Odyssey Marine Stock

Spanish Press...

22 of February of 2007, 18h10

Cadiz. - The Fipda requests to the Meeting that it verifies that the Odyssey has located the “Sussex” and authorizes its watched extraction

The contract of United Kingdom and the North American company include the distribution of a possible gold shipment found in the ship

SEVILLE, 22 (EUROPE PRESS)

President of the Foundation Internacional for the Protection and Diffusion of the Art (Fipda), Gonzalo Millán of the Well, recommended today to the Meeting of Andalusia that he verifies by his own methods, to the margin of the North American company Odyssey Marine Exploration, that the sunk ship that he tries to recover the British Government in the waters of Cadiz are the “Sussex” and, “if it ratifies that it has English pavilion, it allows that it extracts it, watching that do not sack other near rest”.

In declarations to Europe Press, Millán of the Well affirmed that “the Council of Culture must elaborate an independent report, contracting a company that counts on necessary means, to know if pecio located by Odyssey is really the sunk British galleon in 1694 in waters of Cadiz with an important gold shipment.

The president of the Fipda explained that in case of verifying east end, the Meeting will have to grant the authorization to this North American company, contracted by the English Government, who will be able to do with these rest which considers opportune. However, he noticed that the autonomic administration “must watch that the rest of the “Sussex” are extracted only, since in that zone there are rest of other ships and many vestiges that could be sacked”.

“He is of reason that if they exist international laws there is to fulfill them and, if the boat is of English flag, have all the right of the world to remove it, just as Spain could do if it locates a submerged Spanish galleon in Honduras”, it added.

In this sense, Millán of the Well remarcó that “before nothing is necessary to verify, with an independent report to Odyssey, that is the “Sussex”, because the Meeting does not have FIAR of which it says this company”.

In his opinion, everything what surrounds to this British project for the recovery of the ship and its gold load “is a catastrophic disorder” and was sorry that the coast Andalusian “every day is sacking more”.

THE CONTRACT

The contract that the British Ministry of Defense signed with the North American company Odyssey Marine Exploration (OMR) for the exploration and extraction of rest of the English ship “Sussex”, sunk in waters of Cadiz in 1694, includes the distribution of a possible gold shipment between both parts, according to informed to Europe Press sources into the British Embassy. Its distribution would depend on the value of the “treasure” found, since, according to the documentation that handles the United Kingdom, the boat submerged when it transported a million pounds sterling.

The division of the booty will depend on several factors, in the first place, that really gold inside the boat exists. Soon, in case that Odyssey locates gold in currencies, its historical value will be analyzed, fitting the possibility that London removes these rest to transfer them to museums or reserves them for other archaeological uses. In this assumption, the North American company could remain “with a part” of the pieces and “surely to sell it”.

In case that pure gold is located “ --ingots-- without no historical value” inside the “Sussex”, the contract contemplates two possibilities. If the value of the shipment is of up to 45 million dollars, the British Government will receive a 20 percent of gold and Odyssey Marine Exploration will remain with the 80 percent. Nevertheless, if the load rate in more than 45 million, the distribution between both parts will be to the 50 percent.

The mentioned sources needed that the disproportion the first assumption --20 and 80 percents-- it responds to the “enormous risk” that assumes the North American company with these works, since the company “does everything and assumes single she the highest costs” without having the certainty that it is going to find gold in the sunk ship.
 

I've been following this stock since it was at 20 cents a share but unfortunatly I've never purchased it. Watched it go up over 5 dollars then come back down to $2.91 a share has been a real roller coaster. I really enjoy watching the stock but when investing I like a little more stability. My metal detecting is my dream of getting rich quick not my retirement plan.

With that being said I felt when OMR set up their museum in New Orleans they made a mistake. Of course nobody could have predicted Katrina but I think it would have been better suited as either a traveling show doing a few months at each location or if you wanted it in one location then Las Vegas. House it in the Treasure Island casino and clean up with the souvineer sales plus the big rollers would eat up the actual finds that are sold. I'm not sure if their marketing is done from in house but if it is they need to out source it and stick to what they do best and look for more treasure. If you own OMR I hope that make a huge discover and you really clean up. Good Luck.
NJ
 

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