Odyssey Marine Exploration announces third quarter 2008 results

From Investors


Odyssey Marine Exploration, Inc. (OMEX), the world leader in the field of deep-ocean shipwreck exploration, today filed a quarterly report with the Securities and Exchange Commission detailing results of the Company's third quarter 2008.

For the third quarter of 2008, Odyssey reported revenue of $2.2 million, compared to $1.3 million in the third quarter 2007.

The Company also reported a net loss of $6.5 million, compared to a net loss of $5.4 million in the third quarter 2007. The net loss per share for the third quarter 2008 was $.13, compared to a net loss of $.11 per share in the third quarter 2007...

...An agreement was negotiated during third quarter 2008 with Arqueonautas Worldwide for the exclusive worldwide marketing rights to the collectible quality coins from their SAGBPo Jose shipwreck project.

These coins have not been available for sale previously and we are marketing them through our authorized distributors.

This project is expected to generate revenue through sales commissions beginning in the fourth quarter 2008 and has allowed us to expand our distribution network with new product to prepare for future Odyssey shipwreck products and stories....