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Odyssey Obtains Revolving Credit Facility

TAMPA, FL - JUNE 24, 2004 - Odyssey Marine Exploration, Inc (AMEX:OMR), a leader in the field of deep ocean shipwreck exploration closed today on a five million dollar revolving credit facility from The Bank of Tampa. The interest-only credit line carries a floating interest rate of the bank's published prime rate and a term of one year. It is secured by a portion of the numismatically significant gold coins recovered by Odyssey from the SS Republic shipwreck. Odyssey has no other long term debt for borrowed money at this time, and the credit line is intended as a strategic cushion to fund ongoing operations and equipment acquisition while allowing the coin sales strategy to be driven by the market.

"As Odyssey is just starting to generate significant revenue, this financing provides working capital as needed to execute our business plan," stated John Morris, Odyssey CEO and co-founder. "It is a major step for Odyssey to be able to obtain traditional debt financing at market rates to fund company growth and invest in new equipment, rather than relying on equity financing."

"The Bank of Tampa is proud to assist Odyssey reach their incredible potential," stated Jerry Divers, President of The Bank of Tampa. "We've watched the company for many years, and we're excited to provide banking and credit services to help Odyssey grow. Senior Vice President Stephen Fluharty worked diligently to meet the unique needs of this important client."

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. The company's vessel Odyssey Explorer is currently conducting the archaeological excavation of the SS Republic and the company's second ship, RV Odyssey, is conducting search operations on a number of additional projects in the Atlantic Ocean.

Additional information about Odyssey, its projects and equipment 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, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. 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 29, 2004, which has been filed with the Securities and Exchange Commission.

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