Salvage Ship Ready to Commence Operations
Jefferson, TX. , May 24, 2018 (GLOBE NEWSWIRE) -- Innocap, Inc. (OTCQB: INNO) In November 2017, Innocap entered into an agreement with Solar Resources Inc. (“Solar”), a company in Singapore, to assist Solar to recover large shipments of tin from two sunken ships that are believed to be in the waters between Singapore, Indonesia and Malaysia. Innocap and Solar have completed the planning needed to undertake the recovery efforts. The ship that is being used in these recovery efforts is commencing the first of the two salvage projects is being scheduled for this coming week. The ship is fully equipped with all the tools and equipment necessary for a recovery effort of this type and has an experienced crew.
The first salvage project is believed, based on available information, to contain up to 300 tons of tin with an estimated market value of approximately $6,000,000. Innocap is entitled to 40% of the net proceeds of recovered assets. The recovery effort is expected to take up to three weeks to complete. If the tin is found and recovered, it will be brought back to Singapore and sold.
No assurances can be given that the sunken ship will be found and, if found, will have the amount of recoverable tin that the parties to the contract are seeking.
Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company's Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.