FOR RELEASE ON RECEIPT February 24, 2002 CONTACT: Media Relations Odyssey Marine Exploration Inc. Media@shipwreck.net 800 Words HMS SUSSEX: Project Overview In 1995 Odyssey Marine Exploration began project development on a shipwreck project code-named "The Cambridge." The target shipwreck of this project was HMS Sussex, a large 80-gun English warship that sank in the late 17th Century in the western Mediterranean. The Sussex was the flagship of a British Royal Navy fleet, commanded by Rear Admiral Sir Francis Wheeler. The ship was less than a year old when it set sail from England on a very important mission which included several different goals. Odyssey's research provides compelling evidence that one of these tasks included the Sussex carrying an extremely large cargo of coins destined to pay the Duke of Savoy for his continued assistance in a war against France. During "The War of the League of Augsburg," the English, Spanish, Dutch and the Holy Roman Empire created an alliance in an attempt to crush France. This conflict, fought between 1688 and 1697, was essentially the first "world war" with combat involving the Continental powers in the Americas, Europe, Africa, the Near East and Asia. One of the most critical battlefields was France's eastern front, bordering Savoy, now a part of northern Italy. The allies sent Savoy steady streams of money to finance a large mercenary army against the French, whose soldiers, cavalry and artillery were pinned down along the border rather than fighting on other Continental battlefields. Research indicates that England hurried to deliver more money to Savoy, after the French offered the Duke a huge bribe of cash and gold bullion to switch loyalties. Shortly after entering the Mediterranean in 1694, the Sussex was caught in a severe storm and sank - in nearly 3000 feet of water. Research and historical documents suggest the money to pay the Duke of Savoy was on the Sussex when she was lost. The unfortunate end of HMS Sussex may have altered the course of history. The allies' payment never reached the Duke. He eventually did switch sides after France sweetened its bribe with more concessions and a royal marriage, bringing the war to an end in stalemate. Odyssey Marine Exploration conducted offshore search operations on this project in 1998, 1999, 2000 and 2001. In the course of these expeditions, over 400 square miles of seabed in the Western Mediterranean were searched for the shipwreck of HMS Sussex. In this search, Odyssey used side scan sonar and bathymetric surveys to map the sea floor and locate potential targets. The most promising anomalies were inspected visually with a remotely operated vehicle (ROV). During the course of Odyssey's search expeditions, 418 targets were located. Several of those targets turned out to be ancient shipwreck sites, including Phoenician and Roman sites over 2,000 years old. Many were modern shipwrecks, geology or debris. Out of all these targets, only one site, nearly 3000 feet deep, contained cannon - and it was very close to the position where the Fleet's secretary reported in 1694 that the Sussex had foundered. Ten days of the 2001 expedition were spent in an attempt to identify the shipwreck remains at this site. This archaeological investigation, directed by project archeologist, Neil Cunningham Dobson, examined the site in great detail using the Achilles ROV system and special tooling for uncovering and recovering artifacts. In all, seventeen ROV dives were undertaken, clocking over 65 hours of dive time. The site was mapped and video taped. Measurements were taken and several artifacts were retrieved for identification purposes. After extensive study, Dobson summarized in the conclusion of his archaeological report that "study of the survey data, the historical and documentary sources, the underwater investigations, the location, the size and shape of the site and the cannon distribution and sizes indicate the site is that of the Sussex." Excavation of this shipwreck is planned for 2005. When this wreck is excavated, she will make history. At more than half a mile below the surface, it will be the deepest systematic archaeological excavation of a Colonial shipwreck ever undertaken. - END - 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 28, 2001, which has been filed with the Securities and Exchange Commission. PR02-27/145