ATLANTA, Aug. 15, 2011 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (Nasdaq:PRXI), a leading presenter of museum-quality touring exhibitions around the world, today announced that the United States District Court for the Eastern District of Virginia, Norfolk Division, has issued an opinion granting an in specie salvage award of the "Post 1987 Artifacts" to RMS Titanic Inc., a wholly owned subsidiary of the Company. The in specie salvage award is based upon the Company's work in recovering and conserving over three thousand artifacts from the wreck of Titanic during its expeditions conducted in 1993, 1994, 1996, 1998, 2000, and 2004.
Premier Exhibitions, Inc., through RMS Titanic Inc., has been the Salvor-in-Possession of the Titanic wreck site since 1993, giving it the sole and exclusive rights to recover artifacts from the wreck. In 1993, a French maritime tribunal awarded RMS Titanic Inc. title to the approximately 1,800 artifacts recovered in 1987 (the "1987 Artifacts"). The Court set the value of the assets awarded today at $110 Million, which does not include the value of the 1987 Artifacts, nor the intangible assets associated with the entire collection.
The Company is reviewing the full decision and will issue an additional press release with more information on the ruling as soon as possible.
About RMS Titanic, Inc. -- a wholly owned subsidiary of Premier Exhibitions, Inc.
RMS Titanic, Inc., a wholly owned subsidiary of Premier Exhibitions, Inc., is the only company permitted by law to recover objects from the wreck of Titanic. The Company was granted Salvor-in-Possession rights to the wreck of Titanic by a United States Federal Court in 1994 and has conducted seven research and recovery expeditions to Titanic recovering more than 5,500 artifacts. In the summer of 2010, RMS Titanic, Inc. conducted a ground-breaking expedition to Titanic 25 years after its discovery, to take innovative measures and virtually raise Titanic, preserving the legacy of the Ship for all time.
About Premier Exhibitions, Inc.
Premier Exhibitions, Inc. (Nasdaq:PRXI), located in Atlanta, Georgia, is a leading presenter of museum quality exhibitions throughout the world. Premier is a recognized leader in developing and displaying unique exhibitions for education and entertainment including "Titanic: The Artifact Exhibition", "BODIES...The Exhibition" and "Dialog in the Dark". Additional information about Premier Exhibitions, Inc. is available at the Company's web site www.prxi.com.