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NewsBot Date: December 21, 2005 09:51:41 AM
SVXP Stock Message Board, News, DD
Sovereign Exploration Associates International, Inc. Appoints Two New Directors
Sovereign Exploration Associates International, Inc. (OTCBB: SVXP Message Board) announces the appointment of two new directors to its five member board. Mr. Curtis Sprouse, who will continue in his capacity as COO, Mr. David Bryant, and Mr. Kevin Smith are stepping down to make their positions available to Mr. Donald Conrad, Mr. Peter Knollenberg, and a fifth Board Member to be added in the near future. Mr. Knollenberg will serve as SVXP Chairman of the Board.
Mr. Conrad spent 13 years with Exxon Mobile Corporation, mostly as chief financial officer for Esso Europe in London. He also spent 18 years with Aetna Inc., the Hartford, CT.-based insurance firm, as chief investment officer. In 1988, he left Aetna to become CEO and half-owner of the National Hockey League's Hartford Whalers Hockey Club. From 1995 to 2002 he was senior advisor to the president of the World Bank in Washington, D.C. Mr. Conrad is currently a board member of the Chevy Chase Bank in Washington, D.C. CEO Robert Baca said "SVXP will greatly benefit from Mr. Conrad's extensive financial expertise and his international experience working with high government levels which will help SVXP with its international projects and expanding corporate goals".
Mr. Knollenberg is President of Sea Hunt, Inc. and one of the founders of SVXP. Sea Hunt assigned all of its shipwreck rights, contracts and permits to a wholly owned subsidiary called Sea Research, Inc. which was contributed to SVXP. "Mr. Knollenberg has first hand knowledge of the issues involving sovereign ownership rights to ship wrecks, and he negotiated one of the first contracts between a private sector company and a government to recover lost patrimonial artifacts for Spain. As Chairman of SVXP, Mr. Knollenberg will provide strong Board of Director support for management's position that marine recovery and conservation should be professionally undertaken using the best technology and methods available to protect maritime heritage." said Baca. Mr. Knollenberg and Mr. Conrad join Mr. Baca and Mr. Kevin Conner as members of the SVXP Board.
Additional information regarding SVXP and its projects is available at www.sea-int.com
Possible Site of White House Treasure Ship Found
Sovereign Exploration Associates International, Inc. (OTCBB: SVXP), announced today that Artifact Recovery & Conservation, Inc. (ARC), a portfolio company of SVXP, has been conducting an archaeological survey of the site off the coast of Halifax, Nova Scotia, under an official Treasure Trove licensing agreement with the provincial government. Under the licensing agreement, the province will receive a 10 percent royalty on any official "treasure" recovered, including specie and artifacts. The remaining artifacts will belong to ARC.
The focus of the exploration has been the location where it is believed the Fantome, a French brig captured by the British in 1810 and used as a gunboat during the invasion of the Chesapeake in 1814, went down on November 24, 1814, three months after British troops invaded Washington, D.C. Surviving manifests for the Fantome indicate that it was carrying valuables taken from the White House, U.S. Treasury and Capitol Building when it was lost on a reef of rocks near Prospect, some 20 miles southwest of Halifax, while escorting a convoy of ships.
Curtis Sprouse, COO of SVXP, says that no actual wooden ships from the period are left on the site, having long since disintegrated. The company hopes to find what remains of the ship's historic cargo. It believes the cargo and history of the Fantome will yield tremendous educational and economic value. Although items clearly linked to Washington, D.C. and the British Navy - including American coins and buttons from officers' uniforms - already have been recovered, Sprouse says that neither the company's independently retained chief marine archaeologist, James Sinclair, who worked on the wreck of the Titanic and other historic sites, nor its independent conservator, Ian Cross, is prepared to say the site of the Fantome itself has been pinpointed. The involvement of both Sinclair and Cross in the project has been approved by the Province of Nova Scotia. The company is dedicated to a careful, responsible excavation, he said, and has a 25-year record of meticulous marine exploration.
"We believe that the preservation and presentation of history is of utmost importance. We are proud of the approach we take to these sites," Sprouse said.
The War of 1812, often called "The Second American Revolution," was prompted by British interference with U.S. sea trade with Europe. On August 24, 1814, British soldiers invaded Washington and looted and burned key government buildings, including the Capitol and White House. President James Madison's wife, Dolley, managed to save a full-length portrait of George Washington and a few other possessions before fleeing the presidential mansion just prior to the soldiers' arrival.
British naval records describe the Fantome as "a fine French corvette brig letter of marque...with ports for twenty heavy carronades," a short gun half the weight of an equivalent long gun. It carried a crew of 74. Although its role in the bombardment of Ft. McHenry is not clear, it did participate in the British attack on the Maryland city of Havre de Grace on May 2, 1814.
Excavation of the possible Fantome site is just one of the projects being conducted by ARC, Sea Research, Inc. (SR) and Sovereign Exploration Associates International of Spain, Inc. (SEAI of SPAIN), all portfolio companies of SVXP. ARC has been recovering substantial artifacts from the site of the wreck of Le Chameau, a French ship whose loss on August 27, 1725 may have altered the history of France's colonies in Canada.
SVXP is a Business Development Corporation firm headquartered in Newtown, Pa. It became a public corporation in October (OTC BB: SVXP).
Sovereign Exploration Associates International, Inc. announces the investment in a new portfolio company
Sovereign Exploration Associates International, Inc. (OTCBB: SVXP) announces the investment in a new portfolio company, Sovereign Exploration Associates International of Spain, Inc. (SEAI of SPAIN).
SEAI of SPAIN is a Spanish based company led by Mr. Luis Valero de Bernabe Gonzalez as President. The Company is responsible for the administration of SEAI business development and operations in Spain and Portugal.
As part of the agreement, SEAI of SPAIN has acquired interest in the finder rights to certain Spanish wrecks from Luis Valero de Bernabe Gonzalez.
"I am impressed with the good working relationship that has been established by SEAI's portfolio company, Artifact Conservation & Recovery, Inc. (ARC), with the Canadian Province of Nova Scotia, its focus on cultural exchange, and the quality and expertise of its recovery operations and management team. I am pleased to have the support of SEAI to help develop our projects here." said Mr. Valero.
Bob Baca, CEO of SEAI comments that: "The addition of SEAI of SPAIN greatly compliments the opportunities associated with other SEAI portfolio companies".
Sovereign Exploration Associates International, Inc. Submits Artifacts to the Canadian Province of Nova Scotia
Sovereign Exploration Associates International, Inc. (OTCBB:SVXP) announced today that its portfolio company, Artifact Recovery and Conservation, Inc. (ARC) has submitted artifacts from several ships, one being the Le Chameau, to the Canadian province of Nova Scotia for artifact selection. ARC identifies each site by a reference number; Le Chameau is just one of the ships being recovered in project site CBNS-1.
ARC's President, Captain Robert MacKinnon states: "We are pleased with the volume of high quality artifacts from the CBNS-1 project site. In particular, Le Chameau continues to produce artifacts of intrinsic and historical significance. Over the past two years, we have recovered military and religious artifacts in addition to flatware and coins that support the diversity of the cargo carried by Le Chameau and largely un-recovered by prior recovery attempts. Site CBNS-1 has also yielded Colonial and British artifacts from other ships in the site."
Sovereign Exploration Associates International, Inc. will post a history of the Le Chameau and images of selected artifacts recovered from the CBNS-1 site on its WEB site: www.sea-int.com.
About Sovereign Exploration Associates International, Inc.
Sovereign Exploration Associates International, Inc. (OTCBB:SVXP) is a Business Development Company under the Investment Act of 1940 undertaking shipwreck exploration and recovery initiatives. Pursuant to Section 13 or 15(d) of the Security Exchange Act of 1934, SVXP has filed Form 8-K.
SAFE HARBOR
The statements made in this release constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, the failure of the ships to contain cargo of historic, archeological or intrinsic value, changing economic conditions, interest rates trends, continued acceptance of the Company's products in the marketplace, competitive factors and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
Sovereign Exploration Associates International Inc.
Curtis R. Sprouse, 781-246-7512
Fax: 781-245-7774
