Note: The ultimate value of the cargo to the Company could be either more or less than the numismatic value, and will depend on the method in which it is marketed, the share of other claimants if any, the cost of financing and many potential factors outside the control of the Company. There will always be the risk that the cargo could be impossible to find, non-existent, or of minimal value.

HMS Sussex Historical Timeline:

• At the end of 1693, eight months after she was launched, the Sussex sailed on its first major voyage as flagship of a British Royal Navy fleet assigned strategic duties in the Mediterranean. She was an 80-gun warship which research suggests was secretly assigned to deliver money to the Duke of Savoy, an ally of Britain in the War of the League of Augsburg. France under King Louis XIV was the enemy.
  
  
• Savoy's entry in the war threatened France with the risk of attack through a poorly defended area. As a result, the French rushed a huge army to the fight, weakening its ability to wage war elsewhere. Savoy's own army was small, so hired soldiers were sent to help. The English hurried to deliver the money after France offered a payment of its own if the Duke of Savoy would switch sides - 3,000,000 "in money," and six tons of gold.
  
  
• Historical records suggest a million pounds sterling was destined for Savoy. That amount would have just about equaled the bribe Louis XIV offered the Duke to quit the fight. Other court records show that just as Wheeler's fleet was assembling to sail for the Mediterranean, a million pounds was being collected at the Exchequer, that "a great summ of money is sending hence for Savoy," and that an order was sent to the Exchequer to issue "a million pounds in money for the use of the Fleet."
  
  
• While the Sussex was en route, a violent storm blew up. Early the morning of the third day of the storm, the ship sank. The date was February 19, 1694. Only two persons survived the sinking. Several days later the fleet admiral's body, clad in a nightshirt, washed up on shore.
  
  
• The funds never reached the Duke. A year later, England again attempted to ship money to Savoy - but it was too late. The Duke of Savoy secretly changed sides and took the French offer. His defection brought the war to an end in stalemate.

Odyssey Marine Exploration conducted offshore search and survey operations on this project in 1998, 1999, 2000 and 2001. In the course of these expeditions, over 400 square miles of seabed in the Western Mediterranean were searched for the Sussex shipwreck.

During the search, Odyssey used side-scan sonar and bathymetric surveys to map the sea floor and locate potential targets. The most promising anomalies were inspected visually with a remotely operated vehicle (ROV). During the course of Odyssey's search expeditions, 418 targets were located. Several of those targets turned out to be ancient shipwreck sites, including Phoenician and Roman sites over 2,000 years old. Many were also modern shipwrecks, geology or simply debris. Out of all these targets, only one, nearly 3,000 feet deep, contained cannon - and it was very close to the position where the Fleet secretary reported in 1694 that the Sussex had foundered.

Ten days of the 2001 expedition were spent in an attempt to identify the shipwreck remains at the site. The archaeological investigation, directed by project archaeologist, Neil Cunningham Dobson, examined the site in great detail using the Achilles ROV system and special tooling for uncovering and recovering artifacts. In all, 17 ROV dives were undertaken, clocking over 65 hours of dive time on the site. Measurements were taken and several artifacts were retrieved for identification purposes.

After extensive study, Dobson summarized in the conclusion of his archaeological report that the "study of the survey data, the historical and documentary sources, the underwater investigations, the location, the size and shape of the site and the cannon distribution and sizes indicate the site is that of the Sussex."

Odyssey's Sussex Project History:

In October 2002, Odyssey and the Government of the United Kingdom signed an exclusive partnering agreement for the shipwreck of the British warship HMS Sussex. This was the first time in history any government entered into an agreement with the private sector for the archaeological excavation of a sovereign warship. Under the agreement, it was announced that Odyssey would work with the UK on all phases of the Sussex project, from the archaeological excavation of artifacts to conservation, publication, exhibition and marketing. (Read Odyssey's Sussex archaeological plan here.)

On December 15, 2005, Odyssey announced it had resumed operations on the Sussex project. The ship and crew of the Odyssey Explorer conducted the initial phases of the archaeological project plan.

On January 27, 2006, the Company announced it completed the initial archaeological and environmental survey operations that fulfilled the requirements of Phase 1A, and a substantial portion of Phase 1B, which included gathering archaeological evidence to identify the Sussex. A report summarizing this work was submitted to the Government of the UK.

On March 6 2006, Odyssey announced that the UK had notified the Company that the work detailed in its archaeological report met or exceeded all requirements of Phase 1A, while also authorizing Odyssey to proceed to complete Phase 1B of the project. However, Odyssey also announced that, at the request of the Spanish government, the Company would re-submit an archaeological plan pursuant to specific requirements to move the Sussex project forward. After attending meetings in London and Madrid, Odyssey co-founder Greg Stemm was quoted as saying:

We understand the geographic and political sensitivities surrounding this project and we're willing to go to great efforts to show our willingness to work in a cooperative fashion with all governments involved. Both Odyssey and HMG have been assured by the Andalucian and Spanish central government authorities that they will expeditiously examine the archaeological project when it is re-submitted in order to allow Odyssey to proceed with the operation in a collaborative manner.

The Company believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and is subject to the safe harbor created by that section. 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 10-K for the year ended December 31, 2005, which was filed with the Securities and Exchange Commission.