Paul Tidwell News

Innocap has entered into an agreement with a company in Singapore to assist in the recovery of a large shipment of tin from a sunken ship that is believed to be in the waters between Indonesia and Malaysia, announced Innocap president, Paul Tidwell.   Innocap said it will receive 40 percent of the proceeds of the salvaged cargo after payment of all expenses related to the salvage effort.   The parties will also use a portion of the proceeds from the salvaged assets equal to $600,000 to recover another sunken cargo believed to have sunk in the South China Sea.

Innocap, Inc. 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.