Business
Odyssey Marine Exploration Reports Full Year 2019 Results and Updates Current Projects
TAMPA, Fla., March 30, 2020 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a pioneer in the field of deep-ocean exploration and project
About this update from Odyssey Marine Exploration, Inc.
[{"type":"text","content":"TAMPA, Fla., March 30, 2020 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a pioneer in the field of deep-ocean exploration and project development, reported results for the full year ended December 31, 2019, and provided an update on current projects and future plans.\n “In spite of the world-wide changes taking place due to COVID-19, the Odyssey team remains fully engaged in moving projects forward while working remotely,” stated Mark Gordon, Odyssey Chairman and CEO. “Over our 25-year history, Odyssey’s business plan has always focused on developing high-value assets in the deep ocean that have the potential to deliver asymmetric returns to our investors. As such, our stock value has historically been uncorrelated to the general market,” stated Gordon. “We currently have three significant seafloor mineral projects in various stages of development for critically important resources including; phosphate, cobalt, nickel, copper, rare earths and gold. Our team is hard at work advancing the value creation of these projects and we have the real potential for significant progress in one or more of these assets that we hope to be able to report upon soon.” “Our prime focus remains bringing our Exploraciones Oceánicas Phosphate Project into production for the benefit of both our shareholders and the people of Mexico,” Gordon continued. “This project holds the key to helping President Andrés Manuel López Obrador realize his stated vision of achieving fertilizer independence and food security for Mexico. Given the current pandemic and recent drop in oil prices with the resulting devaluation of the Mexican Peso, the realization of President López Obrador’s vision for fertilizer independence is more important now than ever.” “While productive talks with senior leaders in Mexico to develop a mutually beneficial outcome for this project continue, Odyssey must pursue the NAFTA case launched last April to protect shareholder rights on the phosphate project. The Arbitral Tribunal, consisting of three international arbitrators well-versed in international investment treaties, has been constituted and the parties are now in the process of finalizing the arbitration schedule and procedures with the Tribunal”, Gordon explained. “We have been working and will continue to work with the legal team on the preparation of the First ...