Seafarer Loses Juno Beach Wreck Site

[Reef Dawg]

At 3:45PM this afternoon, May 26th, 2010, Judd Laird, President of Tulco Resources in Jupiter, Florida announced, he would not sign the agreement for the 2010 Treasure Hunting season with Seafarer Exploration, Corp. for his Juno Beach Wreck Site. Citing poor past contractual performances by Seafarer and significant monies owed to his company that remain unpaid, Tulco Resources', Mr. Laird declined to accept any offering by Seafarer Exploration, Corp.

"These guys (Seafarer) just don't get it. It's my site, not theirs, and what they have done is wrong and I don't know that I can forget that." This was a quote by Mr. Laird on May 24th, 2010 relating to the stalled settlement talks with Seafarer Exploration, Corp. being mediated and moderated by Mr. Sean Murphy, former Director of Operations for Seafarer and acting consultant to involved Seafarer investors.

[aquanut]

What do you suppose will happen next? Is Judd Laird looking to other salvors?
Aquanut

[Reef Dawg]

To be honest with you Aquanut, I'm just not sure. Jud is very upset by this whole episode and hasn't indicated to me what direction he may take next with his wreck site. This of course doesn't speak to the ton of money he is still owed by Seafarer and has yet to collect. It may mean yet another course of litigation against Seafarer. Who knows. That is his decision alone to make.

I do know this, I have the highest respect for Jud Laird and consider him a dear friend.

[brethren of the coast]

At 3:45PM this afternoon, May 26th, 2010, Judd Laird, President of Tulco Resources in Jupiter, Florida announced, he would not sign the agreement for the 2010 Treasure Hunting season with Seafarer Exploration, Corp. for his Juno Beach Wreck Site.

[psdiver]

Seafarer Exploration Corp. Announces Material Definitive Agreement

Date : 06/09/2010 @ 10:40AM
Source : Business Wire

Seafarer Exploration Corp. Announces Material Definitive Agreement

Seafarer Exploration Corp. (OTCBB: SFRX) announced today a signed Agreement between Seafarer Exploration, Corp. (“Seafarer”) and Tulco Resources, Ltd (“Tulco”). The Agreement grants Seafarer the exclusive rights to explore, locate, identify, and salvage a possible shipwreck within the territorial limits of the State of Florida. The Agreement is for a term of three (3) years, which may be renewed for an additional three (3) years upon expiration of the initial term. The Agreement includes terms of any divisions with the State of Florida, Department of State, Division of Historical Resources (FLDHR) and Tulco and Seafarer including conservation cost. Seafarer and Tulco are still being reviewed by the FLDHR and cannot conduct artifact recovery operations at the Juno Beach Wreck site unless approved. An 8-K has been filed to reflect more detail concerning this release.

Disclaimer:

The press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking terminology such as “may”, “expects”, “believes”, “anticipates”, “intends”, “projects” or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectations and actual results may vary (perhaps materially) from certain of the results anticipated herein.

[aquanut]

Sounds like they worked it out.

[Reef Dawg]

Yes. I talked to Jud yesterday and he was paid what he was owed to date. So, I'm happy for Mr. Laird. He really is a genuinely nice guy.

[jeff k]

Has a salvage permit on this site been issued by Florida?

[psdiver]

I found this statement on another site.

"Tulco Resources, Inc. is owned by Jud Laird of Jupiter, Florida. He has maintained and currently holds the Federal Admiralty Claim on the Juno Beach wreck site."

Can anyone verify this?

[mad4wrecks]

Yes. This is true.

[Reef Dawg]

Ditto what Tom said. Jud has had the claim since the 80's and his company Tulco Resources was responsible for the CVM Survey that was done on it in 2004 which to date, is the most comprehensive look at the site.

[Capt Rodney]

Jeez I'am glad to finally figure out who I really work for now .What a way to find out.I guess that I shouldn't be so sinicale who knows who I might have to work for next.If I can even get a job after this.Well I should hope that this is it as far as working is concerned I'll just find a pile get my cut and then retire.Yeah that's it right.I might as well hope big right that's the way it's supposed to be if I got this figured out right but who knows I've been wrong before.Capt Rodney

[itmaiden]

Here is more on this subject:

http://investorshub.advfn.com/boards...?board_id=5020

http://www.faqs.org/sec-filings/1006...TION-CORP_8-K/

itmaiden

I found this statement on another site.

"Tulco Resources, Inc. is owned by Jud Laird of Jupiter, Florida. He has maintained and currently holds the Federal Admiralty Claim on the Juno Beach wreck site."

Can anyone verify this?

[REALESALVAGE]

Thank you for the information, as I understand it the Contract is good and signed as of 6/11/10 and valid for the term of three years... Good info... stock is up 24%

[Macd2187]

Wow i can't believe Jud signed another 3 year contract with seafarer.Has seafarer even acquired a boat than can blow a hole or doesn't nearly capsize in a 1-2 ft sea?

[capt dom]

W.O.W.!

[truckinbutch]

Could i interpret this to mean "Grab your hip pockets with both hands and run from this as fast as you can !"?

[Trez]

Always love waking up with a fresh and some great investing news.


http://www.marketwatch.com/investing/stock/SFRX/profile

Trez

[capt dom]

Have you ever heard about the administrators that were talking amongst
themselves pondering the question, "How can we make a million dollars
in the treasure hunting business?".....

And one of them said... "Let's start a public company and raise 10 million! in cash - first"

How can anyone read this post and not see what has been going on with these
folks - from the beginning!