News & Media
 
Press Release Archive
Media Room

Odyssey SS Republic Project Update

Odyssey Retains John Albanese as Numismatic Marketing Strategist

TAMPA, FL - February 9, 2004 - Odyssey Marine Exploration, Inc. (Amex: OMR) a leader in the field of deep ocean shipwreck exploration, has retained John Albanese to serve as Numismatic Marketing Strategist for the SS Republic coin collection. Albanese will be responsible for managing the various numismatic sales channels for the gold and silver coins recovered from the SS Republic. Albanese has over 25 years experience in the numismatic industry and was a founder of both Numismatic Guaranty Corporation (NGC) and Professional Coin Grading Service (PCGS), the world's two leading numismatic grading services. During his tenure at NGC, he personally graded over 1,000,000 coins and is considered one of the world's leading authorities on coin grading and marketing.

"The expected scope and value of the SS Republic coin collection requires the expertise, skill set and industry reputation that John Albanese brings to our project," stated John Morris, Odyssey co-founder and CEO. "We're bringing together a first-class numismatic team for this project - starting with Numismatic Conservation Services (NCS) and NGC for the conservation and grading of the coins and now adding John Albanese for marketing."

"The collection that is emerging week-by-week from the wreck of the SS Republic is looking like it will be the biggest thing to hit the numismatic world, at least in the 25 years I have been in this business," stated John Albanese. "The sheer quantity of the collection is amazing, and the variety and quality of the coins only adds to its impact. The Republic is the talk of the coin world, and I am very happy to be involved as a consultant to Odyssey."

The archaeological excavation of the SS Republic shipwreck site and the recovery of coins are continuing. More than 34,000 coins have been recovered to date (approximately 31,000 silver and 3,425 gold coins), with over 17,000 recovered between January 27 and February 5. The face value of recovered coins represents less than 18% of the "$400,000 in specie" (face value in 1865) historical research indicates was on board the Republic when she sank. The total number of coins will depend on how many coins of each denomination are recovered.

Recent recovery operations have concentrated on excavating an exposed silver coin deposit area before moving to other areas.

"While we did not expect the large number of silver half dollar coins, they have proven to be a pleasant surprise." said Greg Stemm, Odyssey co-founder. "Based on their condition and our research of the marketplace, we anticipate that they have the potential to bring a greater net return to the company per face value than the gold coins. The condition and diversity of the gold coins coming up also continues to amaze us."

The SS Republic was a side wheel steamer that sank in 1865 while en route from New York to New Orleans after battling a hurricane for two days. Odyssey discovered the shipwreck 1,700 feet below the surface of the Atlantic Ocean approximately 100 miles off the Georgia coast. The archaeological excavation of the shipwreck began in November of 2003 and is continuing.

Among the coins already retrieved are numerous gold eagles, gold double eagles, silver half dollars and even a few quarters, nearly all dating between the 1840's and 1865. Unlike other recently salvaged shipwrecks, a wide variety of dates and mints have been noted in this find. Based on the pieces recovered thus far that have been professionally conserved by NCS and graded and encapsulated by NGC, this collection already includes several finest-known examples of United States gold and silver coins from the period. While excavation has already uncovered thousands of coins, there is insufficient information at this point to predict the total value of the shipwreck and its cargo.

Odyssey Marine Exploration is an American Stock Exchange Company (Ticker symbol: OMR) with several shipwreck projects in various stages of development throughout the world, including the SS Republic and HMS Sussex projects. Additional information about Odyssey, its projects and equipment is available at www.shipwreck.net.

# # #

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.

Home | Contact Us | Sitemap | Privacy Policy | Careers