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Thursday September 7, 10:07 am Eastern Time

RMS Titanic fires COO for misusing company money

WASHINGTON, Sept 7 (Reuters) - RMS Titanic Inc. (OTC BB:SOST.OB - news), the Clearwater, Fla.-based company formed in 1987 for the purpose of exploring the famous shipwreck, said on Thursday it fired Chief Operating Officer G. Michael Harris for allegedly misappropriating company money for his own use.

``Mr. Harris wrongfully caused monies belonging to (RMS Titanic) to be appropriated for his own benefit,'' the company said in a filing with the Securities and Exchange Commission.

Payments from the company's operating account were made, among other things, ``for payment of a personal loan of Mr. Harris.''

RMS Titanic, whose board terminated his services on Aug. 27, said it has retained outside independent counsel to continue to investigate Harris's alleged conduct, and will begin proceedings to have the money recovered.

Harris could not be immediately reached for comment.

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