ODYSSEY MARINE EXPLORATION Press Releases

[jeff of pa]

Odyssey Marine Exploration issued the following press release today:


QUARTERLY OPERATIONAL REVIEW

"Atlas" Project

On May 4, 2005, we announced that search operations had begun on our 2005 shipwreck search program, code-named the "Atlas" project, with our chartered side-scan survey vessel. The "Atlas" project is the result of an extensive target development program and consists of five target shipwrecks.

The Odyssey Explorer joined the Company's chartered side-scan survey vessel in June to work in the 2005 "Atlas" search area. Since announcing the start of the "Atlas" project, we have identified approximately 410 targets and inspected 252 targets with ZEUS, one of the Company's Remotely Operated Vehicles (ROV).

For this project, we employed a new side-scan sonar system which we believe allows us to map the seafloor twice as fast as previous searches. Having a deep-water ROV on a second ship to visually inspect targets will result in a more efficient search process.

Western Mediterranean Project

In April 2005, the Odyssey Explorer began performing survey and archaeological work in the western Mediterranean. We located 23 shipwreck sites, produced 14 pre-disturbance photomosaics, and completed preliminary excavations on 7 sites.

The archaeological work resulted in the recovery of approximately 400 artifacts plus a substantial number of trade beads which are undergoing conservation and study by Odyssey's research department.

HMS Sussex Project

The discussions between Odyssey, the Kingdom of Spain, the United Kingdom, the United States, and the regional government of Andalucia, regarding the British warship HMS Sussex, as well as cultural interests and underwater archaeology in the region, are ongoing.

We believe these issues will be resolved prior to commencement of work at the Sussex location later in 2005.

The Consolidated Balance Sheets can be viewed at: http://shipwreck.net/pr103b.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 and methodologies, is available at www.shipwreck.net.

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

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Safe Harbor Statement

The Company believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors," and "Business" in the Company's annual report on Form 10KSB/A for the year ended December 31, 2004, which has been filed with the Securities and Exchange Commission.

 

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[lets_go]

Re: ODYSSEY MARINE EXPLORATION Press Release

I wanted to buy shares of Odyssey at 18 cents a share, the wife said "NO." I listened.

 

[jeff of pa]

Re: ODYSSEY MARINE EXPLORATION Press Release

THAT'S OK, their Claiming Losses !

Guess Their is No Money in THEASURE HUNTING


Odyssey Marine Exploration Announces Second Quarter 2005 Results

Tampa, FL, August 10, 2005 - Odyssey Marine Exploration (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, has announced results for the second quarter 2005. Due to a change in the Company's fiscal year effective December 31, 2004, the second quarter of our current fiscal year ends on June 30, 2005, as compared to the second quarter 2004, which ended on August 31, 2004 during our prior fiscal year.

REVENUE

Odyssey reported second quarter 2005 revenue of $3.8 million, which was generated primarily through the sale of gold and silver coins recovered from the SS Republic shipwreck, but also includes other artifact and merchandise sales. Revenue for the second quarter of 2004 was $6.1 million. The lower 2005 revenue number was primarily due to the lower volume of silver coins distributed through independent coin dealers.

As part of a long-term business strategy, the Company is building an internal direct sales center and client base interested in shipwreck collectibles which will provide a marketing channel for Odyssey's future shipwreck discoveries and products. The transition from wholesale to retail channels will provide higher gross margins and direct contact with customers interested in shipwreck products. Our initial results from direct-to-consumer sales indicate the potential for multiple purchases over time from customers developed through our marketing efforts and strategies.

We continue to sell graded gold coins through wholesale channels consisting of selected independent coin dealers.

Odyssey believes sales volumes will increase as we continue to expand our direct response advertising and marketing efforts to acquire qualitative new leads and customers. Plans include producing infomercials, as well as targeted direct mail, print, and broadcast advertising campaigns. Visitors to Odyssey's Shipwreck & Treasure Adventure in New Orleans, and readers of the new book about the Company's SS Republic shipwreck, will also be targeted as customers.

EXPENSES

Operations and research expenses for the second quarter of 2005 were $2.7 million, compared to $.5 million for the second quarter 2004. The $2.2 million increase in 2005 was primarily due to vessel recovery costs not being capitalized during 2005. Vessel recovery costs of $1.7 million were capitalized in 2004 as SS Republic inventory. In addition, the Company chartered a vessel in 2005 to conduct search operations for $.3 million, and incurred additional expenses associated with the build up of our Western Mediterranean and Atlas search projects.

Marketing, general and administrative expenses for the second quarter of 2005 were $2.4 million, compared to $1.1 million in the second quarter 2004. Of the $1.3 million increase, $.7 million resulted from expansion of our marketing and sales function and the development of a direct sales telemarketing center. Attraction related development activities accounted for an additional $.2 million increase. The additional increase covered expansion of corporate support functions including personnel, information technology, professional services and corporate communications.

NET LOSS

The Company reported a net loss of $ 1.1 million for the second quarter of 2005 compared to net income of $2.4 million in the second quarter 2004. The net loss per share for the second quarter of 2005 was $.03, compared to earnings of $.06 per share in second quarter 2004.

Increased expenses and reduced revenue involved in executing the Company's long-term business strategy contributed to the reduction in income and EPS.

ADDITIONAL DEVELOPMENTS AND PLANS

On June 8, 2005, the Company announced a newly formed subsidiary, Odyssey Marine Entertainment, Inc., that will open an interactive shipwreck and treasure attraction in the French Quarter of New Orleans, Louisiana. The themed attractions group is responsible for interactive attractions and exhibits that will entertain and educate multi-generational audiences, and present Odyssey's unique shipwreck stories and artifacts. The exhibits will showcase our proprietary technology and the excitement of deep-ocean archeological shipwreck search and recovery.

The grand opening of the first attraction is scheduled for August 27, 2005. Our second attraction is currently being planned for opening late in 2005 or early 2006. We anticipate revenue generation from the attraction, attached gift shop and themed retail location to begin in the third quarter of 2005.

In addition, Odyssey Marine Entertainment, through Odyssey's Shipwreck Heritage Press subsidiary, will manage the mid-September 2005 national release of Lost Gold of the Republic: The Remarkable Quest for the Greatest Shipwreck Treasure of the Civil War Era, a hardcover book that explores the Company's 2003 discovery of the SS Republic shipwreck.

The shipwreck attraction and book, as well as future entertainment opportunities, are also expected to enhance the Company's brand awareness in the public while also generating new customer leads and sales opportunities.

During the second quarter 2005, the Company was also added to the Russell 3000, the Russell 2000, and the new Russell Microcap Indexes. More than $2.5 trillion in assets currently are benchmarked to the Russell Indexes. Investment managers who oversee these funds purchase shares of member stocks according to that company's weighting in the particular index. Annual reconstitution of Russell indexes captures the 3,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell Indexes.

 

[CaribbeanDiver]

Re: ODYSSEY MARINE EXPLORATION Press Release

I hate to see these big operations that just waste their precious finds on financing their often unnecessary budgets and salaries. All this history is being wasted to finance a few guys short "careers", or should we say the ability to live the dream.

Just my opinion...

 

[gldhntr]

Re: ODYSSEY MARINE EXPLORATION Press Release

they probably learned how to do that from one of those government help bulletins.........gldhntr

 

[wreckdiver1715]

Re: ODYSSEY MARINE EXPLORATION Press Release

Gregg and the other folks at Odyssey have been at this business for many years and I am sure that they have eaten more than there share of beans and soup along the way. They have been able to build a small operation into a much bigger and way more successful business than they ever imagined. Treasure hunting is a very expensive endeavor, so let give credit where credit is due.
This company is expanding its operations and diversifying into other ventures, that way they will hopefully be able keep a positive cash flow even during the lean years, and there will be lean years in this business.
I bought in while they were still listed in the pink sheets, at about 2 something a share, and again at about 3 bucks a share and watched the stock scream to way over 6 bucks a share and today they are down a bit to 4.29 a share, but I am still in the green. It is possible that they may even drop down into the three dollar range again if they don?t get the operation off of Gibraltar going soon. If that does happen I will double up on the shares I currently own. I am convinced that these folks are going to do very well, and I?m looking forward to sharing in a little part of that fortune.
So let?s cheer these fellow treasure hunters on, they done good.

Q

 

[gldhntr]

Re: ODYSSEY MARINE EXPLORATION Press Release

if they are pulling gold, silver, and relics, from the depths of the ocean, while swimming around looking like a jitterbug bass lure amongst all those big ass fish, they got my applause, and respect............gldhntr

 

[jeff of pa]

Re: ODYSSEY MARINE EXPLORATION Press Release

Odyssey Marine Exploration issued the following press release today:

Odyssey's Shipwreck & Treasure Adventure Grand Opening And Hurricane Katrina Update

TAMPA, FL - August 29, 2005 - Odyssey Marine Exploration (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, celebrated the grand opening of the first Odyssey Shipwreck & Treasure Adventure on Saturday, August 27 at the Jax Brewery complex in the French Quarter of New Orleans.

In spite of the hurricane bearing down on New Orleans, the event was well attended by a crowd that filled Decatur Street in a lively parade and included dignitaries from the Louisiana Governor's office, the New Orleans Mayor's office and other local politicians who attended to show their support for the attraction. Proclamations from the Governor, the Mayor and the City Council demonstrated the significant amount of support that Odyssey's attraction is receiving. August 27 was even proclaimed "Odyssey Shipwreck and Treasure Adventure Day" in the City of New Orleans.

Initial feedback from attendees who had the opportunity to experience the attraction indicated that their experience was first rate and surpassed their expectations.

The attraction was closed early on the Grand Opening day as a safety precaution and both Tampa-based and New Orleans-based employees secured artifacts and the facility over the weekend, following the institution of the company's security and hurricane safety plan.

All Tampa-based employees were safely evacuated and have returned or are en route to Tampa, and our New Orleans-based employees have taken appropriate safety precautions and evacuated the city or have moved to appropriate shelter. Odyssey has posted a 24 hour security detail at the attraction, and the report as of Noon EST today from the site was that the building is secure, and aside from one small roof leak and some wet carpet, there has been no damage. At one point, water had risen in the street to the first step leading into the building but has now begun to recede, according to Odyssey's security detail at the site.

Luckily, the attraction is on the third floor on the safest side of the building, and Jax Brewery is on some of the highest ground in the French Quarter. The attraction is fully insured including flood and business interruption coverage.

"It was a harrowing day preparing for Katrina, but no matter what the result of the hurricane, we are sure that the awesome spirit of the people of New Orleans will prevail," commented Greg Stem, Odyssey's co-founder. "In the short time we were open, I was ecstatic about the feedback from both adults and children alike. No one has ever seen anything like this attraction, and I believe we have the makings of a fantastic new aspect to our business. Right now, we are focusing on the safety of our employees and the people in Katrina's path and stand ready to do as much as possible to contribute to assisting our new neighbors in New Orleans."

About Odyssey Marine Exploration

Odyssey Marine Exploration is an American Stock Exchange Company (Ticker symbol: OMR) with several shipwreck projects in various stages of development throughout the world including the "Atlas" and Sussex projects. Additional information about Odyssey, its projects and equipment is available at www.shipwreck.net.

For more information, please contract Laura Barton at 813-876-1776 (extension 2562).

- END -

 

[xXx]

Re: ODYSSEY MARINE EXPLORATION Press Release

I did see in a website through Odyssey that they are interested in hiring experienced Treasure Hunters to join their team.
I just tried to look it up again, but can't find it.
xXx

 

[jeff of pa]

Re: ODYSSEY MARINE EXPLORATION Press Release

Odyssey Marine Exploration issued the following press release today:

Odyssey Marine Exploration Announces Third Quarter 2005 Results

Michael V. Barton Named Interim CEO

Tampa, FL - November 10, 2005 - Odyssey Marine Exploration (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, has filed a quarterly report with the Securities and Exchange Commission detailing results for the third quarter 2005.

In addition, the Company announced that the Odyssey Board of Directors has named Michael V. Barton to serve as Interim Chief Executive Officer, effective November 10, 2005. Barton, Odyssey's former Chief Financial Officer, will assume the duties of Chief Executive Officer while John Morris, Odyssey's President and CEO since the Company's inception, recovers from recent medical treatments.

Morris recently completed a series of treatments for a tumor in his neck. A full recovery is expected, but he will have difficulty speaking in the coming weeks which will impede his ability to carry out day-to-day duties as Chief Executive Officer. Morris will retain his position as Chairman of the Board and will remain active in the leadership and strategic direction of the Company.

"Temporarily stepping back from the day-to-day activities at Odyssey is difficult, but for the short term, it's in the best interest of the Company and my physical recovery," stated John Morris. "I'm confident that Mike Barton, Greg Stemm and our management team, will continue to move the Company forward during this period and I'm thrilled that Mike is re-joining Odyssey. I will continue to remain involved with Odyssey as Chairman of the Board and I expect to return as CEO within a few months."

Mike Barton served as Odyssey's CFO from May 2002 until May 2004, helping guide substantial growth in the Company's shareholder equity, earnings and entry onto the American Stock Exchange. Since that time, he has served as Managing Director of Intrust Advisors, LLC, and President of the Tampa Bay Estate Planning Council. From 1995 to May 2002 he was Vice President of the Wealth Management Group for First Union National Bank where he assisted high net worth clients with estate and business succession planning, investment strategies, and tax planning. Prior to that, Barton worked in the mutual fund industry as a Senior Compliance Officer and in public accounting. Barton received a B.S. in Business Administration and Master of Accountancy degrees from the University of South Florida.

"Balancing the needs of the Company while focusing on daily medical treatments have taken a lot out of John," commented Greg Stemm, Odyssey's co-founder. "We've had to push him to take some critical time to recover. Mike Barton's been through thick and thin with us, so the entire Odyssey team is delighted to have him back, even in a temporary position. We'll be consulting and talking with John regularly, and we'll continue to benefit from his guidance and leadership, but this arrangement will spare him the strenuous day-to-day activities of running a public company. All of us here at Odyssey wish him the best and offer our thoughts and prayers for a speedy recovery."

Third Quarter 2005 Results

Note: Due to a change in the Company's fiscal year effective December 31, 2004, the third quarter of our current fiscal year ends on September 30th, 2005, as compared to the third quarter 2004, which ended on November 30, 2004, during our prior fiscal year.

REVENUE

Odyssey reported third quarter 2005 revenue of $1.0 million, which was generated primarily through the sale of gold and silver coins recovered from the SS Republic shipwreck, but also includes other artifact and merchandise sales. Revenue for the third quarter 2004 was $6.3 million. In 2004, sales were made only through independent coin dealers. Revenues were significantly lower in 2005 versus 2004 due to a number of factors.

Odyssey continues to sell numismatic coins to independent coin dealers. During the third quarter 2005, however, the Company experienced a decrease in numismatic gold coin revenue, relative to 2004, due to a lower availability of high-value gold coins. The Company is also developing additional indirect sales channels to supplement its coin dealer network for non-graded gold, shipwreck-effect silver coins, and for other merchandise.

While significant revenue has not yet been realized from these new indirect sales channels, the Company is building additional distribution for Odyssey shipwreck products, which should begin producing revenue by early 2006.

Odyssey continues to develop retail distribution of coins through direct retail sales channels where gross margins are substantially higher. However, during the third quarter 2005, sales were lower than expected as the Company planned to obtain retail leads from the New Orleans attraction to supplement direct-response advertising. However, Hurricane Katrina closed down the Company's themed attraction, thereby preventing access to retail leads that would have been furnished to direct sales operations.

The Company is continuing to build a client base in its direct sales department and sales volumes will increase as Odyssey continues to expand book sales, direct-response print, television and radio marketing efforts, as well as leads generated by themed attractions and other shipwreck marketing activities.

EXPENSES

Operations and research expenses for the third quarter of 2005 were $3.8 million, compared to $.7 million for third quarter 2004. Of the $3.1 million increase, $2.3 million was related to vessel costs - with $1.6 million due to recovery costs associated with the "Atlas" search project not being capitalized during 2005, and an additional $.7 million attributable to charter costs for search operations also related to the "Atlas" search.

In addition $.8 million of the increase was due to start-up operations in our themed attractions group.

Marketing, general and administrative expenses were $2.3 million in 2005 as compared to $1.4 million in 2004. The Company continued the expansion of its corporate support infrastructure to execute its business plan. This includes the continued development of search and recovery projects and the expansion of marketing and sales initiatives associated with developing direct sales channels.

Of the $.9 million increase, $.5 million resulted from expansion of marketing and sales functions associated with the development of direct sales programs. Additionally, $.2 million was related to the themed attractions group and $.2 million was attributable to general and administration expenses, including information technology, and professional and audit services related primarily to the implementation of Sarbanes-Oxley

Cost of sales consists of shipwreck recovery costs, grading, conservation, packaging, and shipping costs associated with artifact, merchandise and book sales. Cost of sales as a percentage of revenue for 2005 and 2004 was 19% and 5%, respectively. The lower cost of sales percentage in 2004 is attributable to a higher sales mix of gold coins.

NET LOSS

The Company reported a net loss of $3.1 million for the third quarter of 2005 compared to net income of $2.4 million in the third quarter 2004. The net loss per share for the third quarter of 2005 was $.07, compared to earnings of $.06 per share in the third quarter 2004.

Increased expenses and reduced revenue involved in executing the Company's long-term business strategy contributed to the reduction in income and EPS.

ADDITIONAL DEVELOPMENTS AND PLANS

The Company held the grand opening of its first themed attraction, Odyssey's Shipwreck & Treasure Adventure, on August 27, 2005, at the Jax Brewery complex in the French Quarter of New Orleans. The attraction was closed early on the grand opening day due to Hurricane Katrina. The Jax Brewery building in which the attraction resides remains closed.

Odyssey has been informed by the building manager that the building will remain closed while loss consultants determine the extent of property damage and make necessary repairs due to the storm damage. There was no flooding in the immediate area. The Odyssey attraction sustained minimal damage and the Company was able to safely remove all irreplaceable artifacts and valuables including all coins and other high-value items.

Odyssey carries $4.5 million of insurance coverage for the attraction including property and business income. The Company has reserved $91,000 representing the deductible portion of estimated damages to property and equipment. Odyssey is currently evaluating business alternatives for the New Orleans attraction. The Company also has a second attraction in development with plans to roll out in 2006.

In addition, Odyssey's Shipwreck Heritage Press subsidiary, delivered its hard-cover publication of Lost Gold of the Republic: The Remarkable Quest for the Greatest Shipwreck Treasure of the Civil War Era, to bookstores nationwide. The book, which details the Company's search for and excavation of the SS Republic, has garnered positive reviews in several publications, including the Associated Press, which called it "a splendid book." An aggressive media campaign is currently underway to promote the book to audiences nationwide.

QUARTERLY OPERATIONAL REVIEW

"Atlas" Project

The Company also announced that 2005 operations on the "Atlas" search project will be suspended through the winter months due to inclement weather while the Odyssey Explorer is deployed to the Western Mediterranean to begin operations on HMS Sussex.

The "Atlas" project is believed to be the most extensive shipwreck search operation ever launched and is utilizing the Odyssey Explorer deploying the Remotely Operated Vehicle (ROV) ZEUS for target inspection and artifact recovery, and a second search ship using a new, advanced side-scan system to search the ocean bottom. A minimum of five high-value shipwrecks are believed to be in this search area.

The 2005 search operations, which were initially announced May 4th, have resulted in the mapping of over 4,600 square miles of the search area. Results include the discovery of 2,421 anomalies on the sea floor using an advanced high-resolution side-scan sonar system. After post-processing data, over 1,100 of those anomalies were selected for possible further examination. Of those, 577 sites have been inspected and at least 180 are believed to be man-made or shipwreck sites.

Of the shipwrecks inspected by ZEUS, several exhibit key characteristics of some of the target shipwrecks being sought as part of the "Atlas" search project. Odyssey is currently analyzing high-definition video, digital photos and collected artifacts to determine the potential identity, cultural significance, and economic value of the inspected sites. Odyssey intends to complete the search of the "Atlas" area in 2006 when the weather window re-opens. (For reasons of security and strategic confidentiality, the Company does not disclose the location of the "Atlas" project area.)

HMS Sussex Project

The Odyssey Explorer, Odyssey's 251-foot deep-ocean archaeological platform is currently being mobilized to resume operations on the shipwreck believed to be HMS Sussex. While en route to the Western Mediterranean, the Odyssey Explorer may spend several additional days inspecting targets discovered during the "Atlas" search, weather conditions permitting.

Sussex operations are expected to commence shortly after the Odyssey Explorer reaches the Western Mediterranean.

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 and methodologies, is available at www.shipwreck.net.

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

Consolidated Balance Sheets (PDF) - http://shipwreck.net/OMR_3Q-05_Financials_FINAL.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 .

- END -

Safe Harbor Statement

The Company believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors," and "Business" in the Company's annual report on Form 10KSB/A for the year ended December 31, 2004, which has been filed with the Securities and Exchange Commission.

 

[mad4wrecks]

Re: ODYSSEY MARINE EXPLORATION Press Release

I sure wish those guys good luck, but I prefer to keep things small and simple. They have so many investors, employees and lawyers to pay it is unbelievable! Not to mention the logistics and cost of deep water exploration. I think ego has a lot to do with it. I personally wouldn't want the aggrevation-too corporate-like. Takes all the fun out of it. Again, my personal preference. There are still many, many SHALLOW WATER shipwrecks awaiting discovery, right here in my back yard. A reliable boat, a sturdy blower, a good pulse detector and some inexpensive electronics and a person or small group can do quite well.

 

[Salvor6]

Re: ODYSSEY MARINE EXPLORATION Press Release

I have watched the progress of Greg Stemm and John Morris since they started the Seahawk Co. in Tampa 25 years ago. They are living their dream and very successful in their business. They are also helping other treasure hunters by breaking new ground in international negotiations. Imagine a country (England) giving Odyssey a contract to salvage one of their lost warships? This would be unheard of a few years ago. I wish them the best of luck. Also; Odyssey stock is going for $3.15/share today and should hit $20/share when they bring up the first gold from the Sussex.

 

[jeff of pa]

Re: ODYSSEY MARINE EXPLORATION Press Release

Odyssey Marine Exploration issued the following press release today:

Odyssey Marine Exploration Provides Operations Update

UK Approves Sussex Phase 1A Work
Preliminary Exploration of Additional Shipwrecks

Tampa, FL (March 6, 2006) - Odyssey Marine Exploration Inc. (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, provided an operations update today.

The report recently submitted to Her Majesty's Government (HMG), which detailed the work completed by Odyssey to satisfy Phase 1A requirements of the Sussex project plan, has been reviewed by the United Kingdom's Ministry of Defence (MoD) and the Sussex Archaeological Executive committee. HMG notified Odyssey that the work detailed in the report met or exceeded all requirements of Phase 1A of the Sussex Project plan and Odyssey is now authorized to proceed to complete Phase 1B of the project. (A public version of the project plan is available for viewing at (www.shipwreck.net.)

Odyssey's archaeological team also recently completed a report that will be submitted to HMG detailing work completed during the month of January that includes portions of Phase 1B.

During meetings held last month in Spain with the Spanish government, the Junta de Andalucia, and the Government of the United Kingdom, Odyssey agreed to re-submit an archaeological project plan pursuant to specific requirements requested by Spanish authorities to move the project forward. This plan, which would include collaboration with Spanish archaeologists, is currently being prepared and the Company expects to deliver it to the appropriate authorities in early March 2006.

"We understand the geographic and political sensitivities surrounding this project and we're willing to go to great efforts to show our willingness to work in a cooperative fashion with all governments involved," said Greg Stemm, Odyssey co-founder, after meetings in London and Madrid. "Both Odyssey and HMG have been assured by the Andalucian and Spanish central government authorities that they will expeditiously examine the archaeological project when it is re-submitted in order to allow Odyssey to proceed with the operation in a collaborative manner."

While working towards a resolution of issues relating to the Sussex project, Odyssey's 251' deep-ocean archaeological platform, the Odyssey Explorer, has been deployed to other shipwreck sites in the Mediterranean as part of the Company's ongoing operational program to explore numerous other valuable shipwrecks throughout the world.

Work has been conducted on two shipwreck sites, including completion of photomosaics and preliminary surveys. Odyssey's research indicates that one of the shipwrecks (code-named "Bristol") contains a cargo of gold specie. The Company is currently analyzing the survey data and preparing a recovery plan.

It is anticipated that recovery operations on the "Bristol" project will begin later in 2006, after completion of other scheduled operations, including the Sussex and "Atlas" projects.

The Company's other research vessel, the US flagged RV Odyssey, remains in Gibraltar to continue support of operations in that area.

About 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.

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 and methodologies, is available at www.shipwreck.net.

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

- END -

The Company believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors," and "Business" in the Company's annual report on Form 10KSB for the year ended December 31, 2004, which has been filed with the Securities and Exchange Commission.

 

[mariner]

Re: ODYSSEY MARINE EXPLORATION Press Release

So, while they are held up having discussions about the Sussex, Odyssey go off and find another couple of wrecks. Boy, these guys are good !!

Mariner

 

[jeff of pa]

Re: ODYSSEY MARINE EXPLORATION Press Release

Odyssey Marine Exploration issued the following press release today:

Odyssey Marine Exploration Provides Operations Update

"Atlas" Search Project Resumes

Tampa, FL (May 05, 2006) - Odyssey Marine Exploration Inc. (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, provided an operations update today.

The Company resumed search operations on its "Atlas" project in April utilizing a ship equipped with Odyssey's advanced side-scan sonar, magnetometer and other proprietary technology. In addition, Odyssey's MaxRover ROV, nicknamed "CLIO," has been relocated to the "Atlas" search area to be used for site inspections.

The 2005 search operations in the "Atlas" area resulted in the mapping of over 4,600 square miles of the search area. Results include the discovery of 2,421 anomalies on the sea floor using an advanced high-resolution side-scan sonar system. After post-processing data, over 1,100 of those anomalies were selected for possible further examination. Of those, 577 sites have been inspected and at least 180 are believed to be manmade or shipwreck sites.

Odyssey's research indicates that a minimum of five high-value shipwrecks are in the "Atlas" search area. (For reasons of security and strategic confidentiality, the Company does not disclose the location of the "Atlas" area.)

Odyssey's 251' deep-ocean archaeological platform, the Odyssey Explorer continues to work on several deep-ocean projects in the Mediterranean. For security reasons, information relating to these projects may not be disclosed until completion of recovery operations.

HMS Sussex

In March 2006, Odyssey submitted an archaeological plan which addressed all issues raised by the Autonomous Region of Andalucia and the central Spanish government in reference to the ongoing HMS Sussex project. The Company is awaiting final comments and approval of the plan before continuing operations on that shipwreck.

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. Odyssey has also completed a portion of Phase 1B. (A public version of the project plan is available for viewing at (www.shipwreck.net.)

Sales Operations

After investigating opportunities to increase revenue and reduce expenses without compromising the overall strategic business plan, the Company decided to restructure its Business Development/Sales structure. Based on several favorable tests, direct sales (inbound and outbound call center and related infrastructure) have been outsourced to an experienced direct marketing call center partner so that the internal business development team can focus on business to business (wholesale) sales channels and joint venture opportunities. The final phase of this restructuring resulted in the elimination of seven positions associated with call center functions.

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 and methodologies, is available at www.shipwreck.net.

In conjunction with the Company's annual meeting for shareholders, a list of questions and answers provided at the meeting will also be available on the Company's website, www.shipwreck.net, after 9:30am today.

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

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

 

[jeff k]

Re: ODYSSEY MARINE EXPLORATION Press Release

Der Spiegel Sussex Article...

http://service.spiegel.de/cache/international/spiegel/0,1518,414548,00.html

Odyssey should be receiving an answer from the Andalusians in the next few days.

 

[mariner]

Re: ODYSSEY MARINE EXPLORATION Press Release

The Andalusian intervention willprove to be just a red herring. They are just flexing the few muscles they have to remind Spain of their presence. I bet that Odyssey are just itching to get going on the Syssex recovery. I know that I would be !!

Mariner

 

[jeff k]

Re: ODYSSEY MARINE EXPLORATION Press Release

Exteriors accept the project of Odyssey

EUROPE PRESS


Madrid. The Ministry of Outer Subjects and Cooperation admitted yesterday that the company Odyssey Marine Exploration has tried ?to correct the errors? of the past with its last archaeological project on the ?HMS Sussex?, according to indicated diplomatic sources.
The Department of Miguel Moratinos Angel indicated that the Meeting of Andalusia will have the last word in this subject and that the answer of the Government of Manuel Chaves will be transmitted by means of verbal note to the American Embassy in Madrid.

?The answer will not take much. The resolution of the same one is enough outpost?, indicated the mentioned sources, that recognized that the last project of Odyssey ?is better presented/displayed? in this occasion.

The viceadvisor of Culture of Andalusia, Jose Maria Rodriguez, confirmed that its department received at the end of March the new archaeological project of the company to initiate the works of excavation on the ?HMS Sussex? and indicated that was ?fit more? with the Law of Patrimony of Andalusia, although noticed that it could not remove gold.

The company Odyssey Marine Exploration, with base in Tampa (Flowery) and proprietor of the boat Odyssey Explorer, the past announced in its last official notice the shipment month of March of its new archaeological project on the ?HMS Sussex? and that hoped to receive the approval of the Ministry of Outer Subjects and the Meeting of Andalusia. ?In March of 2006, Odyssey gave an archaeological plan that included all the subjects required by the independent region of Andalusia and the Spanish central Government in relation to the project in march?, it indicated.

In this sense, it indicated that the company is waiting for ?the final commentaries and the approval? of the plan before continuing the operations on pecio in the bay of Cadiz. The American company emphasized that 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.

http://translate.google.com/transla...&hl=en&ie=UTF-8&oe=UTF-8&prev=/language_tools

 

[jeff of pa]

Re: ODYSSEY MARINE EXPLORATION Press Release

Odyssey Marine Exploration issued the following press release today:

Odyssey Marine Exploration Purchases Additional Vessel

New Ship Expands Company's Shipwreck Search Capabilities

Tampa, FL - June 27, 2006 - Odyssey Marine Exploration, Inc. (AMEX: OMR), a leader in the field of deep-ocean shipwreck exploration, has purchased an additional ship similar in size to the Odyssey Explorer.

This ship has completed preliminary mobilization and will be equipped with a state-of-the-art side-scan sonar system and a Remotely Operated Vehicle (ROV) to conduct search operations and target inspections.

"As we focus our efforts on our core business - finding and recovering shipwrecks around the world - expanding our operational capabilities with an upgraded search and ROV operations platform is a key component in our long-term business strategy. This new vessel is a flexible and extremely stable platform and will provide us with worldwide heavy weather operational capability as our primary search and target inspection vessel, while still being available as needed for other operations," said Greg Stemm, Odyssey's co-founder. "The addition of this ship means we will have three major expeditions going on this year, which will be a 'first' for Odyssey."

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 Manager of Corporate Communications, at 813-876-1776.

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

 

[Peg Leg]

Re: ODYSSEY MARINE EXPLORATION Press Release

A few years ago there was a Special ship designed and built by Howard Huges stationed at Port Canveral. It was large enough to recover a full size SUBMARINE. It could stay put regarless of how rough the Ocean was. I understand that it rents for $100,000.00USD per day.
Why does the O.M.E not rent this ship and get on with WHATEVER-of course NO ONE could afford to purchase this ship BUT if there were SERIOUS then RENT THE DAMN this and get on with it. The Investors $$$$ would pour in.
Peg Leg