Endurance Exploration Group, Inc. (EXPL)

Endurance Exploration Group, Inc. (“EXPL”) was incorporated in Nevada in 2006 as Tecton Corporation. In late December 2013, the Company wholly acquired Endurance Exploration Group, LLC and changed the name of the Company to Endurance Exploration Group, Inc. Endurance Exploration Group, LLC was formed in 2009 to research and develop feasibility methodologies to identify, acquire clear title to and ultimately salvage the cargos of shipwrecks.

Since the formation of their “salvage” business in 2009, the Company has achieved a number of the milestones they established at the time of that formation. For example, from the 10,000-foot view, estimates suggest that the world’s oceans hold the remains of over 3 million shipwrecks. Information regarding these disasters is housed in various databases around the world. Since its inception, the Company has identified and vetted approximately 125,000 wrecks from a number of these databases that it deems viable for further research. They have in turn narrowed that group to roughly 400 “high interest” targets. From their list of 400, the Company is currently focused on two primary targets and two additional secondary targets, all of which have been extensively researched by EXPL in terms of identification, title salvage economics.

Project Steamship Pulaski Off the Coast of North Carolina

The Steamship Pulaski was built by the Savannah and Charleston Steam Packet Company to safely and quickly carry cargo and passengers from Savannah, Georgia, and Charleston, South Carolina, to Baltimore, Maryland. On her last voyage, on the night of June 14, 1838, after she left Charleston for Baltimore with many prominent passengers, including a congressman, the starboard boiler exploded and the vessel was lost. Of the approximately 150 passengers and 37 crew members, there were only 59 survivors. The remaining crew and passengers, together with the passenger valuables, estimated at $150,000 face value at the time of loss, sank with the ship.

Project Steamship Pulaski – Current Status

Effective January 9, 2017, we, through a newly-formed, wholly-owned subsidiary, EXPL Swordfish, LLC, entered into a joint-venture agreement with Deep Blue Exploration, LLC (“Marex”). The joint venture between EXPL Swordfish and Marex is referred to as Swordfish Partners.

Pursuant to the Agreement, Marex has contributed to the joint venture certain shipwreck research files, sonar and other subsea survey data, navigational data, artifacts, and assistance relating to a number of shipwreck and suspected shipwreck targets located in international waters off the Southeast coast of the United States. We have agreed to further survey and inspect the shipwreck and suspected shipwreck targets, and if deemed appropriate, take actions necessary to salvage the shipwreck targets.

The economic terms of the Agreement call for us to provide the funding for the further inspection, salvage, and operations of the joint venture. Any revenues from the joint venture will be split 90% first to us and 10% to Marex until we receive two times our costs and investments returned, and then a 60% split to us and a 40% split to Marex of the revenue from the project off the coast of North Carolina. Any future revenue from future salvage activities will be split 50/50, after 2 times the costs are paid to us.

The joint venture is expected to terminate in two years, unless extended by mutual agreement between the parties.

In April 2017, as part of a joint venture, Swordfish Partners, we conducted side-scan and other survey activities of what we believe to be the remnants of the Steamship Pulaski, an early 1800s passenger steamship located in international waters off the coast of North Carolina.

On May 4, 2017, Swordfish Partners filed a legal action in the U.S. District Court for the Middle District of Florida, Tampa Division, (the “Court”) under case number 8:17-CV-01043, against an “Defendant Unknown, Abandoned and Sunken Steamship, its apparel, tackle, appurtenances and cargo” in international waters. The coordinates were filed under seal; however, the complaint states the vessel is lying at a depth of over 100 feet and approximately 40 miles East of Wilmington, North Carolina.

On May 31, 2017 the Clerk of the Court issued a Warrant of Arrest against said vessel and her cargo, directing the United States Marshal to take custody of the vessel, her apparel, tackle and appurtenances, and her cargo and to retain custody of the same pending further order of this Court.

On June 12, 2017, the Court appointed Swordfish Partners substitute custodian of the hull fragments recovered from the Wreck Site, and all future artifacts recovered from the Wreck Site, subject to conservation and safekeeping arrangements deemed sufficient by the Court.

In July 2017, Swordfish Partners entered into an Independent Salvager Agreement with Blue Water Ventures International, Inc., (“Blue Water”) whereby Blue Water agreed to conduct contract salvage operations on the Company’s recently announced shipwreck project located in international waters off the coast of North Carolina. The Independent Salvager Agreement provides for Blue Water to receive one half of EXPL Swordfish’s reimbursed costs and one half of the distributable value to EXPL Swordfish of all salvaged objects. The salvage efforts off the coast of North Carolina have been underway since December 2017, and will continue throughout 2018, and possibly into 2019.

The cost of recovering the cargo of what we believe to be the Steamship Pulaski is estimated to be approximately $300,000 – $500,000. Salvage operations began in December 2017, are currently underway, and are expected to continue throughout 2018 and into early 2019. To date we have recovered dozens of silver and gold coins, dishware, and components of the vessel. We need additional working capital to conduct these surveys and to recover the cargo of this steamship. There can be no assurances that we will be successful in securing additional working capital and therefore cannot represent we will ever be in a position to complete the recovery of cargo of what we believe to be the Steamship Pulaski .

15500 Roosevelt Blvd
Suite 301
Clearwater, FL 33760

Website: http://www.eexpl.com
Phone: (727) 535-5555
Email: info@eexpl.com

Reporting Status : OTC PINK Reporting
Audited Financials : Un-Audited
Latest Report : Dec 31, 2017 OTCQB Certification
CIK : 0001392902
Fiscal Year End : 12/31
OTC Marketplace : OTCPink

SIC – Industry Classification : 1000 – Metal Mining
Incorporated In : NV, USA
Year of Inc. : Not Available
Employees : Not Available

Micah Eldred ┃ Director and President
Carl Dilley ┃ Director and VP
Christine Zitman ┃ Director and CFO, Treasurer and Secretary
Steve St. Amour ┃ Director
Ermanno Santilli ┃ Director

Legal Counsel
Shumaker, Loop & Kendrick, LLP
101 East Kennedy Boulevard
Suite 2800
Tampa, FL, 33602-5151
United States

• Formerly=Tecton Corp. until 2-2014