FOR RELEASE ON RECEIPT February 24, 2002 CONTACT: Media Relations Odyssey Marine Exploration Inc. Media@shipwreck.net 600 Words PRINCIPLED BUSINESS: Odyssey Pioneers Deep Ocean Archaeology Advanced technology extends the reach of man to the farthest depths of the ocean, and with that new capability comes a new kind of explorer - the deep ocean marine archaeologist. Odyssey Marine Exploration, Inc., is a pioneer in the field of private sector underwater archaeology, founded and led by the two men who conducted the world's first deep ocean shipwreck archaeological excavation accomplished entirely by robotics. Chief Executive Officer John Morris and Director of Operations Greg Stemm together organized the 1990-91 excavation of a 370-year-old Spanish colonial ship discovered in nearly 1,500 feet of water off the Dry Tortugas. Odyssey is a private business, motivated by the potential of a profitable return on its operations for its shareholders. The firm is also a leader in the responsible practice of scientific principles and cooperation with governments and institutions for the advancement of knowledge and protection of shipwrecks and underwater cultural heritage. The ocean floor is a vast museum, containing what is estimated to be more than 3,000,000 shipwrecks. As such, deep ocean shipwreck exploration presents a unique opportunity to study "time capsules" representing the lives and technology of our ancestors. Odyssey's respect for the priceless information to be gained from shipwrecks dictates application of the best practices of marine archaeology in every project the company undertakes. These pioneering operations often call for unique technical solutions to the challenges of working in the deep ocean environment. The company looks to specialists from the offshore industry as well as academic, government agency and institutional fields to aid in the evaluation and conservation of artifacts. Most of the shipwreck projects on Odyssey's operations schedule offer the potential for not only significant archaeological information, but also recovery of cargoes that can be marketed, known as "trade goods." On a shipwreck site, there is a relatively distinct division between artifacts that characterize the ship itself, life aboard the ship, defense of the ship, and construction and navigation of the vessel as opposed to those goods that were being transported on the ship as cargo or freight, or as carried by passengers for trade. With the possible exception of data relating to the packing of these goods, the cargo is incidental to the knowledge to be gained from the excavation of the shipwreck site. Trade goods are also often characterized by large quantities of similar or duplicate items that have been mass-produced with the original goal of trade. Their inclusion in the ship's wreckage is a result of a simple twist of fate, rather than clues to shipboard culture. In other words, sale of trade goods artifacts after excavation of the shipwreck carries out of the original intent of those who placed the items on the lost ship, as opposed to the shipboard artifacts which are the remaining evidence of shipboard life prior to the disaster - or, perhaps, clues to the disaster itself. Once a representative sample of the pieces are set aside for exhibits or study, marketing of the remaining trade goods can pay the costs of the exploration, archaeological excavation, conservation of the collection, and communication of knowledge acquired from the wreck to scholars, specialists and the public at large. By their very nature, shipwrecks are a disappearing resource. There are far too few institutional marine archaeologists and government agencies to capture information from deep ocean shipwrecks and far too little funding for their work. The combination of ethical exploration, fiscal responsibility and private sector initiative expands the scope of qualified marine archaeological work for the benefit of all people and nations. Odyssey Marine Exploration is proud to be a leader in this developing field. - 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. PR02-28/146