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Treasure & Shipwreck Recovery to acquire new target coordinates off Florida

Nov 26, 2019 08:44 AM

(ST. PETERSBURG, Fla.) — Treasure & Shipwreck Recovery Inc. (TSR) has entered into a purchase agreement to acquire the data and coordinates from shipwreck scans and technical mapping covering up to 60-mile-long areas off the east coast of Florida. This information will be used by crews in the immediate future for exploration and expected shipwreck recoveries.

The scans and data represent years and thousands of hours worth of work off Florida’s coast in an area where there are hundreds of known wrecks, many being historical and unexplored, with pinpoint data for locations of numerous identified and many unidentified wrecks and artifacts. The scans represent years of data from magnetometer and other scanning technologies down to the exact coordinates and categories of wreck quantities – some identified and many to be identified. Most importantly, such areas are outside the state waters of Florida and, thus, are open to federal law and admiralty claims to be filed for shipwrecks found and to be claimed by TSR.

“These coordinates and the research behind them represent a major coup for TSR, since they include years of scans done with great research and exploration and ready-to-dive-and-recover targets that we have acquired down to the pinpoint locations, even including documented evidence of what exists,” said Craig Huffman, acting CEO of TSR. “Together with new partners who will operate our main vessel as well as use partner vessels, we will be able to immediately exploit some of these locations, which hold known artifacts that can be immediately recovered and held as assets of TSR.”

The acquisition of such data is in keeping with TSR’s business plan, which is to use the work of others rather than relying upon raw searches of unknown or only suspected areas. While the identity of TSR’s data acquisition partner is confidential, the partner’s work in the field over the 60 or so miles in length off the east coast of central Florida represents thousands of targets, many of which add up to identified shipwreck areas and trails that can lead to large finds of valuable artifacts. TSR is currently partnering with operational entities that will take on much of the costs of such exploration while using ship and technical resources available from TSR, as needed – all in cost and expense savings to the Company.

TSR will keep shareholders and the public advised as work progresses in such areas, together with introduction of operational plans and partnerships.

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