Deep Blue Marine Inc. (Pink Sheets: DPBM) announced several matters including: management's intent to distribute a shareholder dividend and the company’s entering into negotiations with a publicly traded company to assist in the execution of the Key West exploration and recovery contract in Florida and other US waters.
As the company has moved forward with its other international operations, there has been concern on the part of management that the Key West and other sites located in US waters would not get the attention required to make them viable in both the long and short term. As a result of those concerns, management is negotiating an agreement for a third party to manage the US sites. The agreement requires the purchase of the boats and equipment currently housed in Key West, plus assumption of the office and slips in Stock Island. Upon completion of the transaction, Deep Blue will receive approximately $5,000,000 in shares of the publicly traded company issued under rule 144, and 100% of those shares will be transferred to the existing shareholder base of Deep Blue Marine Inc. as a dividend to the shareholders. Deep Blue will also keep a generous royalty of all artifacts found.
The management of the new company intends to use the Deep Scan to complete an extensive Mag survey of the entire permit area currently owned and operated by Deep Blue, and any recovery work will be performed by the Miss D and the Deep Scan combined.
Deep Blue Marine Inc. will file for a 5-to-1 reverse of its stock, which will bring the issued and outstanding down to 100,000,000 shares. The dividend of shares will be divided equally among all the shareholders of Deep Blue Marine Inc., and certificates will be issued directly to the shareholders and the DTC in the case of those shareholders whose shares are housed there. Those shareholders who have shares housed at their broker dealers may go to the company website and print an official proxy statement with regard to these matters of business. Any shareholder not mailing in their proxy statement will be considered a positive vote, which vote will be taken March 7 in a special shareholders meeting held at the company office located at 696 West 1st Ave., Midvale, Utah at 8:00 AM Mountain Standard time.
Deep Blue will assist the new company in all areas as a consulting firm; and during the major hurricane seasons when the Capt N Tracy is not able to work off shore, Deep Blue will contract recovery work from the new company. There will be no intermingling of management and both companies will be run separately and will each deal with their own day-to-day business.
Wilf Blum, President of Deep Blue, said, “We are excited about this as it gives our shareholders a much broader base and a much greater chance at succeeding. We would have been spread much too thin if we had tried to run both operations at once. Also, I’ve known the management team of the new company for several years; they are honest and will do this job as well as it can be done.”
Shareholders of record will receive a proxy statement in the mail very shortly which outlines the reorganization.
For those interested in this company, please go to www.alldeepblue.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
Deep Blue Marine Inc.
Wilf Blum, 801-201-4691