TAMPA - - (MAY 26, 1999) - - Odyssey Marine Exploration, Inc.
(OMEX) announced today that it has secured the financing to begin
search operations on the "Republic" project and to begin the next
phase of search operations on the "Cambridge" project. Offshore
operations on both projects are scheduled to begin by mid-June.
"Republic" is the code name for a gold rush era steamship lost
with a large number of gold miners and businessmen. The project
research indicates the "Republic" carried approximately 48,000
troy ounces of gold. While the bullion value of the gold (at
$ 280 per ounce) is approximately $ 13,000,000, much of the gold
was shipped as dust, nuggets, and privately minted coins and bars
from the gold mine district, potentially increasing the value of
the cargo. Odyssey has an agreement with researchers and insurance
interests that gives the company approximately 80% of any net
revenue generated by the project.
A side scan survey has already been completed in the search for the
"Republic" and Odyssey is now preparing to begin inspecting anomalies
with their "Phantom" remotely operated vehicle (ROV).
"Cambridge" is the code name for a British war ship that sank in deep
water over 300 years ago during a severe storm. Based on research
conducted by Odyssey, the company's management believes the "Cambridge" was carrying a large cargo of coins with a potential numismatic value between $200 and $500 million or more, depending on the denomination and condition of the coins. Assuming the wreck is located, Odyssey intends to carry out an extensive archaeological excavation of this site in cooperation with the British Royal Naval Museum.
Odyssey's "Cambridge" Expedition team searched 100 square miles of
international waters in 1998. The company recently received a
governmental permit to expand its search operations and, with this
permit, Odyssey now has the right to search everywhere the "Cambridge" could be resting.
More information about the "Republic", "Cambridge" and other Odyssey
expeditions can be found on the company's website at www.shipwreck.net
Odyssey Marine Exploration Inc. specializes shipwreck search, recovery
and marketing on a worldwide basis. Led by deep-water archaeological
shipwreck recovery pioneers John Morris and Greg Stemm, the company
combines cutting edge technology with extensive research and sound
archaeological practices. The company has several shipwreck projects
in various stages of development throughout the world.
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The Company believes the information set forth in this Press Release
may include "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended and is subject to the safe harbor created by that section. 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 28, 1998, which has been filed with the Securities and Exchange Commission. |
