In addition to the projects that we already had on our books, we now have a large research team of more than a dozen fulltime employees and consultants, plus resources at archives around the world, churning out a steady flow of data relating to potential new projects. Our recent success is sure to spawn groups that would seek to enter this business, and we think that it is prudent to be extremely cautious about telegraphing our intent to begin operations on specific shipwrecks. Even if we use coded information, a well-versed researcher can typically figure out what we are after. Some of our targets have potentially valuable cargoes that we believe may have been missed by researchers in the past, and telegraphing our targets may cause a deep ocean race which would not serve us well.

Consequently, from now on we will typically be announcing our target projects only when we have acquired title or have exclusive government relationships that protect the shipwreck from others. This means that it is likely that you will only hear of the identity of our targets once we have discovered them and obtained some property rights in them to protect these important shareholder assets.