the immense quantity of new-world valuable cargo being transported. The "Eldorado" was the largest of all the ships in the fleet with capacity of 900 tons and armament of 40 cannons. By comparison, the Capitana (lead ship) of the fleet had a cargo capacity of only 500 tons and 54 cannons.
The British seized the ship as a prize during the Battle of Vigo Bay and during the return voyage to England; the "Eldorado" struck a rock and quickly sank.
Research has been carried out in Spain as well as England in the search for the cargo manifest documentation. Unfortunately, the original records of the cargo being transported by the "Eldorado" were either destroyed during the navel engagement or have since been lost. Global Marine's researcher in Spain has been able to discern a reasonable estimate of the amount and type of cargo that may be found at the wreck site of the "Eldorado", through the records of the British Admiralty pertaining to the Naval Battle and the capture of vessels of Spain's Armada. During the 1702 engagement the English were successful in capturing three out of the 17 "treasure" galleons including the "Eldorado".
Direct evidence of the cargo carried aboard the "Eldorado" is from two different sources. The first, from the list of items found on board the "Eldorado" after it's capture. English law at that time permitted crews to pillage the vessels that they captured. The pillage was limited to those areas of the ship above the gun deck. They were never permitted to go below deck or take anything from the main cargo.
Records also indicate that the Galleon was transporting a large amount of "unregistered" cargo. The fact that British seamen recovered silver ingots and pieces of eight that were hidden in such places as a clothing chest indicate that a large amount of valuable cargo both in "specie" (coins) and ingot form was being transported that was not registered on the official manifest.
There were two other galleons and Tender ship captured by the English that made it safely back to England. Global Marine has copies of documents from that period that contain many accounts of what these two smaller galleons and the tender carried.
The "Eldorado" was the largest ship in the Spanish fleet. Her total cargo capacity was almost equal to the combined capacity of both of the other galleons captured. The Company assumes that the cargo carried by the "Eldorado" was just as diverse as the cargo on board the two smaller galleons captured by the British.
Management from Global Marine's South Carolina headquarters will journey to Spain during November to open the Spanish division and start operations with their Spanish colleagues. As part of the marine investigation and "Finder Rights" agreements with the Spanish authorities, Spain will receive a percentage of any cargo recovered from historic shipwrecks.
The Company expects to gain a respectable amount of media exposure and revenue for the documentary film rights and other ancillary products produced from their new Spanish division.
Further information on this particular project may be found on the company's website.
About Global Marine Ltd.:
Global Marine Ltd. is a publicly traded firm that seeks to continuously acquire innovative technology and businesses that offer its shareholders exceptional growth opportunities.
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 current 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.