Odyssey Marine Exploration Responds To Recent Media Reports Following the Spanish...

Thu May 8, 2008 9:32pm EDT

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Odyssey Marine Exploration Responds To Recent Media Reports Following the Spanish Government's ''Black Swan'' Press Conference

TAMPA, Fla.--(Business Wire)--
Following a significant amount of international media coverage
based on a press conference held by the Spanish Ministry of Culture in
Madrid on May 8, 2008, Odyssey Marine Exploration, Inc. (NasdaqCM:
OMEX) wishes to publicly address the most frequently asked questions
by media and the public.

To clarify, Odyssey was not in attendance at the press conference,
which was presided over by representatives of the Spanish government
as well as Spain's legal counsel. Our statements are therefore based
on media reports of the actual event and Spain's Responses to the
Court's Interrogatories that Spain filed in U.S. District Court for
the Middle District of Florida on May 8, 2008.

What is Odyssey's point of view regarding Spain's definitive
statement that the site code-named "Black Swan" is that of the
"Nuestra Senora de las Mercedes y las Animas"?

Although Odyssey has identified the Nuestra Senora de las Mercedes
y las Animas (the "Mercedes") as a working hypothesis as to a vessel
that could be related to the "Black Swan" site, the Company does not
believe there is sufficient evidence to conclusively prove that the
site is indeed related to the Mercedes or any other ship, and as we
have previously mentioned, there is no hull of a shipwreck at this
site. What we have found to date is apparently a cargo from a
shipwreck as opposed to an actual vessel. It is surprising to us that
the Spanish representatives who have viewed the photomosaics are not
aware of this if they have any experience with shipwreck sites.

It is also surprising that the Kingdom of Spain has asserted
conclusively ("without a doubt") that the "Black Swan" treasure is
from the Mercedes after viewing site photomosaics and video that show
no hull, ballast pile, keel or vessel, and only a statistically
insignificant sample of the coins from the site. We believe that the
scientific process, archaeological integrity, and historical accuracy
are not served by jumping to conclusions and confirming the identity
without conclusive proof.

Does Odyssey have a claim to the treasure if the "Black Swan" is
indeed the "Mercedes"?

If the "Black Swan" coins are determined to be from the Mercedes,
based on our extensive archival historical research, archaeological
assessments and thorough legal analysis the Company is confident in
its legal position. Of course, it is up to the U.S. District Court to
determine the final disposition of the "Black Swan" treasure.

Can you address Spain's accusations of Odyssey "disturbing war
graves"?

Odyssey deeply respects the maritime heritage of all nations and
the final resting place of any sailors or passengers that may have
perished in a shipwreck. However, in the case of the "Black Swan", no
vessel and no human remains have been located, a fact that the Spanish
experts are well aware of. If indeed it is confirmed that this site is
related to the Mercedes, the ship was lost over 200 years ago and if
the hull is ever actually located, it is unlikely that any human
remains will be found at the site. Nevertheless, Odyssey agrees that
all sites should be treated with respect and proper archaeological
protocols, which have been carefully observed in the case of the
"Black Swan" site.

Is Odyssey willing to settle the "Black Swan" case with Spain?

Odyssey has previously proposed to the Spanish Government on
numerous occasions that Spanish archaeologists be allowed to
participate in any expeditions that seek to explore shipwrecks which
may be of Spanish historical interest.

As with our previous projects, including the SS Republic and HMS
Sussex, Odyssey is diligent about notifying potential claimants when
the ship's identity is determined. When, and if, Spain is determined
to have a claim or cultural interest in any shipwreck, Odyssey would
propose to enter a relationship just as it has on previous projects.

There have been some individuals that have been working hard to
vilify Odyssey rather than acknowledging our company's repeated
attempts to cooperate with Spain in any finds that may involve Spanish
heritage. Odyssey has been and continues to be a steward of history.
We bring stories of great cultural and historical significance to
life, and we have always conducted our operations with archaeological
integrity and technology that surpasses the capacities of many
academic and governmental institutions.

Odyssey will continue to offer cooperation with Spain and any
other government or potential owners of shipwrecks or cargo - and we
hope that those who are concerned about underwater cultural heritage
will see past the false representations about us by some who have a
vested interest in seeing that Spain and Odyssey do not work together.

About Odyssey Marine Exploration

Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) is engaged in
the exploration of deep-water shipwrecks and uses innovative methods
and state-of-the-art technology to conduct extensive deep-ocean search
and archaeological recovery operations around the world. Odyssey
discovered the Civil War era shipwreck of the SS Republic in 2003 and
recovered over 50,000 coins and 14,000 artifacts from the site nearly
1,700 feet deep. In May 2007, the Company announced the largest
historic deep-ocean treasure recovery of over 500,000 silver and gold
coins, weighing 17 tons, from a Colonial era site code-named "Black
Swan." Odyssey has several shipwreck projects in various stages of
development around the world.

Odyssey offers various ways to share in the excitement of
deep-ocean exploration by making shipwreck treasures and artifacts
available to collectors, the general public and students through its
webstore, exhibits, books, videos, merchandise, and educational
programs. Odyssey's "SHIPWRECK! Pirates & Treasure" exhibit recently
ended its successful seven month engagement at the Tampa Museum of
Science and Industry and is currently on display at the Detroit
Science Center. For details on the Company's activities and its
commitment to the preservation of maritime heritage please visit
www.shipwreck.net.

For additional information, please contact Natja Igney, Odyssey's
Manager of Corporate Communications, at 813-876-1776 ext. 2553.

(R) SS Republic is a registered trademark of Odyssey Marine
Exploration, Inc.

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,
2007, which has been filed with the Securities and Exchange
Commission.

Odyssey Marine Exploration, Inc.
Natja Igney, 813-876-1776 ext 2553
nigney@shipwreck.net