Odyssey Marine Exploration Inc (OMEX)

[Getitgogone]

Odyssey Marine Exploration Selected for Recovery of SS Central America Gold

TAMPA, Mar 03, 2014 (GLOBE NEWSWIRE via COMTEX) -- Odyssey Marine Exploration, Inc. OMEX +10.04% , a pioneer in the field of deep-ocean exploration, has reached an agreement in principle to conduct an archaeological excavation and recover the remaining valuable gold cargo from the SS Central America shipwreck located approximately 160 miles off the coast of South Carolina.

The exclusive contract will become effective and more information will be available after review and approval by the Common Pleas Court of Franklin County, Ohio, which has jurisdiction over Recovery Limited Partnership and Columbus Exploration LLC. Pending the approval of the court, Odyssey plans to begin work on the shipwreck site in April 2014.

Odyssey was selected for the project by Ira Owen Kane, the court-appointed receiver who represents Recovery Limited Partnership and Columbus Exploration LLC. Kane is charged by the court with overseeing the recovery project, and has the benefit of a permanent injunction and exclusive salvage rights over the SS Central America shipwreck granted by the U.S. District Court for the Eastern Division of Virginia.

"We circulated a request for proposals to nine of the leading organizations in the deep-ocean exploration and recovery industry and established a rigorous proposal evaluation process," said Kane. "We found Odyssey's combination of experience, equipment and personnel are unmatched in their industry and we're now looking forward to their team completing the work that was started more than 25 years ago."

http://www.marketwatch.com/story/odyssey-marine-exploration-selected-for-recovery-of-ss-central-america-gold-2014-03-03?siteid=nbsh