JEFFERSON, Texas, July 1, 2013 (GLOBE NEWSWIRE) -- Innocap, Inc. (or "Innocap") (OTCBB:INNO) (OTCQB:INNO) has received an agreement with a company based in the Republic of the Philippines under which Innocap agrees to organize, plan and supervise then will begin recovery efforts of a shipwreck located off the coast of the Philippines. The ship, based on preliminary studies, appears to contain a cargo of Chinese porcelain made during the Ming Dynasty. Efforts will be made by Innocap to further identify and evaluate the best method of recovery, which includes conservation and archeological study of the pieces when made available. Under the agreement, the Philippine company is responsible for obtaining all necessary Government and other approvals, permits and licenses. The preliminary recovery efforts will begin when all required permits and licenses are obtained.
Under the terms of the agreement, Innocap will be entitled to 50% of any cargo that is recovered from the salvage. Although many ships from the Ming Dynasty era contained cargoes worth millions of dollars by today's standards, there is no way at this time to estimate the value of the cargo on this sunken ship.
It is the intention of Innocap, Inc. to recover, treat and conserve the artifacts reclaimed. The Company plans to create exhibitions and make the artifacts available to the general public. Innocap will create a video of the recovery and provide the video on our website, www.innocap-inc.com. Innocap will ultimately have to obtain funds to finance this project.
Paul Tidwell, President of Innocap, said, "We are very excited to get started on this project which has a great deal of historic as well as financial potential. We are working with groups in this part of the world and hope to be starting similar projects soon." Mr. Tidwell has extensive experience in finding and salvaging sunken ships. Some of his activities have been filmed and shown on networks like the NBC, National Geographic Channel, and NHK Television in Japan.
His discovery of the sunken Japanese submarine I-52 is perhaps his most notable and historically significant achievement to date. Found at a depth of 17,500 feet, the I-52 is one of the deepest shipwrecks ever discovered, and it is of great national and cultural importance to Japan.
About Innocap, Inc.
Innocap, Inc. (INNO) is a marine exploration company specializing in research and development of ocean recovery projects. The Company's research has shown there are many shipwrecks around the world which contain valuable cargo. Innocap, Inc. will treat all shipwrecks with respect and have archeological assessments on each qualified shipwreck. Innocap will utilize the latest technology available to enhance salvage projects.
Innocap, Inc. believes that the information set forth in this News Release may include "forward-looking statements" within the meaning of the Private Securities Litigation Report Act of 1995, Section 27A of the Securities Act of 1993 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2013, which has been filed with the Securities and Exchange Commission.
CONTACT: Paul Tidwell, CEO Innocap Inc. Phone: 903-665-7371 Email: firstname.lastname@example.org Web: www.innocap-inc.com Investor Relations Contact: Ryan Troup, Circadian Group Toll Free: 1-855-228-7336 Email: Ryan@Circadian-Group.com Web: www.Circadian-Group.comSource:Innocap Inc.