Odyssey Marine Exploration Provides Operations Update
June 28 2006 - 5:25PM
Business Wire
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 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, 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 http://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
http://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 http://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
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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