ATLANTA, May 20, 2010 (GLOBE NEWSWIRE) -- UnderSea Recovery Corporation ("UNSR") (formerly Legal Access Technologies, Inc.) (Pink Sheets:LGAL) announced today that a delay has occurred in the funding scheduled to have taken place on Friday, May 21, 2010 with Global Sales Corporation (Global), based in Mexico City, Mexico. Please refer to the press release issued on May 6, 2010.
This occurrence resulted when the Frost Bank (depository bank for the investors' funding) in San Antonio, Texas, where the funding will take place, found it had a conflict of dates. Frost Bank, this Tuesday, sent Global a notice relating to this situation and suggested an alternate date for the funding to commence on May 28th. However, Herbert Leeming, CEO of UNSR, had a previous long-standing commitment that could not be changed. Therefore, he asked for the earliest mutually acceptable date and June 4th was the alternate date that was chosen by all parties.
UnderSea Recovery wants to emphasize that this change is solely due to the conflict of dates by the bank and by Herbert Leeming, and has in no way been caused by Global Sales Corporation. Herbert Leeming and the senior Global principal are to be present on June 4th to sign requisite documents to start the funding.
About the Company
The Company is engaged in the business of locating and recovering historical shipwrecks, primarily those from the 15th through 19th centuries, and other cultural resources (artifacts and other objects of historical and archaeological interest) from the world's oceans and large lakes by applying advanced technologies in an environmentally responsible manner.
Forward-Looking Statements Caution:
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.