Nova Marine Exploration, Inc.
Nova Marine Exploration, Inc. was formally incorporated in
the State of Washington in January 1992 to survey, document
and recover shipwrecks. The founders and principles, had worked
for other companies in the industry for nearly fourteen years
before establishing their company and breaking out on their
own. Most of their experience was in the field of marine surveys
in the Caribbean, South East Asia and Alaska
Nova Marine operates under the premise that one of the greatest
expense in this industry is the cost of underwater search
and surveys. Consequently, the Company has combined search
efforts with ongoing technological survey equipment developments.
On December 29, 1997, Nova Marine Exploration was approved
by the State of Washington to sell stock publicly, under the
Small Corporate Offering Registration. The proceeds from the
offering were used to build a new Remotely Operated Vehicle,
and its subsequent designs. Management found the present ROV’s
on the market to be impractical for the Company’s application
in the field. The prototype ROV, called the "NovaRova",
not only met the needs of the Company, but also fills the
need of several niche markets in ROV applications. Management
believes that one of its strengths is their willingness to
actively engage in the practical application of more new prototype
models in the field. Management feels that this will give
Nova Marine Exploration the opportunity to gain a fair market
share while expanding the ROV industry. As a result the newest
version, the "Nova Ray™" should be able to
move the ROV industry from oil and gas pipeline inspection,
and sub-oceanic cable inspection, into alternate markets of
equal or greater potential, such as law enforcement, fisheries
and environmental studies. Future "Nova Ray™"
models will have greater depth capabilities, more options
in the electronics’ packaging, and much more versatility.
Positioning Nova Marine Exploration, Inc. into existing projects
with potential competitors (through the use of developing
ROV technology), as well as conducting its own projects should
create greater profitability for the Company in the future.
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