Tag Archives: Micah Eldred

Endurance Exploration Appoints Keith Holloway as Vice President of Shareholder Communications

Keith Holloway

Endurance Exploration Group (OTCQB: EXPL) is pleased to announce that it has appointed Keith Holloway as Vice President of Shareholder Communications. As Director of Discount Coupons Corporation (OTC PINK: DCOU) and former executive with Lamar Advertising, Keith brings 20+ years of marketing, advertising and public company experience.

“Keith’s role as Vice President of Shareholder communications becomes important in 2016 and beyond as we expect our operational results to begin to attract the attention of a larger group of public investors. We look forward to Keith’s involvement in serving our company and shareholders,” said Endurance CEO, Micah J. Eldred.

Holloway added, “I am excited to be part of the Endurance team and I look forward to what 2016 and beyond holds for our exploration sites, including the steamship Connaught.”

Endurance Exploration Group, LLC was formed in 2009 to explore, from an operational and financial perspective, the feasibility and potential economic return of recovering historic and modern day shipwreck cargoes. We began by developing a research methodology with three goals. The first goal was to establish a comprehensive understanding of the larger economic, technological and social trends that lead to the transport of physical wealth across oceans during different historical periods, along with creating a “High Interest” list of shipwrecks and their cargoes lost across various historical periods. Conflict, accidents and acts of nature claimed a percentage of all voyages, and many of the shipwrecked vessels are believed to have carried a valuable cargo. Our second objective was to identify, from this prior population of potential shipwreck losses, those shipwrecks that could be legally salvaged and recovered, and the cargoes sold, with a positive return on the capital investment required for their location and recovery. Our third goal was to move those projects which had the potential to generate positive investment returns into an operational phase with a high, risk-adjusted, chance of success; and, to develop a portfolio of projects in various stages of research, search, survey and recovery.

From these databases and other searches, we have developed an initial “High Interest” list of approximately 400 shipwrecks. In 2011, we began purchasing key equipment for operations. Our equipment purchases have included a 100-foot survey vessel, tethered side-scan sonar units, and light work-class and inspection Remotely Operated Vehicles (ROV), “Shackleton 1” and “Squirt”. Projects code-named “Sailfish” and “Black Marlin” have now reached operational or pre-operational status. For project “Sailfish” we have now surveyed over 700 square miles in the Western Atlantic Ocean in search of a sunken passenger liner carrying a substantial cargo of gold coinage. In addition to this manifest cargo, we also expect to find additional valuables among the personal stores of the ship’s passengers. For project “Black Marlin” we have secured a three-year contract with a sovereign island nation in the Indian Ocean for the survey and recovery of a Colonial-era merchant vessel carrying silver. This contract also allows for other potentially valuable “targets of opportunity” within the territorial waters of this nation.

We believe this survey and recovery capability combined with our proprietary research will allow us to conduct approximately two deep-water surveys per yearly weather window, should we have sufficient capital to undertake such operational surveys.

More information about Endurance is available at the follow sites:

http://www.eexpl.com/

http://www.facebook.com/EnduranceExplorationGroup

About the steamship Connaught

Built in Ireland and launched in 1860, the 380-foot iron-hulled side-wheel steamer Connaught was lauded as one of the largest and most luxurious ocean-going liners in service, a true Titanic of her time. Upon sinking on only her second voyage, the Connaught became best known for her tragic role in what has been called one of the most courageous and daring rescues in maritime history.

The elegant Connaught departed Galway, Ireland on September 25, 1860, bound for Boston by way of St. John’s, Newfoundland. She departed for the final leg to Boston with 50 first-class passengers, 417 in steerage and a full crew of 125. In addition, she was quietly loaded with £10,000 in gold coins, possibly bound for a visiting member of the British royal family.

Cautionary Information Regarding Forward-Looking Statements

This Form 8-K and the attached press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “will,” or “plans” to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties including but not limited to legal and operational risks of offshore, historic shipwreck recovery.

Forward-looking statements contained in this Form 8-K and in the attached press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated. The information contained in this release is as of August 24, 2015. Endurance Exploration Group, Inc. assumes no obligation to update forward-looking statements contained in this Form 8-K and attached press release as the result of new information or future events or developments.

Endurance Exploration Group to Present Operational Update

Endurance Exploration Group, Inc. (OTCQB:EXPL) plans to present to its core investor group at the annual Freedom Investors / KDC Financial conference in Milwaukee on Monday, September 21st and Tuesday, September 22 (www.freedominvestorscorp.com) regarding current success and future operations at the site of the shipwreck Connaught, a steamship lost in 1860 with a cargo of gold coins. The updated investor presentation is attached as an exhibit herein. In addition, Endurance has updated their corporate Facebook page (https://www.facebook.com/EnduranceExplorationGroup) with video and still imagery from their recent subsea survey and salvage work of the Connaught wreck site.

To date, Endurance Exploration Group has completed a detailed subsea video and navigational survey of the site, has been granted exclusive salvage rights by the US Federal courts, and has retrieved the first artifacts from the debris field. Before continuing, Endurance must clear a mass of man-made debris and large commercial fishing nets concentrated around the aft section of the wreck site. This debris has hampered operations around the critical aft section of the wreck site where the coins are believed to now lie.

“We knew the wreck had sustained extensive damage from commercial fishing net strikes,” said Endurance CEO Micah Eldred. “But the sheer scale of the problem exceeded the expectations of our entire team. Some of these lost nets measure two, three hundred feet across, complete with heavy rolling weights, floats and high-tensile steel cables. We’ll need to finish the job of clearing these nets before our people and equipment can safely resume recovery work on the site of the Connaught.”

Video survey and mapping efforts undertaken during the last six weeks will significantly aid the removal effort. Endurance intends to utilize a precision grapple system, coupled with subsea navigational systems, designed to remove the nets from the wreck, after which they can be safely disposed, clearing the way for continued salvage and recovery operations.

“These nets are a massive environmental and operational hazard,” said Endurance Research Director Taylor Zajonc. “The largest of the nets extend hundreds of feet above the wreck site and frequently shift position as currents change. Not only do they pose an immense danger to our subsea equipment, they continue to kill fish and other marine life. Removing them will not only make it safe to continue our mission, it will also render the shipwreck a more viable long-term wildlife habitat.”

In partnership with Eclipse Group (http://www.eclipse.us.com/), Endurance is working to build the tools necessary to remove not only any debris not dislodged by the precision grapple system, but also to carefully excavate the significant and heavy iron overburden of the targeted aft area. Endurance partner Eclipse Group is also in the process of developing upgraded subsea “power packs” and interchangeable tooling, allowing Endurance to lift and remove heavy iron plates, beams and any sediment obstructions.

“We intend to return to the wreck site with these new tools as soon as practical,” continued Endurance CEO Micah Eldred. “However, while we are all excited about the near term prospects of the gold coin recovery from Connaught, we must first methodically develop and execute an efficient plan to work around all of the hurdles we have encountered with this wreck site.   Those work-around solutions include: removal of the net obstructions, complete the build of the specialized subsea salvage tools enabling us to remove the heavy iron structures from the aft section of the wreck site, and the sourcing of an appropriately sized DP-class vessel for use in the deployment of the new gear. Given the task list and the short weather window we can work in the North Atlantic, we believe it is unlikely that we will be able to complete salvage operations in calendar 2015, however, we remain committed to the salvage of the Connaught and the recovery of her valuable cargo as soon as possible.”

Eldred further commented, “To understate the obvious, deep-water subsea salvage work is extremely difficult. Our operation should not, and cannot, be compared to one that consists of a few shallow water divers, operating from a small boat, kicking around in the mud. We operate at the other end of the spectrum. Our survey and recovery operations are being conducted on a significant scale with expensive and sophisticated remotely operated equipment at depths beyond the capability of divers, and the operating environment, pressures, and tolerances are constantly challenging the equipment and crew. However, we are fortunate enough to have surrounded ourselves with a solid management and operational team with many years of experience who possess a proven track record of success in this space; and, we are confident in our team’s ability to deal with the obstacles that we encounter in this and any project. We appreciate the long-term nature and support of our core investor group who have also embraced our multi-year, multi-project, strategy of building shareholder value; and, who, in particular, share our belief that rewards often come only after overcoming life’s challenges.”

In addition, Endurance believes the advanced tooling currently under construction will greatly expand their subsea capabilities, enabling the company access to greater numbers and complexity of possible future shipwreck projects. Endurance maintains a research database of over 1000 shipwrecks, and the new tooling being currently built will significantly expand the company’s capabilities for future projects.

Built in Ireland and launched in 1860, the 380-foot iron-hulled side-wheel steamer Connaught was lauded as one of the largest and most luxurious ocean-going liners in service, a true Titanic of her time. Upon sinking on only her second voyage, the Connaught became best known for her role in what has been called one of the most courageous, daring and successful rescues in maritime history. All 591 of the ships passengers were saved by the heroic effort of a tiny fruit transport ship, the Minni Schiffer and her Captain, John Wilson. The Connaught sank on her way from St. John’s, Newfoundland to Boston, Massachusetts with a shipment of £10,000 in gold coin.

Endurance Exploration Team Completes Video Survey, Recovers First Artifacts

Endurance Exploration Group (OTCQB:EXPL) is pleased to announce that it has completed a video survey of the shipwrecked paddle steamer Connaught and retrieved the first artifacts from the surrounding debris field. These artifacts, including bottles and chinaware, are currently undergoing conservation. Initial video footage of the site will be released soon.

Underwater view of shipwreck Connaught debris field

Underwater view of shipwreck Connaught debris field

“This represents the first big step as we begin the careful excavation of the shipwreck Connaught,” said Endurance CEO Micah Eldred. “Artifacts from the debris field are giving us an up-close look into the condition of the ships’ cargo after 155 year of submergence and fishing net strikes. This information is critical to our exploration of the Connaught’s interior as we work to locate her gold cargo.”

2.Endurance Exploration Group and Eclipse Group crewmen investigate a bottle recovered from the wreck of steamship Connaught.

Endurance Exploration Group and Eclipse Group crewmen investigate a bottle recovered from the wreck of steamship Connaught.

Built in Ireland and launched in 1860, the 380-foot iron-hulled side-wheel steamer Connaught was lauded as one of the largest and most luxurious ocean-going liners in service, a true Titanic of her time. Upon sinking on only her second voyage, the Connaught became best known for her role in what has been called one of the most courageous, daring and successful rescues in maritime history. All 591 of the ships passengers were saved by the heroic effort of a tiny fruit transport ship, the Minni Schiffer and her Captain, John Wilson. The Connaught sank on her way from St. John’s, Newfoundland to Boston, Massachusetts with a shipment of £10,000 in gold coin.

1.Chinaware logo of the Atlantic Royal Mail Steam Navigation Company, Ltd., colloquially known to passengers and public as the “Galway Line”

Chinaware logo of the Atlantic Royal Mail Steam Navigation Company, Ltd., colloquially known to passengers and public as the “Galway Line”

As indicated by the high-resolution sonar imagery and video footage from Endurance’s 2014 expedition, the Connaught’s bow is relatively accessible. However, the engine compartment and stern are covered with commercial fishing nets, some of which measure hundreds of feet in length. The impact of these nets has severely damaged the aft section and triggered a number of structural collapses. These nets pose an immediate danger to our underwater robotics system. In response, our research ship has temporarily returned to port to reconfigure our ROV loadout to compensate for this threat. We will redeploy with a custom-made net-removal tool to remediate these environmental and structure hazards.  This operation is of particular importance as we currently believe the gold cargo and other valuables are most likely located in the aft portion of the wreck.

Eclipse Group ROV Pilots

Eclipse Group ROV Pilots

“We’re committed to working the site of the Connaught as long as the season will allow and, if necessary, return in 2016,” added Eldred. “We’re not done until we’ve finished excavation and fully told the story of the great ship Connaught.”

Underwater view of shipwreck Connaught ribs and hull plates

Underwater view of shipwreck Connaught ribs and hull plates