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.
Odyssey Signs Shipwreck Project Agreement
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