Odyssey Marine Expl (AMEX:OMR)
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Odyssey Marine Exploration (AMEX:OMR), the world's leader in the field
of deep-ocean shipwreck exploration, stated today that it has determined
that claims in the press that the Kingdom of Spain has filed a lawsuit
against Odyssey were false. Odyssey’s counsel
spoke to Jim Goold, the lawyer apparently representing Spain, and Goold
confirmed in a conversation this morning that Spain has NOT filed a
lawsuit against Odyssey, and that any media reports suggesting that a
lawsuit was filed are erroneous.
The only document filed is a Verified Claim stating that the Spanish
Government does not intend to give up property rights to any Spanish
property which might be on sites on which Odyssey filed Admiralty
arrests during the past year, including two unidentified colonial sites
in the Atlantic Ocean and a 20th century steamship.
“Such a move was anticipated by Odyssey and is
considered normal in Admiralty cases,”
commented John Morris, Odyssey’s CEO.
None of the arrested sites have been confirmed as the "Black Swan"
and Odyssey has informed the Spanish Government through official
diplomatic channels that when - and if - the identity of the "Black
Swan" is confirmed, Odyssey will notify any entities that might have
an interest - including the Spanish Government - of the specific
information about the shipwreck.
In Odyssey's press release of May 21, 2007 the Company anticipated such
an action from possible claimants and addressed the issue as follows:
“If we are able to confirm that some
other entity has a legitimate legal claim to this shipwreck when - and
if - the identity is confirmed, we intend to provide legal notice to any
and all potential claimants. Even if another entity is able to prove
that it has an ownership interest in the shipwreck and/or cargo and that
they had not legally abandoned the shipwreck, Odyssey would apply for a
salvage award from the Admiralty Court. In cases such as this, salvors
are typically awarded up to 90% of the recovery.
“We do believe that most shipwrecks
that we recover, including the `Black Swan', will likely result
in claims by other parties. Many will be spurious claims, but we
anticipate that there might be some legitimate ones as well. In the case
of the `Black Swan', it is the opinion of our legal counsel that even if
a claim is deemed to be legitimate by the courts, Odyssey should still
receive title to a significant majority of the recovered goods.”
Until now, Odyssey has confined all communications to the Spanish
government to official channels through the UK and US embassies in Spain
in order to ensure that all information relayed is accurate.
Odyssey will continue to communicate through the US and UK embassies to
Spain and again confirms that the "Black Swan" shipwreck was
not found in Spanish waters or the territorial waters of any sovereign
nation. Once the identity of the shipwreck is confirmed, Odyssey will
inform all parties that may have an interest.
For additional information, please contact Natja Igney, Odyssey's
Manager of Corporate Communications, at 813-876-1776 ext 2553.
About Odyssey Marine Exploration
Odyssey Marine Exploration is a Publicly Traded US Company with several
shipwreck projects in various stages of development throughout the
world. Additional information about Odyssey, the "Black Swan"
project, and the Company's other activities is available at www.shipwreck.net.
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 the Part I, Item 1A of the Company's Annual Report on
Form 10-K for the year ended December 31, 2006, which has been filed
with the Securities and Exchange Commission.