CLEARWATER, Fla., Jan. 2, 2014 /PRNewswire/ -- Tecton
Corporation (TTNC) (the "Company") announced that it has acquired
Endurance Exploration Group, LLC in a share exchange agreement.
Endurance Exploration Group, LLC ("Endurance") is a development
stage company that specializes in subsea shipwreck research, search
and survey, inspection, and recovery projects.
Additional information regarding the acquisition can be found in
the Company's "Super 8K" filed with the SEC on December
31. Investors are encouraged to review the 8K in detail
to learn more about Endurance, and the Company encourages investors
to pay particular attention to the "Risk Factors" section of the
8k, which highlight the high-risk nature of the business. Key
points from the 8K, include:
- Established in 2009, Endurance has evaluated over
125,000 shipwreck database entries and other sources to develop a
"High Interest" list of approximately 400 shipwrecks and a "Target
List" consisting of about two-dozen potential shipwreck projects;
and, two of these "Target List" shipwrecks have moved into
operational phases, i.e. "Operational List".
- In 2011, Endurance began to purchase key mid-to-deep-water
(500-2000 meter) survey and recovery equipment, including a 100'
survey vessel, side-scan sonar equipment and a light work-class
Remotely Operated Vehicle ("ROV"); and began to develop a
multi-year plan to conduct search and survey operations for some of
the "Target List" shipwreck projects.
- Relying on its proprietary research and subsequent survey
planning, in mid-2013, Endurance began side-scan sonar search
operations for its first project, "Sailfish," a mid-19th century
passenger liner sunk off the coast of New England carrying a gold
shipment, and, Endurance believes, highly likely, other passenger
valuables. During the course of "Sailfish" operations to
date, Endurance has mapped and imaged, with side-scan sonar,
approximately 700 square miles of ocean bottom searching for
"Sailfish". Search operations are expected to continue during
the summer 2014 season.
- In late 2013, Endurance secured a three-year governmental
contract from an East African nation granting Endurance Exploration
Group permission to search for and recover the "Black Marlin", a
17th century colonial-era trading vessel lost in the territorial
waters of an island nation located in the Indian Ocean. Based
upon Endurance research and evaluation of the available historical
record, Endurance believes "Black Marlin" was carrying a sizable
cargo of silver coinage and bullion for trade in the Far East. The
governmental contract also grants Endurance rights to search for
and recover secondary shipwreck targets in this country's
territorial waters, and Endurance has begun research on two
potential secondary targets called "Dolphin" and "Wahoo".
The Company's CEO, Micah J.
Eldred commented, "establishing Endurance as a publicly
traded company sets the foundation for the next phase in this
Company's life. The public quotation will provide the Company
with more financing options in the future that can support the
Company's movement into deeper water, more complex, and more
potentially rewarding salvage projects."
Cautionary Information Regarding Forward-Looking
Statements.
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 January
2, 2014. Tecton Corporation assumes no obligation to
update forward-looking statements contained in this release as the
result of new information or future events or developments.
Media contact: Abby Lord, 727 289
0010
SOURCE Tecton Corporation
