RMS Titanic wants interim salvage award
Atlanta Business Chronicle
RMS Titanic Inc. has filed with the U.S. District Court for the Eastern District of Virginia for an interim salvage award for its salvor's work performed from 1993 through 2000.
"The process to determine what award should be granted the company for its efforts undertaken in the salvage of artifacts from the Titanic will be decided by the district court," said Arnie Geller, president of the Atlanta-based company. "An interim salvage award will compensate the company, and thereby benefit its shareholders, for the considerable expense and effort undertaken under unique and hazardous conditions to salvage the Titanic wreck site over the last 17 years."
RMS Titanic Inc. (OTC BB: SOST) is the only company permitted by law to recover objects from the wreck of the Titanic. The company was granted salvor-in-possession rights to the wreck of the Titanic by a U.S. federal court in 1994. The company has conducted six research and recovery expeditions to the Titanic wreck site and recovered approximately 6,000 artifacts. The company is obligated to maintain its salvor-in-possession status by making periodic expeditions to the wreck site.
The company also exhibits the artifacts recovered from the Titanic wreck site. Until recently, the company had licensed the rights to tour the artifacts to Clear Channel Communications Inc.'s (NYSE: CCU) exhibition division. On April 25, 2004, the company will end its license with Clear Channel, and will directly manage the ongoing worldwide tour of the Titanic artifact collection.
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