ADMH form 8k 04-12-2007 Ex. 10.1


     

    Admiralty
      Holding Company Suspends Operations Due to Lack of Operating Capital and
      Provides Status Update.

     

    DOUGLASVILLE,
      GA--(MARKET WIRE)—Thursday, April 12, 2007 -- Admiralty Holding Company (OTC BB:
ADMH.OB
      -
News)
      (Admiralty), a holding company for Admiralty Corporation and Admiralty Marine
      Operations, Ltd., a Bahamas, West Indies company (the “Companies”), announced
      today it has been unable to negotiate a requested funding and has not received
      a
      requested emergency funding from its major secured creditor, the N.I.R.Group
      of
      Funds LLC (“Investors”). Consequently, Admiralty wishes to inform the public of
      the following:

    


    
      

        1.
          The
          financial condition of the Companies is dire and its lenders have not agreed
          to
          any additional funding as of the end of yesterday. As a result, the Companies
          are legally insolvent and have ceased operations .The Companies hope to
          be able
          to negotiate a restructuring through the Investors, but no assurance that
          this
          will happen is or can be given at the present time.

        


        2.
          The
          first priority lien holders for the ship, the M.V. New World Legacy, have
          taken
          title to and possession of the Ship. The first priority lien holders are
          Walter
          S. Cytacki and G. Howard Collingwood.

         

        3. 
          Admiralty may be unable to continue to file reports with the SEC, including
          the
          10-KSB for 2006, unless the Investors or another source is willing to provide
          the necessary funds to continue the public filings.

          

        4.  Admiralty
          Corporation has been notified by its attorney in Jamaica that a conditional
          license may be granted to Admiralty Corporation to perform Verification
&
Identification of the wrecks successfully located by Admiralty Corporation
          on the Pedro Bank. This conditional license would further allow
          for the recoveries of the artifacts and other precious metals should
          the conditions of the agreement be met and the ATLISTM detection technology
          developed by Admiralty is demonstrated in Jamaica as working.

         

        5.
          The
          ATLISTM technology field units, which could be used to specifically locate
          nonferrous metals, remain unfinished. In the majority of the units, the
          hardware components have been assembled and the controlling software designed
          and programmed. However, software compiler updates and certain testing
          for
          compatibility of control of the preamp transmitter and receiver coils and
          certain software modifications remain to be completed, according to the
          engineering scientist. Currently, several vendors that produced both hardware
          and software are owed money.

          

          
          6. The value of all tangible property of the Companies is estimated to
          be under
          $25,000.

         

          
          7. For the immediately foreseeable future, all correspondence to Admiralty
          Holding Company and its operating subsidiary Admiralty Corporation should
          be
          sent to: 

         

      

    

    Admiralty
      Corporation 

    3318
      Hwy.
      5, No. 504 

    Douglasville,
      GA 30135 

     

    Overnight
      packages should be sent to: 

     

    Admiralty
      Corporation 

    3318
      Hwy.
      5, No. 504 

    Douglasville,
      GA 30135 

     

    The
      address for the principal executive offices will be: 

     

    Admiralty
      Holding Company 

    3318
      Hwy
      5, No. 504 

    Douglasville,
      GA 30135-2308 

     

    Important
      Notice: The telephone and fax numbers have been temporarily suspended:


    However,
      in the immediately foreseeable future, you may contact the Companies by sending
      an email to: admiraltycorp@mindspring.com 

     

    Please
      state your name, your telephone number, an email address, and the purpose of
      your contact, and the Companies will use their best efforts to have someone
      respond within thirty-six hours.