Odyssey's interests remain aligned with those of MINOSA del Norte S.A. de C.V. (MINOSA), with whom we have an investment agreement for the purchase of new equity securities that, when issued, would represent a majority of the equity in Odyssey. Epsilon Acquisitions LLC, an affiliate of MINOSA, is already one of Odyssey's largest shareholders after converting $3 million in debt to equity in the second quarter of 2017.In addition, Odyssey was notified by NASDAQ on August 4, 2017, that the Company is in compliance with all NASDAQ requirements for listing. Management Commentary "As we transform Odyssey, we've been working to be more efficient and focused while driving cash flows to fund operations. Those efforts are continuing to pay off with a 25% reduction in general and administrative expenses and a 20% reduction in operational expenses comparing the two 12-month periods ended June 30, 2017 and June 30, 2016. That's on top of the 36% reduction in those expenses from the prior 12-month period ended June 30, 2015," said Mark Gordon, Odyssey Chief Executive Officer and President. "We also now have the largest pipeline of cash generating projects than at any other time in our history." "These efforts have also positioned Odyssey to quickly commence operations on the 'Don Diego' project once approvals are received and have allowed Odyssey to continue developing new mineral projects around the world. "The 'Don Diego' environmental approval process and closing of the Stock Purchase Agreement has taken longer than originally contemplated; however, the assistance MINOSA has provided us through this process and their recent agreement to provide additional capital reinforces our belief that MINOSA is the right investor for Odyssey's offshore mineral exploration business," continued Mark Gordon. Q2 2017 Financial Summary The net loss in the second quarter of 2017 was $1.9 million or $(0.23) per share as compared to net loss in the first quarter of 2017 of $2.2 million or $(0.28) per share and a net loss or $1.9 million or $(0.25) per share in the second quarter of 2016.
Total revenue in the current quarter was $0.6 million, a $0.6 million decrease from the revenue in the same period a year ago and was derived from the performance of expedition marine survey and recovery services for Magellan, whom we consider a related party. The $1.2 million revenue in the same quarter last year was generated from providing equipment and personnel to an offshore operator under a survey expedition services agreement.Marketing, general and administrative expenses decreased by $0.2 million from $1.9 million in 2016 to $1.7 million in 2017 primarily as a result of (i) a reduction of $0.4 million of personnel compensation and related expenses including share-based compensation of $0.2 million and (ii) $0.1 million decrease in corporate supportive overhead. This decrease was partially offset by (i) a $0.2 million increase in legal fees related to marine cargo securitization and (ii) a $0.1 million increase in financing fees. Operations and research expenses primarily include all costs within Archaeology, Conservation, Exhibits, Research, and Marine operations, which include all vessel and charter operations. Operations and research expenses decreased by $0.4 million from 2016 to 2017 as a result of a $0.1 million reduction of marine services costs which include technical crew costs as well as other marine operational costs such as fuel, port fees and consumables, an increase in the gain of sale of marine equipment of $0.2 million and a reduction of $0.1 million of fixed asset costs related to depreciation and insurance. 2016 included the full-time operations of our former vessel, the Odyssey Explorer, which was sold in mid-2016. Consolidated financial statements as well as the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 2017, are available on the company's website at www.odysseymarine.com as well as at www.sec.gov. About Odyssey Marine Exploration Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean exploration using innovative methods and state of-the-art technology for shipwreck projects and mineral exploration. For additional details, please visit www.odysseymarine.com. Forward Looking Information Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the Securities and Exchange Commission on March 30, 2017. The financial and operating projections as well as estimates of mining assets are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to material uncertainties, and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey's projections will depend upon unpredictable future events, many of which are beyond Odyssey's control and, accordingly, no assurance can be given that Odyssey's assumptions will prove true or that its projected results will be achieved. Cautionary Note to U.S. Investors The U.S. Securities and Exchange Commission (SEC) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "measured", "indicated," "inferred" and "resources," which the SEC guidelines strictly prohibit us from including in our filings with the SEC. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. U.S. investors are cautioned not to assume that part or all of the inferred mineral resource exists, or is economically or legally mineable, and are urged to consider closely the disclosures in our Form 10-K which may be secured from us or from the SEC's website at http://www.sec.gov/edgar.shtml.
MEDIA CONTACT: Liz Shows Odyssey Marine Exploration, Inc.(813) 876-1776 x firstname.lastname@example.org