12/1/2004 9:00:00 AM
DALLAS, Dec 1, 2004 (BUSINESS WIRE) -- Ocean Resources, Inc. ( OCRI ) today reported it has surveyed over 85 percent of its Mediterranean wreck site and debris field and continues to recover ingots of tin and other metals from within and around the wreck site. The company's chief of salvage operations, Graham Jessop, stated that the operations crew has accumulated extensive visual and sonar data from the sea floor and hopes to begin recoveries of larger caches of metal ingots from the wreck over the next two weeks.
The company's ROGE deep sea recovery system has undergone various modifications as the project has progressed and continues to perform with excellence.
Additionally, the company announced that as part of its transition from a developmental stage company to an operating company, the board of directors has appointed Mr. Andrew Way to the office of President. Mr. Way's career began as a paratrooper in the British Army, and includes executive roles in banking and finance industries, as well as advisory roles to the UN and the APEC Finance Minister's Forum. Dennis McLaughlin remains as the company's CEO.
Mr. McLaughlin stated, "We are pleased to have this welcome addition to our staff as we continue to ramp up our core operations."
Ocean Resources, Inc. is a marine salvage operator utilizing proprietary technology and sea recovery expertise to retrieve commodity metals from World Wars I and II merchant shipwrecks lying at previously unreachable depths. The company's ROGE (Remotely Operated Grab Excavator), a hydraulically operated multi-jaw grab, is among the world's most advanced deep sea excavating devices, capable of seizing up to three tons of material in a single grab and operating at depths of up to 16,000 feet, nearly double that of any competitive device. Ocean Resources' recovery operations are directed by Graham Jessop, an internationally accomplished deep sea salvage expert who participated in recoveries from the RMS Titanic, RMS Carpathia, S.S. John Barry and HMS Edinburgh. For further information, visit www.oceanri.com.
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