ESSE Earth Search Sciences Inc (CE)

Earth Search Sciences, Inc., [OTCBB:ESSE], a leading provider of value-added hyperspectral exploration services to the mineral, hydrocarbon and environmental industries, today announced that it intends to file notice with the SEC to remove extensive debt charges associated with the company�s financial statements. The company�s Board of Directors and outside legal counsel advised that a substantial amount of the current liabilities carried in the company�s balance sheet can be eliminated by accounting standards compliant with the statute of limitations. �Earth Search Sciences, Inc. and the company�s auditors have received a legal opinion letter outlining the contracts entered into by Space Technology Development Corporation (STDC), a wholly-owned subsidiary of ESSI,� said Larry Vance, Chairman of ESSI. �In essence, the legal opinion states that because STDC ceased operation on the contracts by November 2000, any breach of the contracts would have occurred more than seven years ago. Accordingly, the company has been advised that any future action arising out of the contracts should be barred by the statute of limitations.� About Earth Search Sciences Earth Search Sciences, Inc.�s [OTCBB:ESSE] revolutionary hyperspectral technology provides the ability to accurately read the chemical properties of surface substances from great altitudes and produce easily interpreted maps allowing the user to identify specific minerals and substances on the surface of the earth by their diagnostic reflectance patterns. Ultimately, this remote sensing capability�identifies a greater number of exploration targets quickly and economically, monitors the environmental situation, and improves the probability of finding anomalies. Older, more conventional methods would take�decades to cover the same area, and at a much greater cost. Within the realm of exploration, remote sensing does not replace the need for geological knowledge, geochemistry, geophysics, seismic, drilling, etc, which are some of the more conventional tools used for exploration. This news release includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material