Odyssey Announces 2005 Search Program
TAMPA, FL -- 02/25/2005 -- Odyssey Marine Exploration, Inc. (AMEX:OMR), a leader in the field of deep ocean shipwreck exploration, has completed an extensive target development program for its 2005 search season. Odyssey’s research team has designated five shipwreck targets that will be the focus of upcoming search operations. According to company research, none are believed to be sovereign immune warships, nor in the territorial waters of any country. Because of this, archaeological documentation and excavation of each site can be started immediately upon discovery.
The company believes that only two of the five targets may have any potential insurance claimants, and it is anticipated that they would be resolved in a manner consistent with the resolution of the Republic insurance claims.
To facilitate this ambitious search program, Odyssey has signed a contract to acquire another ship, similar in size and sea-keeping capabilities to the Odyssey Explorer, as well as a new, advanced search system, which allows us to search areas at twice the speed of our previous system.
It is anticipated the entire area of possibility for these five sites, some of which overlap, can be searched completely during approximately 12 months of search operations, which are scheduled to begin in April 2005. The areas of highest probabilities for the primary targets are scheduled to be completed within 4 months.
“We have invested a lot of money and resources into our shipwreck research program, and I believe that we are now going to see the payoff,” commented Greg Stemm, Odyssey co-founder. “One of the factors that makes these targets so attractive is that we believe that they are not subject to reasonable ownership claims by any government or private parties. Nevertheless, we will continue to adhere to our own high standards of archaeology and science.”
Odyssey Marine Exploration is an American Stock Exchange Company (Ticker symbol: OMR) with several shipwreck projects in various stages of development throughout the world. Additional information about Odyssey, its projects and equipment is available at http://www.shipwreck.net.
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 February 29, 2004, which has been filed with the Securities and Exchange Commission.
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