NEW PROJECT INFORMATION CENTER OPENS IN BALTIMORE TO ASSIST TASK FORCE WORKING TO SAVE THE NATIONS 1^ST "SUPER CARRIER" FROM THE SCRAP HEAP.

The Board of Directors of the USS Forrestal Museum, Inc. announced today the opening of a Project Information Center at 1201 Light Street, Baltimore, MD.  The facility will be used to give local businesses, community leaders, government officials, and the general public a place to meet, review and  familiarize themselves with the groups project to save, acquire, and restore the Nation's First "Super Carrier", the USS Forrestal in Baltimore. 

Frank Eurice, CEO and Board Chairman, announced that the project is now moving to a different level.  "Up until now, much of what we've planned has been kept under wraps, and we've operated in somewhat of a "loose lips sink ships" mode.  With a project of this size, you really need a period of  time to lay the ground work, conduct some initial negotiations, and get a plan devised before "going public".  Now, with the opening of the Project Center, and the organization of the Task force well underway, we want to get the word out to the community leaders, local and regional businesses and the general public on what our plans are for this historic ship, and why we feel the project will have a positive impact in Baltimore and surrounding communities. 

The Military Reunion market alone is over 15 Billion dollars annually.  We think Baltimore is in an ideal position to capture a portion of this market.  We're ideally situated to take advantage of this opportunity.  The newly expanded Convention Center, a major overhaul going on at Fort Mc Henry, the great success of Oriole Park at Camden Yards, and a new NFL Stadium, The Inner Harbor, and all the other attractions that have made Baltimore a Convention city could all contribute to a steady stream of visitors to the Ship.
Not to mention the fact that Baltimore's close proximity to Annapolis, home of the US Naval Academy, and Washington DC which draws thousands of visitors annually.

We think the location is key because in order to acquire and then maintain the Ship properly you've got to cover the overhead.  We're optimistic that the initial 5 -10 million to acquire and then move the ship to Baltimore can be raised entirely through donations from thousands of supporters, who include those that served on the ship during her 32 years of service and other folks that want to see the ship saved.

But for ongoing success you need to have a good base of potential visitors.  We think that market exists in the Baltimore/Washington/Annapolis region.  Two other successful projects have proven that it can be done successfully.  The USS Intrepid Museum in New York, and the USS Lexington Museum in Corpus Christi, Texas have demonstrated that the market is there.  Both projects have developed successfully, and in the case of Corpus Christi, have become profitable in the first year.

As far as the ship itself goes, Forrestal is in great shape.  When she was de-commissioned in 1993 the ship was about half way through a 580 million dollar overhaul.  Because she's in such good condition, conversion and restoration work can proceed quickly once she's been acquired. We could have her ready for public visitors in 1999. 

The Navy has recently changed Forrestal's classification to "Hold for possible preservation as a museum" and we've already submitted some of the "adoption papers" required by the Navy to make a determination as to her disposition.  The main thing we need to do now is to convince the Navy that we've got the support from the public, business, and government sectors to provide a proper guardianship for Forrestal and raise enough financial support to carry the initial phase of the project to completion.

The USS Forrestal Museum, Inc. has been officially approved as a non-profit 501(c)(3) organization by the Federal Internal Revenue Service.  This means that all donations are tax deductible.  All Directors and Staff are at this time voluntary.  Eventually, there will be "paid" employees; but this is down the line.  All proceeds are used for the purposes of saving the Forrestal.  When we do spend money, it is to get more resources and expand our base. 

Donations to the project are starting to build.  The Board of Directors commissioned a special commemorative medallion series produced by the Franklin Mint and is now using them as  one of several "thank you gifts" sent out to financial donors to the project.  The workmanship that went into these medallions is truly amazing.  They will surely become a sought after collectors item in years to come.  Series # 1 has been minted in Bronze, Sterling Silver, and 24K Gold Electro Plated.  Only the first 1,000 sets are numerically matched, an important feature for the collector of such memorabilia.  These limited edition series as well as the individual medallions and other exclusive donation premiums are our way of recognizing individual supporters for their personal commitment to help save the ship.  We wanted to give something special that would commemorate Forrestal no matter what her final disposition.     

The USS Forrestal Museum has also developed corporate sponsorship opportunities for both large and small businesses.  A special Re-Commissioning crew program is being developed for corporate sponsors and larger financial contributors.  With the positive impact this attraction will have on the business community, especially the hospitality, restaurant, and travel industries, we see this program as  a good way for local and regional businesses to participate in the project now and reap the benefits of additional business activity once the Ship opens to the public in 1999. 

Developing business support now, in the early phases of the project, will help with fund raising efforts and give us the necessary business relations to be able to offer special promotions in conjunction with our corporate sponsors as soon as the Ship is received in Baltimore.