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Kitcher Resources Enters Into Merger Agreement With Blue Waters of Key West, Inc.
NEW YORK, Dec. 23 /PRNewswire-FirstCall/ -- Kitcher Resources, Inc. (OTC Bulletin Board: KTCH) is pleased to announce that the company has entered into an agreement to merge with Blue Water of Key West, Inc. (http://www.bwvkw.com). The merger, which is expected to close within 45 days, is subject to certain conditions, including the satisfactory completion of mutual due diligence.
Blue Water is engaged in the business of searching for and recovering historical artifacts and valuable cargo, such as gold, silver and precious jewels, from shallow water shipwrecks and marketing the treasure recovered, through auction houses, web sites and directly to collectors. It currently conducts search and recovery operations from a fleet of 10 boats and has a sharing agreement with Mel Fisher's group, a successful treasure hunter. Blue Water presently is focusing operations on two projects: the Santa Margrita wreck off Key West, Florida and the 1715 fleet wreck off Florida's eastern coast. Since inception in 2004, Blue Water has recovered treasure with estimated value of $10 million or more from the Santa Margarita shipwreck site.
Keith Webb, Blue Water's founder and chief executive officer who is expected to become chief executive officer of the company, commented, "Blue Water is very excited about becoming a public company after the merger closes, when it will be better able than a private company to raise necessary funding for its on-going and future operations. I look forward to building shareholder value through the continued recovery of historical and valuable treasure by Blue Water."
NEW YORK, Dec. 23 /PRNewswire-FirstCall/ -- Kitcher Resources, Inc. (OTC Bulletin Board: KTCH) is pleased to announce that the company has entered into an agreement to merge with Blue Water of Key West, Inc. (http://www.bwvkw.com). The merger, which is expected to close within 45 days, is subject to certain conditions, including the satisfactory completion of mutual due diligence.
Blue Water is engaged in the business of searching for and recovering historical artifacts and valuable cargo, such as gold, silver and precious jewels, from shallow water shipwrecks and marketing the treasure recovered, through auction houses, web sites and directly to collectors. It currently conducts search and recovery operations from a fleet of 10 boats and has a sharing agreement with Mel Fisher's group, a successful treasure hunter. Blue Water presently is focusing operations on two projects: the Santa Margrita wreck off Key West, Florida and the 1715 fleet wreck off Florida's eastern coast. Since inception in 2004, Blue Water has recovered treasure with estimated value of $10 million or more from the Santa Margarita shipwreck site.
Keith Webb, Blue Water's founder and chief executive officer who is expected to become chief executive officer of the company, commented, "Blue Water is very excited about becoming a public company after the merger closes, when it will be better able than a private company to raise necessary funding for its on-going and future operations. I look forward to building shareholder value through the continued recovery of historical and valuable treasure by Blue Water."
