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Note: Odyssey Marine Exploration now trades on the American Stock Exchange (Amex) under the symbol OMR.


TAMPA, FL - (February 19, 2003) Odyssey Marine Exploration's (OTC Bulletin Board: OMEX) management team returned from London after completing an in-depth multi-media presentation last week to officials from the United Kingdom's Ministry of Defence, HM Treasury, the Department for Culture, Media and Sport (DCMS) and members of the Archaeological Review Board. The purpose of the presentation was to demonstrate the advanced nature and the application of the technology and methodology proposed for use during the archaeological excavation of the shipwreck believed to be HMS Sussex to a wider audience, including the UK Government's archaeological experts.

In late 2002, Odyssey signed an exclusive partnering agreement with the Government of the United Kingdom of Great Britain and Northern Ireland for the excavation of the wreck believed to be that of the British warship HMS Sussex. As a condition of the agreement, Odyssey had previously submitted and later refined a written Project Plan detailing the intended archaeological plan for the excavation, conservation, curation and documentation of any artifacts that may be retrieved from the shipwreck, which requires the approval of the UK Government before implementation.

Odyssey team members John Morris, Greg Stemm, John Astley and archaeologists Neil Cunningham Dobson and Sean Kingsley met with officials from the Ministry of Defence, HM Treasury, DCMS and the Archaeological Review Board to describe and demonstrate the cutting-edge technology embodied in the Project Plan and to answer questions relating to its application. The presentation included computer program demonstrations, diagrams, slides and video of the technology at work in the deep-ocean, and was provided as a supplement to the Project Plan.

"It was appreciated that the technology proposed by Odyssey is complex and, in many cases, proprietary," commented Odyssey co-founder and Director of Operations, Greg Stemm. "With the exception of our team, no one has ever accomplished the type of detailed archaeological excavation that we have proposed. We wanted to make certain that the Government of the United Kingdom and the Archaeological Review Board had complete confidence in the archaeological methodology and technology we are planning to employ."

Due to the complexity of the plan, the detailed review undertaken by the Archaeological Review Board, the need to refine the plan and the extra time taken to arrange the presentation, both Odyssey and the Government of the United Kingdom have extended the time provided for the Project Plan approval process. Odyssey expects final comments from the Ministry of Defence in the near future and is seeking to conclude the approval process soon thereafter.

"We are still on schedule to begin excavation of the site this summer," said John Morris, Odyssey co-founder and CEO. "It was very important that the Archeological Review Board had a complete understanding of the technology we plan to employ as well as the artifact conservation, documentation and curation plan before moving ahead. For this reason, we thought it worth taking extra time to organize face-to-face meetings to describe some of the more complex aspects of our plan and the technology we will use."

HMS Sussex was a large 80-gun English warship lost in a severe storm in 1694. The story of her mission and effect upon the unfolding events of the late 17th and early 18th centuries presents a fascinating scenario to archaeologists, historians, and those with a general interest in European and international developments.

Built in the reign of William and Mary, HMS Sussex was escorting a large merchant fleet to the Mediterranean when she was lost. Research indicates that her Admiral also had orders to pay a large sum of money to the Duke of Savoy to continue the war against France. Evidence suggests that the payment, most likely consisting of tons of gold coins, was lost with the ship.

Further exploration, identification and archaeological excavation of the shipwreck site believed to be HMS Sussex will begin as soon as the Project Plan is approved, financing is finalized and the appropriate vessel, equipment and personnel are mobilized. At more than half a mile below the surface of the Mediterranean, it will be the deepest archaeological excavation of a Colonial era shipwreck ever undertaken.

Odyssey Marine Exploration has several shipwreck projects in various stages of development throughout the world. More information about Odyssey Marine Exploration and the HMS Sussex is available at

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The Company 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. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors," and "Business" in the Company's annual report on Form 10KSB for the year ended February 28, 2002, which has been filed with the Securities and Exchange Commission.

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