ENDURANCE EXPLORATION GROUP, INC. (OTCMKTS:EXPL) Files An 8-K Other Events
Item 8.01 Other Events
Effective January 9, 2017, Endurance Exploration Group, Inc.
(EXPL) through a newly formed, wholly owned subsidiary, EXPL
Great White, LLC, has entered into a joint-venture agreement
(Agreement)) with Deep Blue Exploration, LLC, dba Marex (Marex),
a company controlled by veteran salvor, Hebert (Herbo) Humphreys.
to the Agreement, Marex has agreed to contribute to the joint
venture certain shipwreck research files, sonar and other subsea
survey data, navigational data, artifacts, and assistance
relating to a number of shipwreck and suspected shipwreck targets
located in international waters off the Southeast coast of the
United States. EXPL has agreed to further survey and inspect the
shipwreck and suspected shipwreck targets, and if deemed
appropriate, take actions necessary to salvage the shipwreck
targets.
The economic terms of the Agreement call for EXPL to provide the
funding for the further inspection, salvage and operations of the
joint venture. Any revenues from the JV will be split 90% first
to EXPL and 10% to Marex until EXPL receives 2 times its costs
and investments returned, and then a 50% split to both EXPL and
Marex respectively.
The joint venture is expected to terminate in two years, unless
extended by mutual agreement between the parties.
EXPL CEO, Micah J. Eldred, commented, we are pleased to enter
into this joint venture with Herbo Humphreys and his affiliated
company, Marex. We look forward to further exploring the
shipwreck and possible shipwreck targets already identified by
Marex. We believe this joint venture will likely expand our
portfolio of economically viable shipwreck salvage projects and
we are enthusiastic about the joint ventures potential for 2017
and 2018.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
|
Number |
Description |
99.1
Redacted Joint Venture Agreement
The Company will request confidential treatment for portions of
this agreement. Accordingly, certain portions of this agreement
have been omitted in the version filed with this report and such
confidential portions have been filed with the Securities and
Exchange Commission.
About ENDURANCE EXPLORATION GROUP, INC. (OTCMKTS:EXPL)
Endurance Exploration Group, Inc., through its subsidiary, Endurance Exploration Group LLC (Endurance LLC), is engaged in the archaeologically sensitive exploration and recovery of deep-ocean shipwrecks throughout the world. The Company focuses on recovering bullion precious metals, numismatic-grade coinage, non-ferrous metals and other cargos from both historic and modern shipwrecks. Its ongoing projects include Project Connaught and Project Black Marlin. For project Connaught, the Company has surveyed over 700 square miles in the Western Atlantic Ocean in search of this sunken passenger liner carrying a substantial cargo of gold coinage. Endurance LLC entered into a contract with the sovereign government of an island nation in the Indian Ocean. The contract provides it with a three-year period to operate within the territorial waters of the nation with permission to survey for the location and recover the Black Marlin and her silver cargo. It has not generated any revenues. ENDURANCE EXPLORATION GROUP, INC. (OTCMKTS:EXPL) Recent Trading Information
ENDURANCE EXPLORATION GROUP, INC. (OTCMKTS:EXPL) closed its last trading session 00.000 at 0.254 with 300 shares trading hands.
