NEW YORK, Dec. 17 /PRNewswire-FirstCall/ -- Organetix Inc. has today announced the execution of a Memorandum of Understanding ("MOU") to acquire St. Petersburg, Florida based Seafarer Exploration, Inc. ("Seafarer"). Under terms of the MOU, Organetix and Seafarer plan to proceed towards a share exchange agreement, in which shares of privately held Seafarer will be exchanged at a certain ratio for shares of publicly traded Organetix. The final terms of this proposed transaction shall be disclosed to shareholders when the Companies progress to a definitive share exchange agreement.
Seafarer Exploration, Inc. is engaged in the exploration and salvaging of a potentially high value shipwreck off the Eastern coast of Florida. The target is in an area with close proximity to Florida's historic Treasure Coast. A well known fact was that during the latter decades of the 16th Century (the reign of King Phillip II), the Spanish government commissioned numerous "Galleon" vessels to cross the Atlantic and load up with treasure secured from staked territories in the New World (i.e. modern day Peru, Brazil, Venezuela, Mexico, Guatemala, and the Caribbean). Historical records have revealed that from the period of 1560 to 1598, six very large Spanish Galleon vessels sunk off the Eastern coast of Florida, each potentially carrying significant quantities of gold, silver, coins, and jewels. It is estimated that any one of these large Spanish vessels could contain hundreds of millions of dollars worth of valuable cargo.
Seafarer ("The Company") has identified a specific virgin shipwreck of interest, less than three miles off the coast of Jupiter, Florida. This particular shipwreck is located in shallow Floridian waters and has yielded numerous artifacts that help determine its origin, chronology, and function.
In addition, the Company has utilized state of the art technology known as Cesium Vapor Magnetometer ("CVM") to map the site of the abovementioned shipwreck. As a result, the Company has compiled a comprehensive map that reveals the exact locations of ferrous metals; this should help the divers navigate the site more effectively. In total, more than $1 million has been spent mapping the shipwreck and surrounding area (utilizing the CVM technology).
Commenting of the executed MOU, Organetix Chief Executive Seth M. Shaw stated, "The opportunity to acquire Seafarer provides shareholders with an interesting and potentially lucrative business model. There has been extensive due diligence conducted thus far by management and it appears that Seafarer has discovered a potentially significant site. Both the historical records from 16th century Spain and CVM technology were of essential importance in our decision to proceed with this proposed transaction."
Seafarer Exploration, Inc. is engaged in the exploration and salvaging of a potentially high value shipwreck off the Eastern coast of Florida. The target is in an area with close proximity to Florida's historic Treasure Coast. A well known fact was that during the latter decades of the 16th Century (the reign of King Phillip II), the Spanish government commissioned numerous "Galleon" vessels to cross the Atlantic and load up with treasure secured from staked territories in the New World (i.e. modern day Peru, Brazil, Venezuela, Mexico, Guatemala, and the Caribbean). Historical records have revealed that from the period of 1560 to 1598, six very large Spanish Galleon vessels sunk off the Eastern coast of Florida, each potentially carrying significant quantities of gold, silver, coins, and jewels. It is estimated that any one of these large Spanish vessels could contain hundreds of millions of dollars worth of valuable cargo.
Seafarer ("The Company") has identified a specific virgin shipwreck of interest, less than three miles off the coast of Jupiter, Florida. This particular shipwreck is located in shallow Floridian waters and has yielded numerous artifacts that help determine its origin, chronology, and function.
In addition, the Company has utilized state of the art technology known as Cesium Vapor Magnetometer ("CVM") to map the site of the abovementioned shipwreck. As a result, the Company has compiled a comprehensive map that reveals the exact locations of ferrous metals; this should help the divers navigate the site more effectively. In total, more than $1 million has been spent mapping the shipwreck and surrounding area (utilizing the CVM technology).
Commenting of the executed MOU, Organetix Chief Executive Seth M. Shaw stated, "The opportunity to acquire Seafarer provides shareholders with an interesting and potentially lucrative business model. There has been extensive due diligence conducted thus far by management and it appears that Seafarer has discovered a potentially significant site. Both the historical records from 16th century Spain and CVM technology were of essential importance in our decision to proceed with this proposed transaction."
