Form N-54C as filed September 20, 2006
NOTIFICATION OF WITHDRAWAL OF ELECTION TO BE SUBJECT TO
SECTIONS 55 THROUGH 65 OF THE INVESTMENT COMPANY ACT OF 1940
FILED PURSUANT TO SECTION 54(c) OF THE INVESTMENT COMPANY ACT OF 1940
The undersigned business development company hereby notifies the Securities
and Exchange Commission that it withdraws its election to be subject to sections
55 through 65 of the Investment Company Act of 1940 (the "Act"), pursuant to the
provisions of section 54(c) of the Act, and in connection with such notice of
withdrawal of election submits the following information:
SOVEREIGN EXPLORATION ASSOCIATES INTERNATIONAL INC.
503 Washington Avenue, Suite 2D
Newtown, Pennsylvania 18940
(215) 968-0200
Commission File No. 333-29903
Sovereign Exploration Associates International Inc. (the "Company") states
the following basis for filing this notification of withdrawal: The Company has
changed the nature of its business so as to cease to be a business development
company, and such change was authorized by the vote of a majority of its
outstanding voting securities. The vote was held at a Special Meeting of
Shareholders on September 20, 2006, and, of the Company's 26,203,166 shares of
Common Stock, par value $.001 per share, 23,931,879 shares were voted in favor
of the change and 20,665 shares were voted against the change.
The Company now carries on a marine recovery and explorations business,
which it conducts through subsidiaries and controlled companies. The Company
will continue to file reports under Section 15(d) of the Securities Exchange Act
of 1934, but will be managed so that it will not be subject to the provisions of
the Act.
Pursuant to the requirements of the Act, the undersigned company has caused
this notification of withdrawal of election to be subject to sections 55 through
65 of the Act to be duly signed on its behalf in the city of Philadelphia and
the state of Pennsylvania on the 20th day of September, 2006.
[SEAL] SOVEREIGN EXPLORATION ASSOCIATES
INTERNATIONAL INC.
By: /s/Robert D. Baca
Robert D. Baca, President and
Chief Executive Officer
Attest: /s/Barry Gross
Barry Gross, Secretary