Odyssey Marine Exploration Selected for Recovery of SS Central America Gold


TAMPA, Fla., March 3, 2014 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the field of deep-ocean exploration, has reached an agreement in principle to conduct an archaeological excavation and recover the remaining valuable gold cargo from the SS Central America shipwreck located approximately 160 miles off the coast of South Carolina.

The exclusive contract will become effective and more information will be available after review and approval by the Common Pleas Court of Franklin County, Ohio, which has jurisdiction over Recovery Limited Partnership and Columbus Exploration LLC. Pending the approval of the court, Odyssey plans to begin work on the shipwreck site in April 2014.

Odyssey was selected for the project by Ira Owen Kane, the court-appointed receiver who represents Recovery Limited Partnership and Columbus Exploration LLC. Kane is charged by the court with overseeing the recovery project, and has the benefit of a permanent injunction and exclusive salvage rights over the SS Central America shipwreck granted by the U.S. District Court for the Eastern Division of Virginia.

"We circulated a request for proposals to nine of the leading organizations in the deep-ocean exploration and recovery industry and established a rigorous proposal evaluation process," said Kane. "We found Odyssey's combination of experience, equipment and personnel are unmatched in their industry and we're now looking forward to their team completing the work that was started more than 25 years ago."

About Recovery Limited Partnership

Recovery Limited Partnership (RLP) was organized in 1985 as an Ohio limited partnership to finance the SS Central America project. Columbus-American Discovery Group LLC (CADG), as agent for RLP, initiated an admiralty action in the United States District Court of the Eastern District of Virginia to establish ownership of the shipwreck and all of its contents. After more than a decade of litigation, the court ruled that CADG owned 92.5% of the recovered gold and issued permanent injunctions which prohibit any party other than CADG or RPL from operations related to the site. Ira O. Kane has been appointed receiver for Recovery Limited Partnership and Columbus Exploration LLC by order of the Common Pleas Court of Franklin County Ohio.

At the direction of the Court, the goal of the receiver is to preserve and operate the business of RLP and Columbus Exploration for the benefit of the investors and their creditors, and to do so by initiating the operations necessary to recover valuable cargo and cultural heritage items that remain on the SS Central America shipwreck site.

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 for historic shipwreck projects, modern commodity shipwreck projects and subsea mineral exploration. Odyssey also provides contracting services, including proprietary deep-ocean expertise and equipment, to governments and companies around the world.

Odyssey offers various ways to share in the excitement of deep-ocean exploration by making shipwreck treasures and artifacts available to the general public, students, and collectors through its webstore, exhibits, books, television, merchandise, educational programs and virtual museum located at www.OdysseysVirtualMuseum.com. The company also maintains a Facebook page at http://www.facebook.com/OdysseyMarine and a Twitter feed @OdysseyMarine. For additional details on Odyssey Marine Exploration, 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, 2012, which was filed with the Securities and Exchange Commission on March 12, 2013.



            

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