TREASURE HUNTING IN MEXICO

[Salvor6]

ATLANTA, Nov. 9, 2009 (GLOBE NEWSWIRE) -- UnderSea Recovery Corporation
("UNSR") (formerly Legal Access Technologies, Inc.) (Pink Sheets:LGAL)
announced today that it signed, on Thursday, November 5, 2009, in Mexico
City, an agreement with Global Sales Corporation, a Mexican company
("Global"), under which Global has committed to invest $1,500,000 in
UNSR no later than November 30, 2009. Global will receive shares of
Preferred Stock and a Common Stock Warrant in return for the investment
funds. The shares of Preferred Stock carries an annual dividend of 10%
per annum on the face amount of the Preferred Stock and a special
participating dividend equal to 10% of the Company's net cash generated
from operations. The Preferred Stock is redeemable by the Company for
$200,000 at such time as Global has received $3,500,000 from the special
participating dividend. The Warrant is not exercisable for six months
from issuance and the exercise period is two years. The exercise price
is $10,000 and the Warrant is exercisable into 10% of the Company's
common stock.

The agreement also provides for Global to assist UNSR in securing
shipwreck search and recovery permits and licenses in the territorial
waters of Mexico and other countries in which the principals of Global
have governmental and business contacts. In addition, the agreement
grants Global a right of first refusal on the next major round of
financing, which is estimated to be $15,000,000.

The investment proceeds will be used for (i) completing and ocean
testing two ATLIS field units in preparation for project deployment,
(ii) acquiring, repairing, refitting and certifying the New World Legacy
(a 110 foot shallow-water salvage vessel) for marine operations; (iii)
professional, filing and listing fees for UNSR to become a Current
Reporting Company on the Pink Sheets and, subsequently, to registering
its common stock with the SEC and listing and trading its common stock
on the OTC Bulletin Board and the Frankfurt Stock Exchange; (iv) a
professional valuation opinion by an internationally recognized
valuation firm; (v) legal and related fees and expenses associated with
securing shipwreck project permits from Mexico, Jamaica and the Bahamas;
and (vi) working capital.

In making this announcement, Herbert Leeming, CEO, commented: "We have
been working with the principals of Global for the past several months
to complete negotiations, and we are truly excited to announce that our
discussions have led to the execution of a binding agreement for funding
and project permit facilitation. The investment proceeds will enable us
to move forward rapidly with building, testing and deploying the two
ATLIS field units, acquiring and readying the New World Legacy for
marine operations, upgrading our securities filings and trading status,
obtaining an institutional valuation of our resources, seeking important
search and recovery licenses, and commencing operations. This is what we
have been anxiously awaiting and preparing for, and we could not have a
more talented, experienced, and committed group of partners than the
principals of Global. A better melding of financial, operational,
strategic and critical thinking, and managerial resources, I simply
could not imagine. Furthermore, both Global and UNSR share an unswerving
dedication to doing projects the right way, right now. Our stockholders,
along with our management, have waited patiently for the Company to move
from the developmental to the operational stage, and that day is now
dawning and brings with it a great promise of rewarding our collective
patience and perseverance with tangible, positive results."

About the Company:
The Company is engaged in the business of locating and recovering
historical shipwrecks, primarily those from the 15th through 19th
centuries, and other cultural resources (artifacts and other objects of
historical and archaeological interest) from the world's oceans and
large lakes by applying advanced technologies in an environmentally
responsible manner.

 

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[Alexandre]

I bet Pilar Luna is still laughing about this piece of propaganda. Do not forget that Mexico is a state party to the Convention on the Protection of the Underwater Cultural Heritage.

 

[Salvor6]

Cuba and Ecuador have also signed the CPUCH and they can't excavate historic wrecks in their waters fast enough.

 

[Mackaydon]

Alexandre:
I agree with you 100% on this issue. I believe Mexico has only once offered a commercial salvage license and when it did it was a disaster. And from that time on (20 years ago??), not one private commercial salvage-for-profit permit has been issued to my knowledge. So, I LOL at the idea of someone, or some company, actually investing $1.5M to obtain permits in Mexico and other locations.

I've also had an experience with Pilar many years ago. My group had a permit from the Navy to search and salvage a certain area in Mexico, but Pilar stepped in and said the Navy can only issue such permits for objects found IN THE WATER COLUMN; anything touching or buried in the bottom was 'her' jurisdiction and she forbide it--and that was the end of our project.
Don.........

 

[Alexandre]

Cuba and Ecuador have also signed the CPUCH and they can't excavate historic wrecks in their waters fast enough.

That was and is going to change. Wait till the contracts end.

 

[Real de Tayopa Tropical Tramp]

Gentlemen: You have my undivided attention. This could be extremely important for me.

Don Jose de La Mancha

 

[aquanut]

Alexandre and the rest of you out there....The old days of treasure hunting have past and the new treasure hunters have grasped the importance of historic cultural importance. Now that that has been established, can there be a meeting of the minds where our two interests can be accommodated. Personally, I would love to see all the interesting and important artifacts wind up in the appropriate museums to which they belong. The fact that all the gold and silver coins goes with it, is, to me, ludicrous. All that needs to be presented in the museums is a representative amount., not all...
The Archaeological community can't investigate, salvage, find or finance all the sites throughout the world. So what the hell is wrong with partnering with conscientious treasure hunting partners. Has it deteriorated to the point to where the academics feel that they alone are entitled to determine the enlightenment of the past? If this is the case, then it will be a long time coming, for they have neither the funding , manpower nor wherewithal to pull it off. I think it's time for the academics to get off their high horse and coordinate an honest effort with those of us in the treasure hunting community who believe in the right way of doing things. THINK of how far and how fast we can get there if we work together. (BTW. I'd like to see this happen without a lot of bureaucratic BS.)
Aquanut

 

[FISHEYE]

They have been working on this ATLIS technology for a number of years and its still not completed.I dont think it ever will be done.Its just a way to get investors and other companies sucked in.Another black box that will never work.



Admiralty Holding Company, a development stage company, through its subsidiaries, engages in locating and recovering valuable cargoes from historic shipwrecks. Its detection technology, ATLIS technology, which locates, quantifies, and differentiates precious metals in a marine environment. The company has strategic alliance with Georgia Tech Research Corporation for conducting research and development activities of its technology for use in locating unexploded land-based ordnance. The company was founded in 1988 and is based in Douglasville, Georgia.

James Larsen, Chief Technical Officer, commented: "We are continuing to make progress with our plans to finish and make operational the ATLIS field unit, the mechanics for which are already 95% complete. Our goal is to make this happen in the next few months so we can commence project operations not later than early next year. The new design for the housing and cabling should enhance diver manipulation of the field units and will allow us to conduct search operations from a greater distance from the host ship than previous design configurations."

Herbert Leeming, Chief Executive Officer, added: "We have always had the utmost confidence in Jim Larsen, the inventor of ATLIS, and his new design is demonstrating again why we have placed such trust in him and his abilities. We are pleased with our progress to date and will continue our work with Admiralty in accordance with the terms of the ATLIS License Agreement. This is an exciting time for management and our stockholders. We believe the next twelve months will prove very rewarding for our investors who have stayed the course with us and deserve to have their faith rewarded."

More details concerning the financing can be found in Admiralty's Form 8-K on this subject filed by Admiralty with the SEC on October 2, 2006.

Admiralty is using the proceeds from the financing to pay current accounts payable and complete the first ATLIS(TM) field unit and for operating capital and general corporate purposes. Admiralty expects to have a working commercial ATLIS(TM) unit soon and is diligently working to ensure that this unit is completed and operational as soon as possible.

 

[jeff k]

Fisheye... I agree, and remember first reading about ATLIS on TN over 10 years ago.

 

[sphillips]

Alexandre and the rest of you out there....The old days of treasure hunting have past and the new treasure hunters have grasped the importance of historic cultural importance. Now that that has been established, can there be a meeting of the minds where our two interests can be accommodated. Personally, I would love to see all the interesting and important artifacts wind up in the appropriate museums to which they belong. The fact that all the gold and silver coins goes with it, is, to me, ludicrous. All that needs to be presented in the museums is a representative amount., not all...
The Archaeological community can't investigate, salvage, find or finance all the sites throughout the world. So what the hell is wrong with partnering with conscientious treasure hunting partners. Has it deteriorated to the point to where the academics feel that they alone are entitled to determine the enlightenment of the past? If this is the case, then it will be a long time coming, for they have neither the funding , manpower nor wherewithal to pull it off. I think it's time for the academics to get off their high horse and coordinate an honest effort with those of us in the treasure hunting community who believe in the right way of doing things. THINK of how far and how fast we can get there if we work together. (BTW. I'd like to see this happen without a lot of bureaucratic BS.)
Aquanut



Well said !