Thursday March 26, 8:31 am Eastern Time
Company Press Release
Seahawk Sells Artifacts for $2.4 Million
TAMPA, Fla.--(BUSINESS WIRE)--March 26, 1998--Seahawk Deep Ocean Technology Inc. (OTC BB:SDOT - news), the
Tampa-based oceanographic company that specializes in the search and recovery of deep water shipwrecks, announced Thursday
the sale of more than 20,000 artifacts to Treasure and Exhibits International Inc. (TEI) (formerly known as Vanderbilt Square
Corp.) (OTC BB:VNSR - news) for a total consideration valued at $2,432,500.
TEI is paying $817,500 in cash and issuing 9.5 million shares of its restricted common stock valued at $1,615,000. Under the terms
of the sale Agreement the shares will be registered within one year or Seahawk has a put option to sell them to TEI at 50% of
their value at issue; and at their fully issued value after 2 years. TEI has an option to re-purchase up to 8 million shares of the
stock within 45 days of the artifact sale at a price of $0.135 per share ($1.08 million) or within 90 days at $0.15 per share ($1.2
million). TEI has also confirmed that it is to purchase Michael's International Treasure Jewelry Inc., the Florida based specialist
treasure artifact and jewelry group that has been leasing the artifacts since October of last year.
The majority of the artifacts, including unique gold bars, jewelry, mariner's astrolabes and a large collection of pottery and
ceramics, came from Seahawk's deep water excavation on behalf of the Limited Partnership, Seahawk I, Ltd., which took place
near the Dry Tortugas during 1991. The entire collection is now on display at the museum in Key West belonging to Michael's
International.
John Balch, Seahawk's chief operating officer said: ''This is a great deal for Seahawk. Virtually all of the company's medium and
long-term debt has been eliminated. The strategy of keeping the collection together has paid off with a planned distribution to our
partners in Seahawk I and the creation of a new strategic relationship with TEI as a customer for future shipwreck artifacts.''
''TEI is delighted to have secured these magnificent artifact treasures from Seahawk,'' commented Larry Schwartz, president of
TEI. ''Our next move will be to purchase Michael's. We will continue to buy unique shipwreck artifacts in line with TEI's strategy
to become the world's leading retailer of quality treasure jewelry.''
Seahawk has searched for and found a number of shipwrecks since it was formed in 1989. The company is currently involved in a
variety of shipwreck projects around the world from the eastern seaboard of the United States, to the Caribbean and in South
America. |
