CORAL GABLES, Fla., April 10, 2013 /PRNewswire/ -- Marine Exploration Inc. (OTC PINK: MEXP) today announced the execution of a letter of intent for an initial $1 million investment from a strategic investor with additional investment funds anticipated to follow. The purpose of the investment is to fund a new high growth niche opportunity within a fragmented and underserved market sector of North America.
Marine Exploration, which has made efforts over the last year to diversify for the benefit of shareholders by making forays into different business arenas, will continue to deliver marine salvage services in the Dominican Republic. However, the Company shall now redirect its primary diversification focus toward the introduction of offshore contract manufacturing for North American small and medium business clients.
The lower cost manufacturing resources within industrialized emerging markets such as China are more often than not only available to large companies. With the initial infusion of capital from its strategic investor, Marine Exploration will begin making low cost, offshore contract manufacturing services available to the North American small and medium business market.
The Company will utilize the $1 million investment to finance select client's offshore contract manufacturing projects. After refining the offshore contract manufacturing process through the first few client experiences, the Company and its strategic financing partner intend to rapidly expand capacity targeting the one hundred thousand to one million-dollar contract manufacturing market segment.This new business plan does not include a shareholder change of control. The contemplated strategic investment is anticipated to be executed as a debt transaction without any near term issue of new common stock. Marine Exploration is not contemplating a near term recapitalization of the common stock of the company at this time.