Sovereign Exploration Associates International, Inc. Appoints Two New Directors
Wednesday December 21, 9:43 am ET
NEWTOWN, Pa.--(BUSINESS WIRE)--Dec. 21, 2005--Sovereign Exploration Associates International, Inc. (OTCBB: SVXP - News) announces the appointment of two new directors to its five member board. Mr. Curtis Sprouse, who will continue in his capacity as COO, Mr. David Bryant, and Mr. Kevin Smith are stepping down to make their positions available to Mr. Donald Conrad, Mr. Peter Knollenberg, and a fifth Board Member to be added in the near future. Mr. Knollenberg will serve as SVXP Chairman of the Board.
Mr. Conrad spent 13 years with Exxon Mobile Corporation, mostly as chief financial officer for Esso Europe in London. He also spent 18 years with Aetna Inc., the Hartford, CT.-based insurance firm, as chief investment officer. In 1988, he left Aetna to become CEO and half-owner of the National Hockey League's Hartford Whalers Hockey Club. From 1995 to 2002 he was senior advisor to the president of the World Bank in Washington, D.C. Mr. Conrad is currently a board member of the Chevy Chase Bank in Washington, D.C. CEO Robert Baca said "SVXP will greatly benefit from Mr. Conrad's extensive financial expertise and his international experience working with high government levels which will help SVXP with its international projects and expanding corporate goals".
Mr. Knollenberg is President of Sea Hunt, Inc. and one of the founders of SVXP. Sea Hunt assigned all of its shipwreck rights, contracts and permits to a wholly owned subsidiary called Sea Research, Inc. which was contributed to SVXP. "Mr. Knollenberg has first hand knowledge of the issues involving sovereign ownership rights to ship wrecks, and he negotiated one of the first contracts between a private sector company and a government to recover lost patrimonial artifacts for Spain. As Chairman of SVXP, Mr. Knollenberg will provide strong Board of Director support for management's position that marine recovery and conservation should be professionally undertaken using the best technology and methods available to protect maritime heritage." said Baca. Mr. Knollenberg and Mr. Conrad join Mr. Baca and Mr. Kevin Conner as members of the SVXP Board.
Additional information regarding SVXP and its projects is available at www.sea-int.com
About Sovereign Exploration Associates International, Inc.
Sovereign Exploration Associates International, Inc. (OTCBB:SVXP - News) is a Business Development Company under the Investment Company Act of 1940 undertaking shipwreck exploration and recovery initiatives. Pursuant to Section 13 or 15(d) of the Security Exchange Act of 1934, SVXP has filed Form 8-K.
SAFE HARBOR
The statements made in this release constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, the failure of the ships to contain cargo of historic, archeological or intrinsic value, changing economic conditions, interest rates trends, continued acceptance of the Company's products in the marketplace, competitive factors and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
Contact:
Sovereign Exploration Associates International Inc.
Curtis R. Sprouse, 781-246-7512
Fax: 781-245-7774 |
