Odyssey Marine Exploration Provides Operations Update; ''Atlas'' Search Project Resumes
May 05 2006 - 9:00AM
Business Wire
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 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 10-K for the year
ended December 31, 2005, which has been filed with the Securities
and Exchange Commission.
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