Odyssey Marine - Press Release
- May 4, 2005
Tampa, FL - May 4, 2005 - Odyssey Marine Exploration
(AMEX: OMR), a leader in the field of deep-ocean
shipwreck exploration, has begun search operations
on its 2005 shipwreck search program, code-named
the "Atlas" project.
The "Atlas" project is the result of
an extensive target development program conducted
over the past year and consists of five target
shipwrecks. The Company's research indicates the
ships are beyond any country's territorial waters
and are not believed to be subject to sovereign
immunity. Therefore, the shipwrecks can be archaeologically
excavated immediately upon discovery.
The Company believes that only two of the five
targets may have any potential insurance claimants,
and it is anticipated they would be resolved in
a manner consistent with the resolution of the
Republic insurance claims.
Odyssey's 230-foot search vessel has been equipped
with a newly designed, state-of-the-art search
system that employs the latest technologies.
The new side-scan sonar, which is one component
of the search system, performed above expectations
during sea trials held off the coast of Florida
during the month of April. The total system allows
the Company to explore twice the area on a daily
basis than was previously possible while producing
deep-ocean images at much higher resolutions.
Odyssey crews can therefore work faster and more
efficiently than previous shipwreck search efforts.
Odyssey Co-founder Greg Stemm noted, "Our
research indicates the shipwreck targets in our
2005 'Atlas' search program have tremendous potential.
With our deployment of the latest search and recovery
technologies, we anticipate a highly successful
2005 search program."
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. Odyssey has an exclusive
partnering agreement with the Government of the
United Kingdom for the archaeological excavation
of the shipwreck believed to be HMS Sussex. Odyssey's
other search and recovery vessels, the Odyssey
Explorer and the RV Odyssey are currently in the
western Mediterranean. Additional information
about Odyssey, its projects and equipment is available
- 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.