Tecton Acquires Endurance Exploration
Tecton Corporation (TTNC) has acquired Endurance Exploration Group, LLC, a development stage company that specializes in subsea shipwreck research, search and survey, inspection and recovery projects, in a share exchange agreement.
Established in 2009, Endurance has evaluated over 125,000 shipwreck database entries and other sources to develop a "High Interest" list of approximately 400 shipwrecks and a "Target List" consisting of about two-dozen potential shipwreck projects; and, two of these "Target List" shipwrecks have moved into operational phases, i.e. "Operational List".
In 2011, Endurance began to purchase key mid-to-deep-water (500-2,000 meter) survey and recovery equipment, including a 100' survey vessel, side-scan sonar equipment and a light work-class Remotely Operated Vehicle ("ROV"); and began to develop a multi-year plan to conduct search and survey operations for some of the "Target List" shipwreck projects.
Relying on its proprietary research and subsequent survey planning, in mid-2013, Endurance began side-scan sonar search operations for its first project, "Sailfish," a mid-19th century passenger liner sunk off the coast of New England carrying a gold shipment, and, Endurance believes, highly likely, other passenger valuables. During the course of "Sailfish" operations to date, Endurance has mapped and imaged, with side-scan sonar, approximately 700 square miles of ocean bottom searching for "Sailfish". Search operations are expected to continue during the summer 2014 season.
In late 2013, Endurance secured a three-year governmental contract from an East African nation granting Endurance Exploration Group permission to search for and recover the "Black Marlin", a 17th century colonial-era trading vessel lost in the territorial waters of an island nation located in the Indian Ocean. Based upon Endurance research and evaluation of the available historical record, Endurance believes "Black Marlin" was carrying a sizable cargo of silver coinage and bullion for trade in the Far East. The governmental contract also grants Endurance rights to search for and recover secondary shipwreck targets in this country's territorial waters, and Endurance has begun research on two potential secondary targets, "Wahoo" and "Dolphin."
The company's CEO, Micah J. Eldred commented, "Establishing Endurance as a publicly traded company sets the foundation for the next phase in this company's life. The public quotation will provide the company with more financing options in the future that can support the company's movement into deeper water, more complex, and more potentially rewarding salvage projects."
