ATLANTA, Feb. 19, 2009 (GLOBE NEWSWIRE) -- Legal Access Technologies, Inc. (Pink Sheets:LGAL), d/b/a UnderSea Recovery Corporation ("Company"), www.UNSR.com, announced today that it has entered into an agreement with Admiralty Holding Company (Pink Sheets:ADMH) ("Admiralty"), whereby it has licensed from Admiralty in perpetuity the exclusive worldwide rights to use the ATLIS Technology, including the associated patent rights, in its historic shipwreck search and recovery operations. The Company plans to improve the basic ATLIS Technology and incorporate the enhanced technology in filed units to be used in operations this year. The license requires the Company to pay a 10% royalty to Admiralty from net profits generated from projects in which the ATLIS Technology is utilized.
The Company has identified potential projects worldwide and continues to review, update and supplement its project research, as well as continuing its development of its proprietary deep-water location and recovery technologies, including a 3-D high resolution sub-bottom imaging SONAR and a system of rapidly-reconfigurable polymorphic remotely operated devices.
Herbert Leeming, CEO of both companies, stated: "We believe that this exclusive license of the ATLIS Technology will enable the Company to become preeminent in the shallow water historic shipwreck recovery industry. Because we believe in the value of the ATLIS Technology, we have agreed to a royalty interest which our research indicates is more than twice the standard amount in comparable technology licensing arrangements. It is also worth noting that, in these difficult economic times, when most stock and commodity markets around the world have been decimated in value, gold and other precious metals and rare antiquities have more than held their own, a trend which we see as continuing and even accelerating in the coming months and years. This trend should serve both companies very well, given the nature of the business."
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.