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Press Release

Odyssey Marine Exploration Expanding Mineral Asset Portfolio

April 15, 2019

TAMPA, Fla., April 15, 2019 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a pioneer in the field of deep-ocean exploration, entered into a share purchase agreement with Seabed Capital, LLC on April 9, 2019, to acquire Seabed’s controlling interest in a company that holds a potentially significant subsea mineral deposit in the South Pacific in a non-cash transaction. This transaction aligns with Odyssey’s business model of acquiring and developing subsea mineral assets to create near-term and long-term value.

Pursuant to the agreement, Odyssey will acquire Seabed’s equity ownership interest in a company that has already conducted significant exploration work on a promising high-value seafloor mineral resource. The ownership interest to be acquired currently represents 80.0% of the target company’s outstanding equity interests.  In return, Seabed Capital will receive up to 250,000 shares of Odyssey’s common stock and up to a 2.5% net smelter royalty from the target company’s future production.

An extension of the target company’s license is one of the conditions required to close the transaction. A comprehensive exploration plan has been presented to the government, and public consultation meetings have been held as required in order to obtain the license extension. The matter now sits with the government, and the extension is expected to be granted.

“Significant exploratory work on this deposit has been conducted, and millions of dollars have already been invested by the prior equity holders in this project,” commented Mark Gordon, Odyssey CEO and President. “Because Odyssey performed much of the original exploration work on this project under paid contract, we are intimately familiar with the outstanding potential of this resource. We have high confidence that the potential strategic and economic value of this project far exceeds the modest dilutive impact of the transaction, and we’re pleased that a significant portion of the consideration being paid is in the form of a royalty from future mining proceeds.”

“This project will add a new jurisdiction and new subsea mineral type to our expanding portfolio of mineral assets, which offers powerful diversification to our portfolio and demonstrates our commitment to the execution of our business plan,” Gordon continued. “We expect to begin offshore operations within nine months of the closing conditions being satisfied. We are excited to go to work in a jurisdiction that has a demonstrated history in developing and investing in their seafloor mineral resources.”

About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean exploration using innovative methods and state-of-the-art technology to provide access to critical resources worldwide. Our core focus is the discovery, development and extraction of deep-ocean minerals. Odyssey also provides marine services for private clients and governments. For additional details, please visit www.odysseymarine.com.  

Forward Looking Information
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" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the Securities and Exchange Commission on April 1, 2019. The financial and operating projections as well as estimates of mining assets are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to material uncertainties, and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey's projections will depend upon unpredictable future events, many of which are beyond Odyssey's control and, accordingly, no assurance can be given that Odyssey's assumptions will prove true or that its projected results will be achieved.

Cautionary Note to U.S. Investors
The U.S. Securities and Exchange Commission (SEC) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "measured", "indicated," "inferred" and "resources," which the SEC guidelines strictly prohibit us from including in our filings with the SEC. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. U.S. investors are cautioned not to assume that part or all of the inferred mineral resource exists, or is economically or legally mineable, and are urged to consider closely the disclosures in our Form 10-K which may be secured from us or from the SEC's website at http://www.sec.gov/edgar.shtml.

CONTACT:
Laura Barton
Odyssey Marine Exploration, Inc.
(813) 876-1776 x 2562
laura@odysseymarine.com 

Odyssey Marine Exploration, Inc.

Source: Odyssey Marine Exploration, Inc.