Business
Odyssey Marine Exploration Reports Full Year 2020 Results and Updates Current Projects
TAMPA, Fla., March 31, 2021 (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., March 31, 2021 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a deep-ocean exploration pioneer engaged in the discovery, validation and development of subsea minerals deposits in an environmentally responsible manner, reported results for the full year ended December 31, 2020, and provided an update on current projects and future plans. “While 2020 was challenging for companies around the globe due to the COVID-19 pandemic, the Odyssey team was able to achieve, and in some cases surpass, the aggressive goals we set for ourselves,” reported Mark D. Gordon, Odyssey Chairman and CEO. “Odyssey’s business is focused on building a portfolio of subsea mineral assets that hold the potential to produce meaningful societal and economic impacts for host countries and tremendous asymmetric returns for investors. “A key objective in 2020 was identifying and securing capital to fund the needs of the company and our subsidiaries through 2021 and into 2022. An $11M registered direct offering in August of 2020 provided operating capital to execute Odyssey’s strategic plans in 2021 and beyond and allowed Odyssey to further invest and increase our ownership interest in the subsidiary controlling the ExO deposit,” continued Gordon. “Another key objective for 2020 was continuing to progress the NAFTA action to recover the value of our ExO Phosphate Project in Mexico. In September, we filed a strong and compelling First Memorial in the NAFTA case, which is available at https://www.odysseymarine.com/nafta. It was the culmination of many months of work by our legal team at Cooley, supported by our internal project development and research teams, to gather documentary evidence and 20 expert reports and witness statements that demonstrate the merits of the case, the strategic size and grade of the resource, the operational viability of the project, and the project’s value. We are extremely confident in our case and, with the additional litigation funding commitment from, Poplar Grove LLC, we are prepared to take the case through to its final conclusion to realize the significant value of this asset. “Our accomplishments in 2020 have set the foundation for achievement of our 2021 strategic goals, which include further increasing the value of our expanding mineral portfolio. This encompasses not only moving current project...