Odyssey Marine Exploration Reports First Quarter 2015 Results

TAMPA, Fla., May 11, 2015 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the field of deep-ocean exploration, reported results for the first quarter ended March 31, 2015.

Q1 2015 Highlights
  • Entered into a strategic financing agreement with Minera del Norte S.A. de C.V. (MINOSA), an owner and operator of mines and vertically integrated processing facilities (with worldwide assets of more than $750 million and net sales of $900 million) to facilitate Odyssey's offshore exploration business. MINOSA agreed to extend short-term debt financing to Odyssey of up to $14.75 million, of which $11 million has been provided to-date. In addition, Penelope Mining LLC, a wholly owned subsidiary of MINOSA, has the contractual right to invest up to $144 million in convertible preferred stock of Odyssey under certain conditions as detailed in an Odyssey proxy statement and related documents available from the company's website.
  • Exploraciones Oceanicas, S. De R.L. De C.V. (ExO), a subsidiary of Oceanica, submitted supplemental scientific information and studies to the Mexican Secretary of Environment and Natural Resources (SEMARNAT). The submission was in response to SEMARNAT questions concerning the Environmental Impact Assessment (EIA) submitted by ExO for the proposed dredging and recovery of phosphate sands from the "Don Diego" deposit off the coast of Mexico.
  • Prepared the Odyssey Explorer for 2015 shipwreck search and recovery operations by completing annual drydock, routine inspections and surveys, necessary repairs and mobilization work. The Odyssey Explorer has mobilized and is now performing planned operations.
  • Reduced operations and research expenses by 53%, or by $3.7 million, compared to the same year-ago quarter.
  • Net cash used in operating activities decreased 59%, or by $6.2 million, from the year-ago quarter.

Management Commentary

"Over the past year, we have increased our focus on seafloor mineral exploration, and implemented improved financial discipline in our project selection and management," said Mark Gordon, Odyssey's president and chief executive officer. "These changes, our marine exploration capabilities, and our work validating the 'Don Diego' deposit attracted the attention of a large multi-national mining and steel company who sought to enter into a strategic financing agreement that we announced during the quarter.

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