Business
Odyssey Marine Exploration Reports First Quarter 2020 Results
TAMPA, Fla., May 18, 2020 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a deep-ocean exploration pioneer engaged in the discovery,
About this update from Odyssey Marine Exploration, Inc.
[{"type":"text","content":"TAMPA, Fla., May 18, 2020 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a deep-ocean exploration pioneer engaged in the discovery, development and extraction of deep-ocean minerals, reported results for the first quarter ended March 31, 2020, and provided an update on current company operations and projects.\n “While the Covid-19 pandemic has affected businesses around the globe, Odyssey has continued to make significant progress towards achieving our key objectives while temporarily transitioning our corporate office to a virtual environment,” said Mark Gordon, Odyssey Marine Exploration’s Chief Executive Officer and Chairman of the Board of Directors. “Our Exploraciones Oceanicas (ExO) phosphate project remains a prime focus.This project could significantly help Mexico gain fertilizer independence and food security, which are part of President Andrés Manuel López Obrador’s vision for his country. Odyssey is ready to move this important project forward for the benefit of both our shareholders and the people of Mexico,” continued Gordon. “We continue to work in good faith with the current administration to reach a mutually beneficial outcome for the project and discussions are ongoing. While we are hopeful an agreement will be reached, we must continue to pursue our North American Free Trade Agreement (NAFTA) claim against Mexico to protect our shareholders’ rights. “The NAFTA process is progressing well and the Arbitral Tribunal, consisting of three international arbitrators well-versed in international investment treaties, has been constituted. The Tribunal has issued their first procedural order which includes a deadline in the third quarter 2020 for Odyssey’s Memorial. This is the first filing that fully lays out our case, witnesses and evidence for the Tribunal. Our legal team and scientific staff have been working diligently on this filing for many months, and I am confident that a strong and compelling case will be presented to the Tribunal. “Our confidence in the case has been further enhanced by a recent multi-million dollar investment that has been made into the fund that is providing non-recourse financing for our NAFTA case. Another professional litigation funder invested the additional capital after more than four months of extensive review of our NAFTA case that included intense expert legal a...