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Global Marine Ltd. released the following item:
New Press Releases
Charleston, SC Jun 17, 2005 CHARLESTON, S.C., June 9, 2005 (PrimeZone) — Global Marine Ltd. (OTC: PK – GLBM)
Global Marine announced today that the Company would proceed with its shipwreck recovery operation in the North Sea. This, after a year of waiting for the appropriate ‘weather window’ to resume operations. This location offers the Company the ability to move its resources from one location to another if there is inclement weather over one site. Thus allowing GLBM a yearlong rotation of recovery operations.
Exploratory work carried out indicates the cargo included porcelain dolls, figurines and ornaments; other items of Meissen and Kister porcelain, ornamental glassware, wines and other goods that are still intact include musical instruments. These porcelain Dolls remain one of the top 10 collectible items throughout the world today.
The Porcelain samples, which have been raised, have received expert pricing evaluations and from this data the porcelain alone may be sold between $10,000,000 to $12,000,000 making this recovery a profitable venture for the Company.
These values are based on auction expectations with dealers being the main bidders and without any benefit of the story surrounding this wreck, which should help to raise the values. The vessel sailed from Bremen in Germany. This city was bombed extensively during World War II and consequently there are neither records nor remaining moulds which should enhance revenue projections.
The intriguing story of the sinking of this ship will carry worldwide interest and maximise direct sales in Germany and the USA assisted by TV documentary and coordinated media coverage. Specifically, the world renown of Meissen porcelain, manufactured in Germany, which accounts for much of the cargo, will attract significant interest in the collector market, as well as Kister porcelain.
The 1875 steel hull wreck is located in the North Sea in International Waters, would take approximately twenty working days.”