Admiralty Holding Company Signs Agreement With Gold Hound
Tuesday July 18, 8:30 am ET
DOUGLASVILLE, GA--(MARKET WIRE)--Jul 18, 2006 -- Admiralty Holding Company (OTC BB:ADMH.OB - News). Admiralty Corporation announced today that it has signed a Letter of Agreement with Gold Hound, Inc. concerning a potential shipwreck site which lies off the east coast of Florida. Gold Hound has extensive experience searching for shipwrecks and recovering treasure. Based on three years of detailed survey work and extensive research, Gold Hound personnel feel that they have discovered remains of the Senora de la Regla, the "Capitana" of the 1715 Fleet. Gold Hound personnel have discovered ballast and other artifacts that indicate the presence of an old shipwreck.
Admiralty is working with Gold Hound to discover and recover treasure within this area. The information collected by Gold Hound, combined with the excavation capabilities of Admiralty's ship, the R/V New World Legacy, creates a "win-win" situation for both companies. Admiralty CEO, G. Howard Collingwood, stated that, "Working with Gold Hound gives us a tremendous advantage compared with doing all of the survey work and research from the beginning. We expect that their knowledge of the area and their expertise combined with our technology and our expertise will cut months from the time needed to complete the examination of this area."
Gold Hound personnel feel that a significant quantity of silver coins will be recovered at the wreck site. Already a trail of ballast stones is being followed. The ballast stones are covered with four to eight feet of sand and the Regla was moving erratically as it was being battered by the hurricane that caused it to sink. Therefore, the debris trail is not in a straight line and the trail of ballast stones and other debris must be carefully mapped in order to locate artifacts that might have fallen from the hull of the ship as its bottom disintegrated.