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Mr. Gordon will report that the company's preliminary revenue for the third quarter, ending September 30, 2010, will exceed $8 million, subject to quarter end adjustments and review. The final third quarter results are expected to be released on or before November 9, 2010. The presentation will include an overview of the Company's activities in the shipwreck business as well as the provision of services in deep-ocean mining exploration and other expedition services including work for insurance and government clients.
"Our strong third quarter revenue growth resulted from our strategic moves into mining exploration, revenue earned from syndicated projects and miscellaneous expedition projects including provision of government and insurance company services in the wake of the airline accident in the Eastern Mediterranean," stated Mr. Gordon. "What we are seeing now is the fruits of our strategic move to leverage our deep-ocean expertise into new sectors which we expect will provide significant revenue opportunities while we continue to engage in our core shipwreck business."
"Our move into other deep-ocean services has been rewarding but our core business is still the shipwreck business," added Greg Stemm, Odyssey's CEO. "This year we have conducted shipwreck operations using three different ships on three major projects, so our move into these other areas has been accretive to our business plan but has not taken away from our shipwreck exploration work. The significant expansion of our operations has had its challenges but we are pleased with the resulting revenue. As is common for companies experiencing rapid growth, realization of revenue has not immediately translated into cash flow and we have also added some new advanced technology to enhance our offshore capabilities, so we are considering some short-term financing strategies that will minimize dilution to existing shareholders."