PRESS RELEASE: SAN FRANCISCO, CA (11/15/2013) – Meson Capital Partners, LLC, today publishes 30 pages of updated findings as part of its intensive investigation into Odyssey Marine Exploration (“OMEX” or “Company”). The update addresses OMEX’s “response” to the initial report on the conference call November 5, 2013, which was not generally open to Q&A. Updates include in-depth research into the subsea mining business and the commodity shipwreck business. This updated report includes very pointed questions based on feedback from numerous whistle-blowers who came forward after our initial report.
The full report can be found at www.omextruth.comSummary Points of our New Report:
- OMEX held their first conference call in approximately 2 years on November 5th to respond to our report. However, OMEX failed to give complete answer our questions or indicate even a single factual inaccuracy in our report and instead relied on distortionary public relations techniques, which we expose here.
- OMEX’s most recent 10-Q filed November 12th has numerous revisions that we highlight including that Neptune Minerals, Inc. – claimed as a source of $108mm of “off balance sheet value” – appears to have lost $25mm last year and as a result of these losses, we believe, may now be insolvent.
- Further research into the Oceanica undersea mining project indicates that investors should be very skeptical of management claims that this is a “world-class” resource, an empty term used by numerous other failed mining companies we discuss.
- OMEX has delayed its Commodity shipwreck business from end of 2013 to 2H 2014 according to its most recent 10-Q.
- Despite claims as recent as August 8th of 600,000 oz of silver, OMEX discloses for the first time they have not found silver on the Mantola.
- We believe the “four separate 20th-century shipwrecks” that OMEX touts are likely Nazi cargo ships and if so, we question how they could possibly have a valid cargo “rights secured under contract.”