Marine Exploration, Inc. Reports Discovery

[diverlynn]

Marine Exploration, Inc. Reports Discovery

Last update: 4:18 p.m. EST Dec. 10, 2008
MIAMI, FL, Dec 10, 2008 (MARKET WIRE via COMTEX) -- Marine Exploration, Inc. (MEXP:

Marine Exploration, Inc. and Burt Webber's Hispaniola Ventures, LLC added a shipwreck to its Joint Venture. Marine Exploration, Inc.'s research vessel, the R/V Hispaniola, has been operating from Samana Bay, Dominican Republic for the last two weeks. "Our crew has been very busy operating training and reconnaissance missions in the waters to the North of the Coast on sites of great interest. We can report Burt Webber's discovery of a workable shipwreck dating from the 1700s located in the waters generally between Puerto Plata and Samana Bay," says MEXP Founder, Paul Enright. Investors are encouraged to visit www.mexp.biz for up to the minute information.
About Marine Exploration, Inc.
Marine Exploration, Inc. is currently pursuing two primary projects north of the Dominican Republic for which an exclusive host country treasure-salvage contract is in place.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.
Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Contact:
Investor Relations:
Cindy Baca
Marine Exploration, Inc.
720-381-1146
[email protected]

Media Inquires:
Jerry Jennings
Emerson Gerard Associates
561-881-7318
[email protected]

 

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[mad4wrecks]

more proof that you can't find shipwrecks sitting at the dock!

 

[diverlynn]

dl

 

[Dinkydick]

Mad4Wrecks -

I concur

Dinkydick

 

[jeff k]

Lynn... As far as I'm concerned, the financing and major dilution listed below is the beginning of the end for this company. 225 million shares at .0002 is outrageous.

ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEE ARRANGEMENT OF A REGISTRANT.
The Company executed a Loan Agreement for up to $700,000 plus interest of 12% per annum payable in monthly payments of $15,571.11 plus the final payment and secured by a ship in refit.


ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES
The Company sold 225,000,000 shares of our common stock to an investor at $.0002 per share, which funds have been received. The sale was exempt from registration under Section 4(6) of the Securities Act of 1933.


ITEM 5.01 CHANGES IN CONTROL OF REGISTRANT
The Company has entered into a Subscription Agreement with West Mountain Asset Management ("West Mountain") whereby West Mountain purchased 225,000,000 shares of our common stock for $50,000. West Mountain thereby became owner of approximately 62% of the outstanding common stock of the Company.

 

[old man]

Jeff K, You might also want to do some due diligence on the owners of the company. You would be amzed at what you can find. ( and no I won't buy any of this stock)

 

[jeff k]

Ed... I saw some of their history posted on iHub. I use to follow some other OTC-BB companies that used this type of financing, and their stock is now selling for .0002.

 

[old man]

Jeff K., It does not surprise me one bit that the stock is down to .0002. I think the next announcement will be for a reverse split on the stock so that they can dump some more. I know from personal experience that Paul Enright does not keep his word on business deals. He and the guy running his shipwreck projects owe me over $50K.

I also don't take much stock in a press release that says "we can report the discovery of a workable shipwreck from the 1700's". What is a "workable shipwreck" ? That sounds like double talk. Now if they would have reported finding a treasure wreck or treasure on their "workable wreck", then I might sit up and take notice.

 

[diverlynn]

No matter what industry, things are shaky everywhere.

How long has Burt Webber been working under Hispaniola Ventures, LLC?
He's done quite a lot over the last 30 years. I would have loved doing this 30 years ago. I doubt it will ever come remotely close to those days for TH's.

DL

 

[old man]

DiverLyn,

While I think that Treasure hunting in the old days may have been better because it was virgin territory, I think that there are some great discoveries yet to come and I think we will see more discoveries in the future then we have seen in the past. I beleive one reason will be technology.

I also agree with you that Burt Webber has done a lot over the last 30 years. It used to be in the old west that cattlemen and business was done on a hand shake and someone's word. People used to get shot back then for not keeping their word. Too bad some business people today can't keep their word. It just so happens that This Company is one of them. I also know of 3 other people that this company owed money to that were told to go pound sand as far as getting their money back or the stock that was owed to them. 2 of those people post on this board. The 3rd person with all the dirt on certain people threatened to sue this company and go to government officals. She finally got all their money back for them.

The moral of my story is this, I think you should all do your DD on this company.

 

[mariner]

old man,

You should put a lien on their ship. Most effective way of getting their attention.

Mariner