ODYSSEY MARINE EXPLORATION Press Releases

[jeff of pa]

Re: ODYSSEY MARINE EXPLORATION Press Release

Odyssey Marine Exploration issued the following press release today:

Odyssey Marine Exploration Provides Operations Update

Tampa, FL - June 28, 2006 - Odyssey Marine Exploration, Inc. (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, provided an operations update today.

The new search vessel recently purchased by the Company has left dry-dock following mobilization and technological upgrades and is en route to begin operations. This ship, approximately the same size as the Odyssey Explorer, will be fitted with a complete suite of advanced search gear including Odyssey's newest and most advanced side-scan sonar system. In the mean time, the ship will be conducting preliminary Remotely Operated Vehicle (ROV) survey operations on potential targets which have already been located during the Company's other operations.

The Odyssey Explorer continues search operations on an un-named project in the Mediterranean. Operations on this project have been efficient with the ship seeing virtually no down time since the project was commenced earlier in the year.

Odyssey's leased vessel continues to conduct side-scan search operations and anomaly inspections for the "Atlas" search project. The Company's research indicates that a minimum of five high-value shipwrecks are located within the "Atlas" search area.

"This is a truly exciting time in Odyssey's history. For the first time, we'll have three large research ships working simultaneously on major shipwreck expeditions throughout the world. This year's expansion of our search and excavation capabilities and operations reflects our focus and commitment to our core business - finding shipwrecks of significant value," said Greg Stemm, Odyssey's co-founder.

HMS Sussex

In March 2006, Odyssey submitted an archaeological plan which addressed issues raised by the Autonomous Region of Andalucía and the central Spanish government in reference to the ongoing HMS Sussex project. In May 2006, a response was received from the Ministry of Foreign Affairs with several technical questions raised by the Junta of Andalucía. In early June, the Company provided clarification on these points to the Kingdom of Spain's Ministry of Foreign Affairs through the offices of the Embassy of the United Kingdom. Odyssey is awaiting final comments on the plan before resuming operations on the shipwreck believed to be HMS Sussex.

HMS Sussex was an 80-gun English warship lost in a severe storm in the western Mediterranean in 1694. Research suggests the Sussex was carrying a large cargo of coins when she sank. Odyssey believes it has located the shipwreck of HMS Sussex and has signed an exclusive partnering agreement with the legal owner of the shipwreck, the Government of the United Kingdom, for the archaeological excavation of the shipwreck.

Odyssey has completed to the satisfaction of the Government of the United Kingdom all work detailed in Phase 1A of the Sussex archaeological project plan. The Company has also completed a portion of Phase 1B. (A public version of the project plan is available for viewing at www.shipwreck.net .)

Other Odyssey News

In other Company news, a South Carolina Circuit Judge has ruled to dismiss a lawsuit filed against Odyssey Marine in the state's court. A copy of the complete ruling can be accessed at www.shipwreck.net/ruling.html .

About Odyssey Marine Exploration

Odyssey Marine Exploration is an American Stock Exchange Company with several shipwreck projects in various stages of development throughout the world. Additional information about Odyssey, its projects, methodologies and technologies, is available at www.shipwreck.net.

In order to protect the identities of the targets of planned search operations, Odyssey may not disclose specific information relating to ship operations and search targets until the Company has located the targeted shipwreck or shipwrecks and determined a course of action to protect its property rights, which may include recovery of artifacts and transport to an appropriate jurisdiction.

For additional information, please contact John McNeilly, Odyssey's Manager of Corporate Communications, at 813-876-1776.

Odyssey Marine Exploration
http://www.shipwreck.net

 

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[jeff k]

Re: ODYSSEY MARINE EXPLORATION Spanish Press

The Meeting demands new explanations to approve the plan of the “Sussex”

Exteriors indicate that, once identified pecio, the North American company will be able to extract all gold without restrictions

EUROPE PRESS

Exteriors need that, once identified pecio, the North American company will be able to extract all gold without restrictions
MADRID, 4 (EUROPE PRESS)

The Meeting of Andalusia has demanded new explanations to the American company Odyssey Marine Exploration, with base in Tampa (Flowery) and proprietor of the boat Odyssey Explorer, at the time of identifying the “HMS Sussex” in waters of the bay of Cadiz, according to informed sources into the Ministry into Outer Subjects and Cooperation to Europe Press.

The autonomic Executive of Manuel Chaves has sent today to the Department of Miguel Moratinos Angel a series of explanations that will be given to Odyssey Marine Exploration through the British Embassy by means of a verbal note.

Basically, the Meeting Andalusian requests more data on the degree of the experts who would participate in the identification plan, as well as a greater precision in the performance area where the North American company would make the prospection.

The mentioned sources needed that in case finally the workings of identification of the “Sussex” are authorized and the results are positive, the Odyssey could soon extract pecio and their possible gold shipment without restrictions, as long as it has the necessary authorization of London.

“The Meeting (of Andalusia) will not have anything to say. First it is to see if the boat is or it is not and nothing removes, but to verify if one treats or not of the British ship. If it is thus, the Meeting will not be able to do nothing because the British will decide what he even takes control of the Spanish water ship being”, indicated on the matter.

In this sense, they remembered that the international doctrine determines that the sunk ships belong to the States of the pavilion. “It is just like we applied and we demanded in the Caribbean or in Gulf of Mexico, for example, where they want that they are the boats, as much if they are in national waters like in international”, insisted.

Odyssey Marine Exploration the past announced 29 of June that had transmitted “at the beginning of June” to the Spanish Government the technical questions that to him the Meeting of Andalusia through central Executive requested initially.

Thus, the American company sent in March of this year a first archaeological plan on the “HMS Sussex” in which it tried to respond to the claims of the authorities Andalusian. The Spanish answer took place in May and in her it requested explanations on “several technical questions”.

After sending the answer now to the explanations, Odyssey it indicated that it waited for “the final commentaries on the plan before reinitiating the operations in pecio that is thought that it is the HMS Sussex”, according to indicated in the official notice. Nevertheless, it will have to respond to the new explanations that to him the Executive demands Andalusian.

The Ministry of Outer Subjects and Cooperation admitted in May that the company Odyssey Marine Exploration had tried “to correct the errors” of the past with its last archaeological project on the “HMS Sussex”.

POSITION OF THE MEETING IN MAYO

The viceadvisor of Culture of Andalusia, Jose Maria Rodriguez, described the archaeological plan as fit May of “more” with the Law of Patrimony of Andalusia, although, noticed that, in case that the company tries to extract some gold shipment --something that clarified nonfigure in the project--, that intention would not consider a “archaeological aim”, something necessary to approve the project.

In declarations to Europe Press, Rodriguez indicated that the “main reason” by whom they did not admit the previous project was that they did not consider that it was “an archaeological project nor scientist”, reason why could not authorize it.

“In principle it is different from the previous one and more adjusts to the autonomic norm and, in addition, it recognizes the authority of the Government Andalusian to approve this project, something that is not little”, it emphasized.

With respect to the extraction of a possible gold shipment, the viceadvisor clarified that the company “does not express that intention in the project” although clarified “of generic way”, without talking about specifically to this ship, that “to remove gold from pecio is not an archaeological aim, but economic”.

“Subaqueous archaeology persecutes that the material that is extracted, it only removes to be protected, to be conserved and to be spread. The aims of the archaeological activity are not economic, but scientists, and the contents of the pecios, unless they are in disappearance danger, must remain where they are”, it added.

The American company insists on which the “legal proprietor” of the boat is the British Government, whom he authorized to him to make the “archaeological excavation” of the sunk galleon in 1694 with an important gold shipment. Odyssey already declared at the beginning of March that London had given the approval him to complete the second phase of identification of the “HMS Sussex”.

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[jeff k]

Re: ODYSSEY MARINE EXPLORATION Press Release

The GloMar Challenger has been scrapped.

http://www-odp.tamu.edu/glomar.html

 

[jeff of pa]

Odyssey Marine Exploration issued the following press release today:

Odyssey Marine Exploration to Move New Orleans Shipwreck Attraction to New Market

Tampa, FL - August 3, 2006 - Odyssey Marine Exploration, Inc (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, has exercised its right to terminate the lease agreement on the property housing its shipwreck attraction in New Orleans due to the continuing economic and business difficulties in the city and surrounding areas since Hurricane Katrina.

Odyssey's Shipwreck & Treasure Adventure will close in September 2006. Odyssey plans to re-open the attraction in another market later in 2006. The attraction originally opened in New Orleans on August 27, 2005, but closed almost immediately due to Hurricane Katrina. The attraction re-opened in early 2006, along with many other businesses who hoped to help bring the tourism industry back to life in the city.

"New Orleans suffered a terrible tragedy with Hurricane Katrina and the devastating consequences continue to be felt. Although there is light at the end of the tunnel, the economic climate in the city remains challenging. We hoped when we returned in February that business conditions, particularly tourism, would rebound quicker, but that unfortunately has not happened. It is therefore with tremendous sadness and regret that we must move the attraction - at least for now," said Greg Stemm, Odyssey's co-founder. "We want to express our profound gratitude to the citizens of New Orleans, which include our fantastic employees, our friends at Jax Brewery, the Convention & Visitors Bureau, the Tourism Marketing Corporation, the French Quarter Business Association, Gray Line, the New Orleans Steamboat Company, and everyone else who contributed to make the attraction such a hit with visitors."

Odyssey's Shipwreck & Treasure Adventure employees will remain on staff, and the facility will maintain normal business hours and remain open to the public, through its closing in September 2006.

Odyssey remains committed to the shipwreck attraction concept as an important future revenue generator for the Company. Odyssey's Shipwreck & Treasure Adventure is designed to appeal to the universal fascination with shipwrecks and sunken treasure. The New Orleans attraction revealed the compelling stories behind some of the world's most famous shipwrecks, their treasure and historical artifacts, and it allowed visitors to interactively experience the adventure and excitement of deep-ocean shipwreck exploration through multiple hands-on exhibits.

The attraction was designed to be mobile, so Odyssey is currently negotiating lease terms with possible venues to host the attraction which features the side-wheel steamer Republic. The Republic sank in a hurricane off the coast of Georgia while sailing from New York to New Orleans in 1865. Odyssey discovered the Republic nearly 1,700 feet below the surface of the Atlantic Ocean in the summer of 2003, nearly 138 years after the ship went down. More than 51,000 gold and silver coins, and approximately 13,000 additional artifacts, were recovered in the world's most extensive deep-ocean archaeological excavation.

"One of the things we consistently learned from visitor exit surveys performed by an independent research firm was that the New Orleans attraction was highly popular with our guests. A high percentage of visitors noted that, not only would they return, but they would also strongly recommend the attraction to others and considered it an excellent value," said John C. Morris, Odyssey's co-founder and CEO. "That's a testament to how hard our staff worked to make this concept successful, and we believe we've established a solid, repeatable shipwreck attraction model for the future. Had Hurricane Katrina not devastated New Orleans and surrounding areas, we're confident our attraction would be flourishing."

About Odyssey Marine Exploration

Odyssey Marine Exploration is an American Stock Exchange Company with several shipwreck projects in various stages of development throughout the world. Additional information about Odyssey, its projects, methodologies and technologies, is available at www.shipwreck.net.

For additional information, please contact John McNeilly, Odyssey's Associate Director of Corporate Communications, at 813-876-1776 (ext. 2553).

Odyssey Marine Exploration
http://www.shipwreck.net

 

[buscadero]

If I remember right, It was the Glomar Explorer. The last I heard, the Navy leased it to Global Marine for 30 yrs. They turned it into a Drill ship.

JOE

 

[jeff of pa]

Odyssey Marine Exploration issued the following press release today:

Odyssey Marine Exploration Announces Second Quarter 2006 Results

Revenue Doubles from First to Second Quarter in 2006

Tampa, FL - August 7, 2006 - Odyssey Marine Exploration (AMEX: OMR) Inc., a leader in the field of deep-ocean shipwreck exploration, today filed a quarterly report with the Securities and Exchange Commission detailing results of the Company's second quarter 2006.

For the second quarter 2006, Odyssey reported revenue of $2.0 million compared to $3.8 million in the second quarter 2005. The Company also reported a net loss of $4.1 million, compared to a net loss of $1.0 million in 2005. The net loss per share for the second quarter 2006 was $.09, compared to a net loss of $.03 in the second quarter 2005. (Second-quarter 2006 earnings included the expense associated with adopting Statement of Financial Accounting Standards (SFAS) No. 123(R), Share-Based Payment, which requires the expensing of stock options. The adoption of SFAS 123(R) resulted in a second-quarter 2006 EPS impact of $0.01 per share.)

"While we remain disappointed with our financial results, we are encouraged by our quarter to quarter revenue improvement, which included doubling our revenue from the first quarter 2006. We will continue to implement key changes to our strategic business plan, which are already showing results, while we continue to aggressively search for deep-ocean shipwrecks that can be archaeologically excavated and capitalized relatively quickly," said John C. Morris, Odyssey's Chairman and CEO.

Second Quarter 2006 Results

REVENUE

Revenue for the second quarter 2006 was $2.0 million compared to $3.8 million in the second quarter 2005. Revenues are generated primarily through the sale of gold and silver coins, but also include other artifacts and merchandise. Also, included in the Company's revenue for 2006 was $.1 million of admissions and merchandise sales from its themed attractions segment.

The decrease of $1.8 million in 2006 was due to a lower availability of high-value numismatic gold coins, sales to fewer independent coin dealers, and a shift to a higher volume of lower priced silver coins. Odyssey's experience has shown that many of these independent dealers are primarily interested in higher quality numismatic gold coins. As the Company's availability of these higher quality gold coins diminishes, it expects the number of independent dealers interested in its coins to be reduced.

After investigating opportunities to increase revenue and reduce expenses without compromising the overall strategic business plan, the Company decided earlier in the year to restructure its business development and sales functions. Direct sales (e.g. inbound and outbound call center and related infrastructure) were outsourced to an experienced direct marketing call center partner so the internal business development team can focus on indirect (wholesale) sales channels and joint venture opportunities.

While marketing programs associated with this restructuring are still ramping up, initial results are positive. Marketing channel tests underway, including direct mail, outbound tele-sales, financial newsletter inserts and catalog sales, are generating sales results at or above forecast levels. Odyssey plans to add additional channels to this mix in 2006.

EXPENSES

Operations and research expenses were $3.7 million in the second quarter of 2006, compared to $2.8 million in 2005. Of the $.9 million increase, $.5 million was due to additional usage of the Company's leased vessel and mobilization expenses associated with the recently purchased vessel, and $.4 million was due to operational costs of the themed attractions segment, primarily associated with the New Orleans attraction which was closed 2005, and re-opened in February 2006.

Marketing, general and administrative expenses were $2.2 million in the second quarter 2006 as compared to $2.3 million in 2005. The decrease of $.1 million is primarily related to lower marketing expenses of $.3 million, offset by higher shared-based compensation costs related to adoption of FASB 123R in 2006.

QUARTERLY OPERATIONAL REVIEW

In the past, Odyssey has occasionally disclosed information concerning each of its existing and planned search operations. As the Company may have entered into agreements with parties who have provided information regarding targets, and in order to protect the identities of targets in Odyssey's operations, the Company will defer disclosing specific information relating to search targets or agreements until it has located targeted shipwreck or shipwrecks and determined the most appropriate course of action to protect Odyssey's property rights.

Ongoing Shipwreck Projects

For the first time in Odyssey's history, the Company has three large research ships (the Odyssey Explorer, a leased vessel, and Odyssey's newly purchased search vessel) working simultaneously on shipwreck expeditions. Odyssey's leased vessel continues to conduct side-scan and magnetometer search operations and anomaly inspections for the "Atlas" search project. The new search vessel recently purchased by the Company is also mobilized and currently conducting inspections on targets previously located.

Odyssey's 251' deep-ocean archaeological platform, the Odyssey Explorer is presently conducting operations. For security reasons, information relating to these operations may not be disclosed until completion of recovery operations if and when they occur.

Odyssey's 2006 expansion of search and excavation capabilities and operations reflects the Company's focus on and commitment to its core business - finding high-value shipwrecks.

HMS Sussex

In March 2006, the Company submitted an archaeological plan which addressed issues raised by the Autonomous Region of Andalucia and the central Spanish government in reference to the ongoing HMS Sussex project. In May 2006, a response was received from the Ministry of Foreign Affairs with several technical questions raised by the Junta of Andalucia. In early June, Odyssey provided clarification on these points to the Kingdom of Spain's Ministry of Foreign Affairs through the offices of the Embassy of the United Kingdom.

As part of the archaeological plan, Odyssey has agreed to undertake additional survey operations in the area and to provide Andalucia with a detailed survey of the region's underwater cultural heritage in deep water, as well as assistance in developing a plan for managing those resources.

Odyssey is continuing to work in a cooperative manner with the Junta of Andalucia and the central Spanish government and is awaiting final comments on the plan before resuming operations on the shipwreck believed to be HMS Sussex. Based on communications from the Spanish Government and other sources, the Company anticipates that the archaeological plan will be deemed acceptable and Odyssey plans to begin work on the Sussex project later in 2006, according to a schedule that allows Odyssey to continue work on one of its other projects until the weather window closes.

HMS Sussex was an 80-gun English warship lost in a severe storm in the western Mediterranean in 1694. Research suggests the Sussex was carrying a large cargo of coins when she sank. Odyssey believes it has located the shipwreck of HMS Sussex and has signed an exclusive partnering agreement with the legal owner of the shipwreck, the Government of the United Kingdom, for the archaeological excavation of the shipwreck.

Odyssey has already completed to the satisfaction of the Government of the United Kingdom all work detailed in Phase 1A of the Sussex archaeological project plan. The Company has also completed a portion of Phase 1B. (A public version of the project plan is available for viewing at www.shipwreck.net.)

About Odyssey Marine Exploration

Odyssey Marine Exploration is an American Stock Exchange Company with several shipwreck projects in various stages of development throughout the world. Additional information about Odyssey, its projects, methodologies and technologies, is available at www.shipwreck.net.

For additional information, please contact John McNeilly, Odyssey's Associate Director of Corporate Communications, at 813-876-1776 (ext. 2553).

Consolidated Balance Sheets (PDF) at http://shipwreck.net/OMR-10Q-Q2-2006.pdf . You will need Adobe Acrobat to view this file. If you do not have this program, you can download a free Adobe Acrobat Reader at Adobe.com .

Odyssey Marine Exploration
http://www.shipwreck.net

 

[SHERMANVILLE ILLINOIS]

Only selling for about $2.50 now; except for the
one push in I think around 1999 or 2000 where it
went way up ($700 - $800), not much doing with them.
Not much above $5 for a time.

Think too many people are making money on them
and its not the stockholders.

Looked good, but nothing for 6 years.

all have a good un.............