Treasure & Shipwreck Recovery (OTCPK

BLIS) announces Definitive Agreement for Merger and Acquisition with Defense and Construction Contracting Firm Native American Pride Constructors, LLC. (NAPC)

NAPC’s Corner Shot USA receives signed and stamped LOI for initial 37,000-unit order, equivalent to $370 million in revenue, from a leading Saudi Arabian supply chain and manufacturing provider

FT. PIERCE, Fla., March 27, 2024 (GLOBE NEWSWIRE) -- The Board of Directors at Treasure & Shipwreck Recovery, Inc. ("TSR", formerly “Beliss Corp” "BLIS"), trading as (OTCPK: BLIS), are pleased to announce it successfully concluded its due diligence and has now signed a Definitive Agreement for merger and acquisition with Native American Pride Constructors, LLC (“NAPC”) of Largo, FL.

NAPC, established in 2015, is a stable, profitable entity focused primarily in government contracts with existing licenses that allow it to bid and win contracts in the Defense, Munitions, and Construction industry. Currently, NAPC is projected to deliver over $5,000,000 in back log revenue for calendar year 2024, which does not include sales of Corner Shot USA weapon systems or brokering of munitions and defense items for use by Allied and NATO forces in the Ukraine and the Middle East.

In order to best position NAPC for future success, it was critical that note and preferred holders in BLIS, totaling about $575,000, agree to convert the face value of existing notes at a significant premium to the recent trading price in BLIS. The conversion price was agreed at $0.03 per share pre-reverse split and adjusted for reverse division to $0.18 per share. Another merger requirement was that NAPC would accept little or no debt from BLIS. It is expected that asset sales from BLIS will be enough to pay merger and accounting costs. In return, NAPC has agreed to favorable terms with BLIS shareholders providing about a third of the company stays with current BLIS shareholders. (See “Additional Merger Terms” below).

Note holders were particularly encouraged by the potential of NAPC’s new product, the Corner Shot USA System, which enables military, law enforcement, and security operators to effectively observe and accurately engage targets from around the corner or behind cover without exposing part of the operator’s body. NAPC has the exclusive license to produce and sell the Corner Shot USA System and will build the product at a facility near its corporate offices in Pinellas County, Florida. The Licensing Agreement allows NAPC to build and sell Corner Shot exclusively in the USA and Saudi Arabia.