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

ODYSSEY CONCLUDES PRIVATE PLACEMENT

TAMPA, FL - AUGUST 6, 2003- Odyssey Marine Exploration, Inc. (OTC Bulletin Board: OMEX), a leader in the field of deep ocean shipwreck exploration has completed a private placement in the amount of $5 million with warrants that would bring an additional $10 million if exercised. The Placement was conducted as a "Unit Offering" with each $125,000 Unit consisting of 100,000 shares of restricted common stock and a warrant to purchase an additional 100,000 shares of restricted common stock at $2.50 per share.

The company intends to use the funds obtained through this private placement for vessel and equipment purchases, offshore operations on the HMS Sussex, "Bavaria," and "Republic" projects, the development of its themed attraction concept, and for general overhead expenses.

Odyssey Marine Exploration has several shipwreck projects in various stages of development throughout the world, including the Sussex and "Bavaria" projects. The company has signed an exclusive partnering agreement with the Government of the United Kingdom for the archaeological excavation of the British warship HMS Sussex. The Company has also arrested shipwrecks in the Bavaria search area and intends to commence the archaeological exploration and recovery of these shipwrecks this summer. Additional information about Odyssey, the HMS Sussex project and the "Bavaria" project is available at www.shipwreck.net.

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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, 2003, which has been filed with the Securities and Exchange Commission.

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