CLEARWATER, FL / ACCESSWIRE / August 31, 2020 / Endurance Exploration Group, Inc., (OTC PINK:EXPL) (“Endurance” or the “Company”), a company specializing in shipwreck research, survey and recovery, is pleased to announce that it has entered into a contract extension with an Island Nation (“Nation”) located in the Indian Ocean, granting EXPL exclusive rights to certain shipwreck exploration and recovery activities in the Nation’s territorial waters. The contract extension grants rights for a period of three years, ending on August 28, 2023. The contract extension preserves the economic terms of the original agreement, whereby, Endurance will receive 75% the net profits, after deducting all search, recovery and other costs, realized from any commercial monetization of recovered cargoes, and the Nation will receive 25%.
The Nation was formed at the crossroads of different civilizations; and has been highly influenced over the centuries by African, Arabic, and modern Western cultures. There are numerous known Western shipwrecks located in the Nation’s territorial waters dating from as early as 1510, and speculatively, additional unknown Arabic and, potentially, Chinese trading ships from earlier periods may have been lost. Some of the known, but undiscovered and not yet salvaged, Western shipwrecks include (names abbreviated) : “SR”, Portuguese, 1510; “AW”, Portuguese, 1616; “SJ”, Portuguese 1616, “S”, English (EIC), 1635; “PH”, English East India-man, 1690; “R”, EIC, 1699, “H”, EIC, 1774; and “B”, EIC, 1782. Some of the wrecks were carrying large documented cargoes of precious metals specie and bullion, destined to be exchanged for exotic goods in the East Indies.
While Endurance originally received permissions from the Nation a number of years ago, our deep water search and recovery capabilities, including the purchase of a Bluefin/General Dynamics Autonomous Underwater Vehicle, have only recently been expanded to allow us to explore the deeper waters surrounding this Island Nation which are suspected of holding these valuable wreck sites.
About Endurance Exploration Group, Inc.:
Endurance Exploration Group, Inc. specializes in historic shipwreck research, subsea search, survey and recovery of lost ship containing valuable cargoes. Over the last 10 years, Endurance has developed a research database of over 1,400 ships that are known to be lost with valuable cargoes in the world oceans, and in 2013 began subsea search and survey operations.
Forward Looking Statements:
Cautionary Information Regarding Forward-Looking Statements.
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “will,” or “plans” to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties including but not limited to legal and operational risks of offshore, historic shipwreck recovery.
Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated. The information contained in this release is as of May 8, 2017. Endurance Exploration Group, Inc. assumes no obligation to update forward-looking statements contained in this press release as the result of new information or future events or developments.
Micah J. Eldred
SOURCE: Endurance Exploration Group, Inc.
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