Press Release

RMS Titanic, Inc. to Conduct First Research and Recovery Expedition to the RMS Carpathia

PRXI
$15.46
-0.36 -2.3%

Released : Tuesday, August 14, 2007 9:00 AM

ATLANTA, Aug. 14 /PRNewswire-FirstCall/ -- RMS Titanic, Inc., a wholly owned subsidiary of Premier Exhibitions, Inc. (Nasdaq: PRXI), today announced that it will conduct its first research and recovery expedition at the wreck site of the RMS Carpathia.

Departing from Brest, France on August 16, 2007, the expedition team will oversee the archaeological recovery of artifacts from the Carpathia along with site documentation and assessment of the overall structural integrity of the historic ship.

RMS Carpathia was built in 1902 for the oceanic passenger trade, and provided service primarily between New York City, Queenstown and Liverpool, and between New York City and ports of the Mediterranean. On April 15, 1912, the Carpathia became the most famous rescue ship in the world. After receiving a distress signal from the Titanic, Carpathia's Captain Rostron quickly responded and rescued 705 passengers from the North Atlantic.

Six years later on July 17, 1918, Carpathia was torpedoed by a German U-Boat and sank while transporting military passengers for the British government during World War I. Carpathia was re-discovered in 2000 by a team of shipwreck explorers funded by author Clive Cussler of the United States.

"The story of Carpathia is one of heroism and ultimate tragedy. This expedition will allow us the unique opportunity to tell the complete journey of Titanic and its rescue ship through a new exhibition slated to open in the fall of 2008. In addition it will provide the public with important historical and archaeological insight into the final moments of the Carpathia," states Arnie Geller, President and CEO of Premier Exhibitions, Inc.

RMS Titanic, Inc. will be assisted in project operations by a number of independent contractors that include COMEX, Center for Maritime & Underwater Resource Management (CMURM), Conservation Solutions, Nautilus Marine Group, and Maritime Heritage Consulting. COMEX will provide the oceanographic research vessel Janus, remotely operated vehicles (ROVs), remote-sensing systems, ranging and positioning systems, and navigation systems. CMURM is a nonprofit scientific and educational organization specializing in underwater archaeology and historic shipwreck management. Conservation Solutions, Inc. provides a variety of services in materials conservation. Nautilus Marine Group will be providing consulting services for sector scanning sonar operations. Maritime Heritage Consulting will provide scientific, archaeological, and environmental consulting services for the field operations, post-processing of data, and production of the project field report.

The project team will consist of PH Nargeolet, Expedition Leader; Kenneth J. Vrana, Consulting Underwater Archaeologist; Rebecca Parker, Registrar and Archivist; Cheryl Mure Education Specialist; Don Angel, Recovery and Conservation Technician and David Galusha, Consulting Materials Conservator.

RMS Titanic, Inc. acquired acquisition rights to the RMS Carpathia in June 2001. In February 2007 the Company entered into a Purchase and Sale Agreement with Seaventures Ltd. pursuant to which Seaventures Ltd. acquired all of the Company's interest in the RMS Carpathia. Seaventures Ltd. has authorized RMS Titanic, Inc. to conduct an expedition to the wreck that will be performed for the joint benefit of RMS Titanic, Inc. and Seaventures.

RMS Titanic Inc. is the only company permitted by law to recover objects from the wreck of the RMS Titanic. The Company was granted Salvor-in- Possession rights to the wreck of the Titanic by a United States federal court in 1994 and has conducted seven research and recovery expeditions to the Titanic wreck site and recovered approximately 5,500 artifacts.

Premier Exhibitions, Inc. is a major provider of museum quality touring exhibitions throughout the world.

Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company has based these forward-looking statements on its current expectations and projections about future events, based on the information currently available to it. The forward-looking statements include statements relating to the Company's anticipated financial performance, business prospects, new developments, new strategies and similar matters. The following important factors, in addition to those described in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended February 28, 2006, especially in the Risk Factors and the Management's Discussion and Analysis sections, and its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K (each of which is available upon request from the Company), may affect the future results of the Company and cause those results to differ materially from those expressed in the forward-looking statements; material adverse changes in the economic conditions in the Company's markets, including terrorist attacks, competition from others, how much capital the Company may or may not receive from required financings, and whether or not, and to what extent, the Company consummates its planned leases to place exhibitions. We disclaim any obligation to update these forward- looking statements.

For additional Information:

Investor Relations
North Coast Advisors, Inc.:
Craig T. Stewart (585) 218-7371
cstewart@ncainc.com

Media Inquiries:
Premier Exhibitions, Inc.:
Katherine Morgenstern (404) 842-2600
kmorgenstern@prxi.com

SOURCE Premier Exhibitions, Inc.

CONTACT: Investor Relations, Craig T. Stewart, North Coast Advisors, Inc., +1-585-218-7371, cstewart@ncainc.com; or Media Inquiries, Katherine Morgenstern, Premier Exhibitions, Inc., +1-404-842-2600, kmorgenstern@prxi.com

Provider:
PR Newswire
Keywords:
Americas, North America, USA, New York