Innocap, Inc. (OTCQB: INNO) is engaged as a salvage company, which focuses on finding and stripping sunken ships. Shares of the salvage company are jumping 49%, through early trading on Thursday, January 4, 2018. Over the past month, Innocap, Inc. has seen average daily volume of 68,120 shares. However, volume of 1.16 million shares or dollar volume of $33,640, has already exchanged hands on the day.
Shares of Innocap, Inc. are jumping today, after the company announced that it is preparing to begin two salvage operations this month. The company will be assisting Solar Resources, Inc., a Singapore-based company, with the recovery of a large shipment of tin from a sunken ship off the coast of Indonesia and Malaysia. Management says the recovery efforts will likely take around three weeks at sea. However, the company notes that there are no assurances or guarantees that the sunken ship will be found or that the total amount of tin can be recovered. Here is the full press release detailing of the salvage jobs:
Jefferson, TX, Jan. 04, 2018 (GLOBE NEWSWIRE) — In November 2017, Innocap, Inc. (OTCQB: INNO) entered into an agreement with Solar Resources Inc. (“Solar”), a company in Singapore, to assist Solar to recover a large shipment of tin from a sunken ship that is believed to be in the waters between Indonesia and Malaysia. The ship that will be used in this recovery effort is currently being inspected and outfitted with the needed equipment and supplies in Singapore. The ship is expected to be ready to leave port for the recovery project during January. Paul Tidwell, the President of Innocap, will be on the ship to assist and direct all the recovery efforts. The recovery project is expected to take approximately three weeks at sea.
The same ship will be used for another salvage project in the South China Sea upon the completion of the first recovery project.
No assurances can be given that the sunken ship will be found and, if found, will have the amount of recoverable tin that the parties to the contract are seeking.
Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company’s Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.