September 29, 2010
CEO of MEXUS Gold, US, Paul Thompson, states, "We are moving forward with the placement of the ACP Equipment on the barge, which is set to begin on Sept 29, 2010. Once this is completed it will allow us to move the tug and barge into place and begin cable recovery operations mid-October in Alaska." He went on to state, "With the purchase of this equipment, and our previously announced funding contract with PowerCom Services, we are ready to rapidly move forward toward recovering cable and starting to generate multiple revenue streams for Mexus." Read More...
September 7, 2010
An updated progress report regarding cable retrieval has been posted on MEXUS Gold's website.
Mexus Gold US intends to retrieve the intermediate cable (shown in the picture at left).
The core of the cable is primarily copper, surrounded by lead, steel cables, and twine soaked creosote. Since this 2-1/2 inch diameter cable is found in shallower waters, it will be sought, initially.
January 29, 2010
Universal Systems, Inc. Completes Agreement for Cable Recovery
Universal Systems, Inc. (OTCBB: UVSS), a Washington Corporation, announces an agreement for salvaging communication cable ("Agreement"), has been entered into with Mexus Gold US (OTCBB: MXSG), a Nevada Corporation.
Universal Systems, Inc. obtained the salvage rights to the cable in December, 2007. Following an extensive search for and review of documents, negotiations were initiated with Mexus Gold US, regarding cable extraction/salvage. Due diligence by Mexus Gold US, confirmed the documents and information held by Universal Systems, Inc. appeared to be valid. Additional information and documents obtained by Mexus Gold US, further validate the cable and possibility of recovery.
The communication cable to be recovered is believed to roughly parallel the West coast of the United States, beginning in southern California and extending to Alaska. The cable, when recovered, is expected to provide a large quantity of copper and lead, which is intended to be sold on the salvage metals market.
According to the Agreement, Mexus Gold US will have the responsibility for extraction of the cable and costs of recovery. USI is to receive a distribution of gross revenues as specified in the Agreement.
Mexus Gold US is currently proceeding to arrange for surveying of the cable, extraction permits and the subsequent extraction/recovery of the cable.
Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission (if any). The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
Universal Systems, Inc. is traded on the OTC Exchange under the symbol UVSS.