TAMPA, Fla., March 10, 2017 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a pioneer in the field of deep-ocean exploration, reports results for full year ended December 31, 2016.

2016 Highlights
  • Generated $4.7 million in revenue from operations, compared to $3.4 million in revenue from operations in 2015, a 38% increase.
  • Continued to actively manage costs, reducing operating expenses 43% from prior year
  • Decreased net loss 65% from $18.2 million in 2015 to $6.3 million in 2016, with the net loss per share decreased from $2.46 in 2015 to $.84 per share in 2016.
  • Launched CLIO Offshore, a division of Odyssey, which is focused on generating cash from the provision of services to the third-party clients including survey, remotely operated vehicle (ROV) and recovery services. This allows us to leverage our seasoned technical team and assets between major projects.
  • Completed the first contract for offshore services for our shipwreck business partner using Odyssey technology and marine personnel, resulting in revenue of $2.9 million.
  • Continued to support subsidiaries' pursuit of environmental approval to begin recovery of phosphate sands from the Don Diego project and development of additional mineral projects.

Seabed Mineral Exploration Update The "Don Diego" deposit is the main focus of Odyssey's mineral exploration division; however, new mineral projects are also in development. The company believes that the "Don Diego" deposit contains phosphate rock that can be extracted on a financially attractive basis and that the product will be attractive to Mexican and other world producers of fertilizers.

Exploraciones Oceanicas S. R.L. de CV (ExO), the Mexican operating company with the mining concession containing the Don Diego phosphate deposit, has conducted extensive scientific testing of the mineralized phosphate material and the environmental impact of recovering the mineralized material from the seafloor.  ExO has been working with environmental experts on the impact assessment and permit process, with potential partners on the extraction program, and with financial advisors on the strategic growth alternatives.

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