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FIRST RESPONSE MEDICAL ANNOUNCES MERGER WITH TITANIC VENTURES LIMITED PARTNERSHIP

 HOUSTON, May 5 /PRNewswire/ -- First Response Medical, Inc., a publicly traded over-the-counter company (NASDAQ: FMDL), announced today that it has acquired the assets and assumed the liabilities of Titanic Ventures Limited Partnership, a privately held limited partnership which is the salvor in possession of the RMS Titanic. The surviving company will be renamed RMS Titanic, Inc. and will continue to trade over-the- counter.
 As consideration for the acquisition, First Response issued a total of 9,333,333 new shares of common stock, which after a previously declared 1 for 2 reverse split, brings the total number of shares of common stock outstanding to 10,319,844.
 Titanic Ventures Limited Partnership was formed in 1987. Under a charter agreement with IFREMER, The French Institute of Oceanography, it completed its initial recovery phase from July 10 through Sept. 19, 1987. Thirty-two dives, using the submersible "Nautile," resulted in the recovery of over 1,800 objects, 140 hours of video and 10,000 still photographs from a depth of 2-1/2 miles, 400 miles off the coast of Newfoundland.
 All of the objects recovered were brought to France, where the scientists of Electricite de France restored and preserved the artifacts and absorbed costs exceeding $4 million. Two hundred of the still photographs were licensed for $700,000.
 Subsequent to the dive, litigation ensued in both the United States and France, during which the company's ownership of the recovered artifacts and its confirmation as the "Salvor in Possession" of the RMS Titanic were confirmed in the United States courts and the French Government represented by its Minister of the Sea.
 The company intends to resume its salvage of the Titanic artifacts and cargo with another dive. The artifacts recovered on the first dive have been valued by experts at $58 million, and together with the artifacts recovered from the next expedition, will be placed on a world- wide travelling exhibit that will debut at the National Maritime Museum of Greenwich, England, and will begin in April of 1994. The company will generate revenue from two primary sources:
 -- Revenues as a result of the upcoming expedition.
 -- Revenue from the travelling exhibit, associated merchandise sales
 and sponsorship participation.
 -0- 5/5/93
 /CONTACT: Investors, Allan Carlin, 212-755-3100, for First Response Medical, Inc./
 (FMDL)


CO: First Response Medical, Inc.; Titanic Ventures Limited Partnership ST: Texas IN: MAR SU: TNM

OS -- NY075 -- 5002 05/05/93 15:39 EDT
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Publication:PR Newswire
Date:May 5, 1993
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