Business
UNDERSEA RECOVERY CORPORATION (OTC PINK: UNDR) UPGRADES TO “OTC PINK CURRENT INFORMATION” STATUS
UNDERSEA RECOVERY CORPORATION (OTC PINK: UNDR) UPGRADES TO “OTC PINK CURRENT INFORMATION” STATUS.
About this update from Undersea Recovery Corp
[{"type":"text","content":"ATLANTA,GA, February 8, 2011 (OTCDisclosure & News Service) -- UnderSea Recovery Corporation(\"UnderSea\") (Pink Sheets: UNDR)is pleased to announce that its reporting status has been upgraded to “CurrentInformation” on the OTC Pink Market, the highest level of the OTC Pink Market.The change will be reflected on February 9, 2011.Asa result, the Stop Sign and “No Information” caveats from our trading symbol willbe removed and replaced with the “Current Information” designation and symbol.UnderSeawas able to achieve this upgrade by posting a detailed disclosure document (ourInitial Information and Disclosure Statement), together with financialstatements for the past three years and an Attorney Letter with respect to AdequateCurrent Information, on the OTC Disclosure and News Service in compliance withthe OTC Markets Group’s rigorous “Guidelines for Publishing Adequate CurrentInformation.”Oneindication of the trading benefits and market value associated with an upgradeis documented in a comparison of “Current Information” companies with “NoInformation” companies, in terms of annual trading volume. Last year, theaverage trading volume for a “Current Information” security was 73 timesgreater than the average volume for a “No Information” security ($45,000,000 ascompared with $617,000). Inmaking this announcement, Herbert C. Leeming, UnderSea’s CEO, stated: \"Weare delighted with our upgraded reporting status and the greater transparency whichresult from this achievement. We are confident that our new status will enhanceinvestor confidence in UnderSea and enable us to more readily access sources ofcapital and expand our stockholder base. We also plan to move forward withregistering with the SEC later this year.” About the Company UnderSeais engaged in the business of locating and recovering historical shipwrecks,primarily those from the 15th through 19th centuries, andother cultural resources (artifacts and other objects of historical andarchaeological interest) from the world's oceans and large lakes by applyingadvanced technologies in an environmentally and ecologically responsiblemanner. Forward-LookingStatements Caution:Thisrelease includes forward-looking statements, which are based on ce...