Odyssey to Resume Republic Shipwreck Search

Business Wire, August 28, 2000

Business Editors

TAMPA, Fla.--(BUSINESS WIRE)--Aug. 28, 2000

Odyssey Marine Exploration, Inc. (OTCBB:OMEX), announced today the mobilization of personnel and equipment to complete the search for the gold-rush era shipwreck, code named "Republic".

The Odyssey team, led by project manager, John Astley, plans to begin side scan and ROV operations in the northern Pacific in early September, and expects to complete the search within 30 days.

By evaluating the known speeds that the "Republic" could travel, the standard course sailed by ships of that day, the account of the course steered by the helmsman and information from other crew members, the Captain's report of his position, currents, the location the survivors were picked up, and the area already searched by Odyssey during Phase 1 of the search, company management has narrowed the search area to a relatively small area. The company believes it can search the entire area during the month of September.

"After reviewing all of our research, historical information, and our own data from past expeditions in the area, we have determined an area of highest probability within our search area, which is only 35 square miles", according to John Morris, Odyssey Co-founder and President. "We're excited to be resuming this search and we have high expectations for the outcome of this expedition during the month of September".

The Republic was a steamship that sank in the late 19th Century in the northern Pacific Ocean. The ship was bound for San Francisco, loaded with gold and miners heading south after a successful mining season in the Cassiar gold fields of Canada. In addition to miners, the passenger list included some of the wealthiest and most influential bankers in the region. One was transporting a cargo of gold to a U.S. mint, where there was an acute shortage of gold for coinage.

The Republic's cargo included large quantities of gold, which were shipped as dust, nuggets, and privately minted coins and bars from the gold fields, potentially increasing the value of the cargo at large multiples of the bullion value. Odyssey has agreements in place with researchers and insurance interests that gives the company 80% of any net revenue generated by the project.

Odyssey Marine Exploration Inc., specializes in world-wide shipwreck exploration and archaeological recovery. Led by deep-water shipwreck pioneers John Morris and Greg Stemm, the company combines extensive experience and international political contacts with cutting-edge deep ocean technology and sound archaeological practices. The company has several shipwreck projects in various stages of development around the world.

More information about Odyssey and these shipwreck projects 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 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 10KSB for the year ended February 29, 2000, which has been filed with the Securities and Exchange Commission.