BRIEF: Newtown shipwreck-salvage company, Chinese firm form a subsidiary

Nov 27, 2007 (The Philadelphia Inquirer - McClatchy-Tribune Information Services via COMTEX) -- SVXA | charts | news | PowerRating -- Sovereign Exploration Associates International Inc., of Newtown, today announced it will own 51 percent of a new subsidiary named Ocean King Overseas Limited.

The move will enable the company which specializes in maritime recovery and subsea construction management, to diversify and expand into the engineering, procurement and construction industry.

The other 49 percent of Ocean King will be owned by China Beijing QMCC Engineering & Technology Ltd. -- a $16 billion international mining and engineering, procurement and construction subsidiary of China Metallurgical Group Corp. -- and by Mineral Investment Resources Inc.

Zhao Lizhi, president of QMCC, was named chairman of Ocean King.

"It is a great privilege for Sovereign to have earned the trust of such a strong corporate partner as QMCC with direct input from its president, who has many years of international expertise in the engineering, procurement and construction sector," said Peter Knollenberg, chairman of Sovereign.

Sovereign shares were down 5 cents, or 12.2 percent, to 36 cents in midday over-the-counter trading.

Contact staff writer Suzette Parmley at 215-854-2594 or sparmley@phillynews.com.

To see more of The Philadelphia Inquirer, or to subscribe to the newspaper, go to http://www.philly.com. Copyright (c) 2007, The Philadelphia Inquirer Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index