Seafarer Begins New Joint Venture to Protect U.S. Cities from Hacking

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Sep 04, 2019, 09:00 ET

TAMPA, Fla., Sept. 4, 2019 /PRNewswire/ -- Seafarer Exploration Corp. (OTCQB: SFRX) is pleased to announce that its wholly-owned subsidiary Blockchain LogisTech, LLC ("Blockchain") and its corporate partner Probability & Statistics, Inc. ("P&S") are planning a new joint venture initiative. Blockchain along with P&S will create a Municipalities Division designed to assist local governments, cities, municipalities and counties across the United States to fight the malicious hacking of their computer networks and systems.

Municipal victims of hacking in the state of Florida alone lost over $82,000,000 last year¹. One city has been hacked four times and in just one day in Texas, 22 cities were attacked². Hackers have extorted anywhere from $75,000 to $2,500,000 per city hacked³.

Blockchain's Municipalities Division will be offering P&S' permanent turn-key solution to fight this rising fraudulent activity. Blockchain and P&S intend to hire personnel to contact those entities being attacked in order to educate them and advocate for solutions. Blockchain and P&S have agreed to jointly share the cost of personnel and Blockchain will cover administrative expenses.

Don Beavers, president of P&S stated, "We are pleased to have this opportunity to expand our relationship with Seafarer Exploration and its companies and to provide leading edge solutions for this very important marketplace."

Kyle Kennedy, president of Blockchain stated "What a great joint venture this should be. With P&S being a top blockchain encryption expert in the United States, we should be able to help many cities across the country. It is anticipated that the revenues being generated by Blockchain will completely pay for its shared cost of the Municipalities Division with resources left over to help cover the operating expenses of Seafarer Exploration."

Mr. Kennedy continued, "This should be another channel to potentially create additional revenues while also helping our country at the same time. Based on public information regarding the hacking of municipal computer networks we believe that there is a compelling opportunity to provide a solution to this serious problem that fits with our ongoing efforts to create shareholder value. Although there is typically an extended lead time when working with state and local governments, we believe that within two months or so we should have a decent understanding of the progress of the division as determined by the level of interest we experience.

We believe that there should be an enthusiastic reception for our services as we already know firsthand there is a huge and growing need for protection against malicious hackers and a dearth of current options available to deal with this problem."

Mr. Kennedy finished by referencing Seafarer's help with the recovery efforts in the Bahamas, "On Labor Day, Seafarer, through the efforts of their new captain of the Good Fortune, John Grimm, began planning relief efforts to the island nation of the Bahamas. As news reports are showing unprecedented destruction to the Bahamas Seafarer, has decided to launch a humanitarian effort under the leadership of Captain Grimm and backup Captain Zack Smith to deliver to the Bahamas up to 6,000 pounds per trip of medical supplies, water, food and necessities until emergency agencies and personnel arrive over the next few days. Seafarer has donated the boat, captain, necessary crew, fuel and money to the cause. Although we are a small company with plans for growth, we are trying to do our part to be a responsible corporate citizen by providing assistance to help those in dire need during a time of devastating crisis. We know that we can get to the Bahamas faster than many relief agencies and along with other companies and individuals we have already formed a flotilla of 15 high speed boats to carry supplies and we hope more boats will join us. Captain Grimm has set up a fundraiser page to help with supply costs. Visit Seafarer's Facebook page if you can help the Bahamas recover from the devastation. The people of the Bahamas need and appreciate your help."

To help with immediate recovery efforts, for more information or to donate goods, services or financially to the Bahama supply mission visit the Seafarer Facebook page at https://www.facebook.com/SeafarerCorp/ or go to this link: https://www.facebook.com/donate/509592133200166/.

About Seafarer Exploration:

Seafarer Exploration Corp. is a publicly traded company trading under the symbol SFRX. The principal business of the company is to develop the infrastructure necessary to engage in the archaeologically-sensitive research, documentation, exploration, recovery and conservation of historic shipwrecks. The company has secured multiple sites it believes contain historic and valuable shipwrecks. The company will use accepted archaeological methods to properly document, research and recover portions of the wrecks. Seafarer employs scientists and historians and is committed to preserving the cultural and historical significance of every wreck it finds. www.seafarercorp.com

About P&S:

The advanced services that P&S offers include blockchain development, blockchain encryption, engineering and scientific computing, cloud mining, and more. Their engineering and scientific services include state-of-the-art computational fluid dynamics, structural analysis, electrodynamics, and other multi-physics simulation capabilities. P&S is registered with bio-metric access-controlled facilities on an independent network. Their clients include some of the largest aerospace and defense contractors in the world. www.probabilityandstatistics.com

Disclaimer:

The press release may include certain statements that are not descriptions of historical facts but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking terminology such as "may," "expects," "believes," "anticipates," "intends," "projects," or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectation and actual results may vary (perhaps materially) from certain of the results anticipated herein.

¹https://www.miamiherald.com/news/state/florida/article233432632.html²https://www.npr.org/2019/08/20/752695554/23-texas-towns-hit-with-ransomware-attack-in-new-front-of-cyberassault³https://www.miamiherald.com/news/state/florida/article233432632.html

Contact:
Kyle Kennedy
(813) 448-3577

SOURCE Seafarer Exploration Corp.