Thursday, May 05, 2005


"Atlas" Search Begins


Odyssey Marine Exploration issued the following press release today:

Tampa, FL - May 4, 2005 - Odyssey Marine Exploration (AMEX: OMR) 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."


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