CHARLESTON, S.C., May 17, 2005 (PRIMEZONE) -- Global Marine Ltd. (Pink Sheets:GLBM) announced today that the Company has entered into an exclusive agreement for all of Asia with PanAsean Development Corporation. Under this agreement, PanAsean will utilize Global's newly acquired Wildfire Technologies USA, 3D patented imaging science for the location of Oil, Gas and Mineral Deposits in Asia.
Global Marine Ltd. negotiated a Royalty Fee of 0.5% of the oil, gas or mineral deposits found as payment to GLBM for the use of this revolutionary technology. As a further incentive for signing this agreement, PanAsean will provide additional support and marketing for Global Marine Ltd.'s other products and services, which include historical shipwreck and marine artifact recovery.
This new discovery, called a sinusoidal waveform or Data Flow Enhancement (DFE), applies to devices using standard wavelength frequencies from the simplest to the most complex. Applying the system to current mineral deposit mapping technology can isolate a particular mineral, oil or gas pocket and draw a 3-Dimensional picture of the deposit field, penetrating miles beneath the surface or substrate. Fine-tuned to discriminate programmed densities, this system will be used on both land and ocean-based surveys,
Mr. David K. Cordova, CEO of PanAsean, stated, "The impact potential of DFE in the mining field is profound and when applied to any penetrating radar device will increase the performance level 50% to 1000 times while consuming 30% less energy and producing 50% less heat. 3D high-resolution imagery of a variety of surfaces and sub-surfaces makes the DFE design extremely attractive for newer, better and faster searching and mapping devices."
PanAsean acquired this proprietary technology after determining that DFE technology may save their Corporation millions of dollars in the search and mapping phase of finding or increasing the potential of producing mines, increasing their corporate profitability dramatically.
Global Marine Ltd.
Global Marine, Ltd., a publicly traded firm whose primary business is in the oceanographic & historic marine archaeological fields, seeks to continuously acquire innovative marine and other leading science & technology and other like 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 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, underlying company forecasts are dynamic and subject to change and therefore those forecasts speak only as of the date given. The information 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 GLBM.