Business
Odyssey Marine Exploration Reports Third Quarter 2020 Results
TAMPA, Fla., Nov. 16, 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., Nov. 16, 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 third quarter ended September 30, 2020, and provided an update on current company operations and projects.\n The key focus of Odyssey’s project operations team continues to be the Exploraciones Oceánicas (ExO) Phosphate Project in Mexico, which can provide access to a critical resource needed to produce fertilizer, help achieve food security in Mexico, and supply the phosphate needs of North America for at least 50 years. Odyssey is pursuing a North American Free Trade Agreement (NAFTA) claim against Mexico for their arbitrary and unlawful denial of the environmental permit, which is the last major milestone before operations can begin. Odyssey, on behalf of its subsidiary ExO, is seeking damages of more than $2.3 billion as detailed in the First Memorial filed in September. This filing is supported by documentary evidence and 20 expert reports and witness statements. Once a redacted version of the Memorial is released by the NAFTA Tribunal, which is expected shortly, Odyssey will provide a link to the filing at www.odysseymarine.com/nafta. In addition to the NAFTA claim, ExO continues to pursue the annulment of the second arbitrary denial in Mexico’s federal court (the Tribunal Federal de Justicia Administrativa or TFJA). This court ruled unanimously in 2018 that the first denial of the environmental permit was illegal under Mexican environmental law. ExO completed its latest filing in this case in August. A decision in this case is expected in the first half of next year. A significant funding event was completed in August to ensure that Odyssey and ExO have sufficient cash to last through the outside dates associated with the expected NAFTA timeline. “Based on current budgets and forecasts, we expect this capital to provide Odyssey with the longest duration of operating capital in its 26-year history,” commented Mark Gordon, Odyssey Chairman and CEO. “We remain extremely confident in the merits of our NAFTA and TFJA cases, and with this funding we are prepared to take both actions to their full and final conclusions, if necessary. It is unfortunate that we are being forced to fight these legal battle...