New Management at RMS Titanic, Inc.
NEW YORK, Nov. 29 /PRNewswire/ -- RMS Titanic, Inc. (OTC Bulletin Board: SOST) announced today that four members of the Company's Board of Directors have been removed pursuant to written consents representing a majority of the outstanding shares of the Company's common stock, effective November 26, 1999.
George H. Tulloch, Allan H. Carlin, Kurt Hothorn and Paul-Henri Nargeolet have been removed from the company's Board of Directors, leaving Mr. Arnie Geller and Mr. G. Michael Harris as the Board's remaining directors. Messrs. Tulloch and Carlin have also been dismissed as officers of the Company.
Mr. Geller has been appointed President and Mr. Harris as Executive Vice President and Chief Operating Officer.
Mr. Harris stated, "The time has come to take Titanic to the next level and I am very excited at the opportunities that lie ahead for the Company."
Mr. Geller remarked that his primary goal was to effectively maximize shareholder value.
RMS Titanic, Inc. was granted salvor-in-possession rights to the wreck of the Titanic by a United States Federal Court order in 1994, reconfirmed again in 1996. The court award includes the exclusive rights to own objects recovered from the Titanic wreck site. The United States Federal Court recognized that RMS Titanic, Inc. has taken responsibility for the historical preservation of the Titanic wreck through its conservation of recovered artifacts and its commitment to keep the artifacts together as a collection for public exhibition, without sale to private collectors.
In addition to historical information contained in this press release, certain matters discussed above are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company "believes," "anticipates," "expects," or words of familiar import. Similarly, statements that describe the Company's future plans, objectives or goals are also forward-looking statements. All of these forward-looking statements are subject to certain risks and uncertainties which may cause actual results to differ materially from those currently anticipated, including, but not limited to, variable economic conditions and consumer tastes, and possible difficulties and delays in commercialization of the Company's audio-visual library. Important facts that could cause results to differ materially are described in the Company's reports on Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
SOURCE: RMS Titanic, Inc.
CONTACT: Joele Frank of Abernathy MacGregor Frank, 212-371-5999, for RMS Titanic
source: siliconinvestor.com |
