Raise the Titanic (PRXI)

Premier Exhibitions Inc. (NASDAQ:PRXI) has issued a press release with a move for a salvage award for its Titanic recovery efforts via its wholly owned subsidiary RMS Titanic.  This motion is in the United States District Court for the Eastern District of Virginia, Norfolk Division as compensation for its recovery efforts in recovering approximately 3,700 artifacts from the wreck of the Titanic during its expeditions conducted in 1993, 1994, 1996, 1998, 2000 and 2004.

This motion for a salvage award has no bearing on the approximately 1,800 artifacts recovered by RMST in its first expedition to the wreck of the RMS Titanic in 1987, for which title rests with RMST pursuant to a 1993 decree from a French maritime tribunal which gave it an in "specie salvage award" for all of those artifacts.

In 1994, the United States District Court for the Eastern District of Virginia, Norfolk Division (the "Court") declared RMST to be the sole and exclusive Salvor-in-Possession of the wreck and wreck site of the RMS Titanic. As such, RMST is the only entity to have ever legally salvaged artifacts from the famous wreck site. RMST has continuously remained as Salvor-in-Possession for over thirteen years, and it intends to continue presenting its blockbuster exhibitions, "Titanic: The Artifact Exhibition" in museums and other non- traditional venues throughout the world and likewise intends to continue its unprecedented historical and archaeological work in conserving the artifact collection.

In the October 16, 2007 Memorandum Opinion and Order, the Court declared invalid a claim by RMST that it acquired through a recent transaction with Liverpool and London Steamship Protection and Indemnity Association, Ltd. additional ownership rights to certain artifacts recovered from the wreck, and further suggested that such claim of ownership by RMST was misleading to the investors of Premier Exhibitions, Inc.

A copy of the Memorandum Opinion is located on Premier Exhibitions’ website located at www.prxi.com under the heading "the Company" and the subheading "Investor Relations."

The company subsequently has also issued notice that it would repurchase up to 1 million shares in a stock buyback plan.  Shares are trading up on very thin trading volume pre-market.

Jon C. Ogg
October 30, 2007