The expedition itself was headed by the respected Professor John Howson with a mission to look into the impacts of logging on the rainforest and whether there may be grounds to make further appeals to have protected areas of the Amazon made more expansive.
The new species is being referred to as Tyrannosaurid Parvum Minor due to a reportedly reduced body, with the new discovery standing at 12 feet tall and with an estimated body length of 19 feet at the shoulder. The society reports that the animal has red/brown skin pigmentation.
The expedition reportedly suffered heavy casualties, with unconfirmed reports that several of the team members have yet to return from Peru.
The ACWS have scheduled a further press conference and an invitation only screening of the footage for later this year, once the findings have been subject to the mandatory period of scientific review.
For more on what the expedition uncovered in the Amazon, visit www.expeditionfootage.com where the first public look at the footage is expected to be revealed.