''Cambridge'' search in progress in Mediterranean depths, says Odyssey Marine Exploration, Inc.

Business Editors

TAMPA, Fla.--(BUSINESS WIRE)--May 8, 2001

Odyssey Marine Exploration, Inc. (OTCBB:OMEX) reported today search operations are under way in the Western Mediterranean sea with the intention of locating a 300-year-old shipwreck the company has code-named "Cambridge."

The Odyssey team, an international group of deep ocean experts led by project manager John Astley, began offshore operations in the western Mediterranean in late April aboard the Research Vessel Minibex. The expedition, projected to last between 40 and 80 days, includes bathymetric data acquisition, side scan sonar surveys and inspections of promising anomalies with a remotely operated vehicle (ROV). The search is being conducted at depths ranging from 1,000 to 3,000 feet.

The "Cambridge" was a large British warship which sank in deep water more than 300 years ago during a severe storm. While the company cannot be certain of the value of the cargo of the "Cambridge," the company's research suggests that the ship was carrying a large cargo of coins with a potential numismatic value of between $200 and $500 million or more.

If the shipwreck is located, Odyssey intends to carry out an extensive archaeological excavation of the site in cooperation with the British Royal Naval Museum. According to the company, a British archaeologist is currently aboard the R/V Minibex to assist with the assessment of any sites which might be located in the course of this expedition.

Greg Stemm, co-founder of Odyssey, said "great care will be taken to preserve the archaeological information and the cultural heritage value of the shipwreck site if we are fortunate enough to find the `Cambridge.' If we locate any sites which fit the profile of the Cambridge, we will first recover a small sample of artifacts which might help identify the age and country of origin of the shipwreck."

Stemm said that at the request of the British government, Odyssey and the British Royal Naval Museum are conducting the project as a joint venture.

Stemm explained that until the "Cambridge" wreck is located, the salvage contract with Great Britain cannot be issued, but that under the proposed agreement Odyssey receives the majority of the value of the trade goods, including coins and other valuables, while the government will receive a majority of the cultural artifacts. "They also have the first right of refusal to acquire the entire collection from us," Stemm reported.

Pictures, videos, and data from shipwreck sites plus additional information about Odyssey's deep-water marine archaeology projects are available on the company's web site at www.shipwreck.net.

Odyssey Marine Exploration Inc. specializes in worldwide 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.

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.