TAMPA, Fla., Feb. 17, 2011 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), pioneers in the field of deep-ocean shipwreck exploration, has executed an agreement with Galt Resources, LLC under which Galt will have the right to participate in one of Odyssey's projects to be chosen by Galt during 2011. Under the terms of the agreement, Galt will receive half the net proceeds, if any, from the selected project until Galt has recouped its initial investment plus three times the investment. Thereafter, Galt will receive a residual 1% of net proceeds for each $1 million invested. No commissions are being paid and none of Odyssey's securities will be sold or pledged under this agreement. The agreement is non-dilutive and will not result in an increase in total shares outstanding. The return to Galt is based solely on revenue participation from one project. Odyssey has received $5.6 million under this agreement and may opt to receive up to $10 million total.
"This agreement with Galt is a perfect complement to the project agreements already executed with clients of Robert Fraser & Partners over the past year, which allow us to offset upfront risk on a shipwreck project in return for sharing the project's back-end proceeds," explained Greg Stemm, Odyssey CEO. "The Galt agreement is a unique way to leverage our projects while minimizing long-term dilution for shareholders. Overall this is less dilutive project financing than we have received on previous projects and reflects a new model for offsetting risk and leveraging the value reflected in our portfolio of projects."
About Galt ResourcesGalt Resources LLC is managed by JCM Marine Ventures, LLC, a company founded and controlled by John Morris. Morris was Odyssey's co-founder and former CEO who retired from Odyssey's management team in 2008. He organized JCM Marine Ventures to leverage the extensive experience he has gained in financing deep-ocean exploration projects during the past 25 years, during which time he has been responsible for structuring deals that resulted in raising well over $100 million in the deep-ocean exploration business.
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