NEWTOWN, PA -- 07/12/07 --
Sovereign Exploration Associates International,
Inc. (OTCBB: SVXA), a maritime exploration company, with licenses to over
400 shipwrecks, today announced it will be forming a
not-for-profit foundation that will allow high school students to
participate in the research, recovery and preservation process of a
shipwreck.
The world's ocean floors are blanketed with the wreckage of lost ships. The
search for the true history of these vessels requires a complex
multi-disciplinary approach. The foundation will facilitate an
understanding and appreciation of the many disciplines involved in the
exploration of the world's oceans and its lost treasures. The historic
significance of a lost vessel often represents greater importance than its
cargo. The work undertaken by the student research teams, supported by the
foundation, will serve as a valuable asset in assessing which shipwrecks
from Sovereign's large inventory should be targeted for recovery. This will
be based on the historic effect the loss of the ship had on its time
period. Some of the shipwrecks of historic interest to the foundation may
have valuable cargos while the value of others may just be the recovery of
history itself.
The first project the foundation will target will be the Fantome Fleet. The
HMS Fantome and its companion vessels were lost at sea in 1814. The Fantome
Fleet is believed to have been carrying the loot from England's sacking of
the White House and U.S. Treasury during the War of 1812. To commemorate
the 200th anniversary of the war, the National Constitution Center, the
only museum dedicated to the U.S. Constitution, has agreed to work with the
Foundation to create a nationally touring exhibition and education program,
based on the White House and Treasury items that are recovered and
preserved as part of Sovereign's recovery operations.
"We are excited about working with the Sovereign Foundation on this very
historic project," stated Joseph Torsella, President and CEO of the
National Constitution Center. "In addition to a potential blockbuster
exhibit, we will be very proud to display recovered artifacts in our
permanent exhibit if they help us tell the story of We The People and the
U.S. Presidency."
Sovereign has a fiduciary responsibility to its public shareholders to
maximize its return on investment. Through the Foundation it can also
fulfill its corporate commitment to keep artifacts from its recoveries
intact by working with museums and institutions like the National
Constitution Center. "The Foundation will rely upon the advice and
collaboration of many individuals and organizations whose experience and
knowledge of the non profit sector will be invaluable. Sovereign's
Foundation will collaborate with government and academic institutions to
sponsor the development of its proposed educational programs. A Foundation
Launch Advisory, to be headed by Thomas Mullins, a founding member of
Sovereign's Advisory Board, has been formed to guide the Foundation in its
formation and initial stages of operations," stated Bob Baca, President of
Sovereign.
Mr. Mullins' impressive credentials include being a Trustee and Member of
the Corporation of the Woods Hole Oceanographic Institution, a private,
independent, not-for-profit corporation dedicated to research and higher
education at the frontiers of ocean science. He is an Alumni Member of the
National Board of the Smithsonian Institution. Mr. Mullins has also served
a full term as a Director of the Royal Oak Foundation, US Branch of the
British National Trust.
"It was a natural evolution from Sovereign's professional track record and
recognized dedication to the recovery and conservation of historically
significant shipwrecks to the creation of a charitable foundation to help
teach maritime history to students stimulated by an interest in the history
surrounding the excitement of 'treasure hunting.' We believe the
establishment of this Foundation will provide a transparent means to
encourage cooperation between the private sector, with its financial
resources, and the academic community, with its scientific expertise, to
maximize the educational benefits from Sovereign's marine recovery
projects," commented Peter Knollenberg, Chairman of Sovereign and Trustee
of the Palm Beach Maritime Museum and Academy.
About the National Constitution Center
The Center, which opened on July 4, 2003, has approximately one million
visitors per year and is located in the Independence National Historic Park
in Philadelphia, PA., which recently underwent a $300 million renovation.
Former President George W. Bush is the Chairman of the Center's Board of
Trustees and has been associated with the NCC since its creation by the
Constitutional heritage Act in 1968 passed when he was United States Vice
President.
About Sovereign Exploration Associates International, Inc.
Sovereign Exploration Associates International, Inc. is a maritime
exploration company that researches, digitally maps, records, and recovers
and conserves artifacts from shipwreck sites. The Company is diversified
into other marine related businesses. Through its wholly owned subsidiary,
Lavelle Holdings, Inc., Sovereign provides subsea marine consulting
services and offshore project management.
The Company cannot guarantee or give any other level of assurance that the
shipwrecks or cargoes mentioned above will be located and/or recovered nor
that a claim of ownership might be made against the shipwreck or its cargo
by any sovereign authority or company. Pursuant to Section 13 or 15(d) of
the Security Exchange Act of 1934, SVXA has filed form 8-K if required. For
more information on the company, please visit www.sea-int.com.
Statements about the Company's future expectations, including future
revenues and earnings, and all other statements in this press release other
than historical facts are "forward-looking statements" within the meaning
of section 27A of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934 and as the term is defined in the Private Securities
Litigation Reform Act of 1995. The company's actual results could differ
materially from expected results. The Company undertakes no obligation to
update forward-looking statements to reflect subsequently occurring events
or circumstances. Should events occur which materially affect any comments
made within this press release the Company will appropriately inform the
public.
Company Contact:
Robert D. Baca
President & CEO
215.968.0200
Email Contact
Agency Contact:
Pam Lagano
Lagano & Associates, Inc.
727.480.3082
Email Contact
