Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), pioneers in the field of deep-ocean shipwreck exploration, and syndication partner, Robert Fraser & Partners LLP have jointly developed plans and signed a letter of intent to execute a series of deep-ocean projects in 2010 based on the model of the earlier announced project code-named Enigma.
Under the proposed structure, Odyssey will be compensated for search, survey and archaeological excavation as well as development of research files on specific shipwreck and other deep-ocean projects. Odyssey will also have a substantial interest in the back-end of each project and will be compensated for providing other services including conservation, documentation, marketing and sales of recovered cargoes and commodities.
"We are thrilled to continue to build on our relationship with Robert Fraser & Partners with additional projects planned for 2010. Barring unforeseen circumstances, we believe that our current cash position is sufficient to fund operating cash flows throughout the rest of 2010 taking into account our recent capital raise and expected revenues from multiple sources, including projected sales and syndicated projects," stated Greg Stemm, Odyssey's Chief Executive Officer. "We've got some great projects scheduled for this year and we're pleased to have the funding identified to execute our plan."
"We are delighted on behalf of our clients and investors to be working with Odyssey and have mutually confirmed our intention to syndicate at least six deep-ocean projects together with Odyssey during the current year," commented Colin Emson, Chief Executive Officer of Robert Fraser. "Our clients and their investors are very pleased with the professionalism and performance from the Odyssey team on the Enigma project and are very excited about the additional projects to be carried out this year."