ATLANTA, May 6, 2010 (GLOBE NEWSWIRE) -- UnderSea Recovery Corporation ("UNSR") (formerly Legal Access Technologies, Inc.) (Pink Sheets:LGAL) announced today that Global Sales Corporation ("Global"), based in Mexico City, Mexico, has formally requested, pursuant to the written agreements between UNSR and Global entered into November 5, 2009 and March 3, 2010, that UNSR's CEO and legal counsel meet with its principals in San Antonio, Texas at 11:00 Central Time on Friday, May 21, 2010 to execute banking documents at Frost Bank required to access the $1,500,000 in escrowed investment funds.
At Global's request the $1,500,000 will be released from escrow in three tranches, with the first tranche of $500,000 to be released from the account at Frost Bank on May 21, 2010. The remaining $1,000,000 of investment funds is to be released to UNSR in two $500,000 tranches, the first on June 11, 2010 and the second on July 2, 2010.
In making this announcement, Herbert Leeming, UNSR's CEO, stated: "I have known the senior principal of Global for more than twelve years and have a great deal of trust and confidence in him, as well as the other individuals associated with Global. However, bearing in mind what delays can cost a company, we are preparing, if necessary, to secure alternative financings from three investment funds, two of whom have provided funding before to UNSR on more than one occasion. These fundings will allow UNSR to move forward with the implementation of our business plan."
We are also meeting next week with our accountants to proceed with the preparation and public release of current financial statements and our attorneys to proceed with the preparation of the legal opinions and filing documents necessary to upgrade UNSR's reporting status on the Pink Sheets (and, ultimately, to return to being a current reporting company with the SEC).
Additional details on the financing and other matters will be provided as they become available, UNSR commits to keep its stockholders and all other interested parties informed of important events in the future life of the company in periodic press releases.
About the Company
The Company is engaged in the business of locating and recovering historical shipwrecks, primarily those from the 15th through 19th centuries, and other cultural resources (artifacts and other objects of historical and archaeological interest) from the world's oceans and large lakes by applying advanced technologies in an environmentally responsible manner.
Forward-Looking Statements Caution:
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.