Effective October 1, 2018, Endurance Exploration Group, Inc. through a newly formed entity, has entered into a joint-venture with Global Marine Archaeological Research, LLC. The newly formed entity, Caird Exploration, Inc. will initially be 50% each owned by EXPL and GMAR. EXPL will issue and contribute 12,000,000 restricted shares of its common stock to the JV in exchange for its ownership interest in the JV, and GMAR will assign and transfer to the JV all of its rights, title, and intellectual property including sonar data, photographic data, research, agreements, and all other intellectual property relating to a number of shipwrecks which have been previously located by GMAR; and, the same data and rights concerning a specified, non-located shipwreck having been extensively searched for by GMAR. In addition to the JV formation, EXPL has directly acquired from GMAR a General Dynamics Bluefin 12 Autonomous Underwater Vehicle. The AUV represents a subsea survey system, capable of autonomously conducting side scan sonar surveys, photographing targets, and conducting other complex sensor surveys in depths up to 1,500 meters, or approximately 5,000 feet of water. The AUV will be utilized by the JV for the continued search for the JV’s Primary Target; will be utilized by EXPL in future survey missions for new, deep-water shipwreck targets it wishes to search for, explore, and survey; and, will be offered for charter to commercial users who wish to utilize the system. EXPL notes that the replacement cost for a new General Dynamics Bluefin 12D AUV system, with similar features, is estimated to exceed three million dollars. Based upon equipment availability, funding, weather, and other logistic considerations, EXPL, operating through the JV, intends to inspect each of the previously located shipwreck targets that are being contributed to the JV by GMAR, and, if warranted, conduct salvage operations on each target. Additionally, the JV will continue to search for the JV’s Primary Target, as resources allow.