Meson Capital Partners, LLC, a leading activist fund manager, has been conducting an intensive investigation into Odyssey Marine Exploration (“OMEX” or “Company”) over the past several months. The investigation is ongoing and utilizes publicly available information. Today, we are publishing our findings to date for the benefit of OMEX stockholders. We believe stockholders have been grossly misinformed about the Company’s history, business affiliations, and prospects.
Summary Points of our Investigation:
OMEX co-founders, Greg Stemm and John Morris are seasoned stock promoters whose previous company, Seahawk Deep Ocean Technologies (SHWK: $0.0012) was subject to litigation by the SEC.
Since 2000, OMEX executives and directors have been directly compensated over $20 million cash and have sold net $5 million of stock while shareholders have accumulated losses of $180 million.
We believe UNESCO’s new regulations that protect national gravesites and heritage make OMEX’s business of for-profit historic shipwreck hunting unviable.
We are investigating management representations regarding “$179 million of Off Balance Sheet Value Creation” and based on our findings to date, believe these values are inflated by at least a factor of 10 based on non-arm’s length transactions.
We question why OMEX recently formed offshore subsidiaries in Panama, Bahamas, and Mexico and are troubled by ties we discovered to questionable business partners.
strong>Shareholders Deserve Answers:
Please explain precisely the business purposes of OMEX’s offshore subsidiaries formed in 2013?
Why did you choose to partner with DNA, Ltd. Inc. in Panama? Were you aware of the questionable track record of the principal members?
Since leaving the Company in 2008, how much cash has OMEX co-founder John Morris his affiliated entities been paid by OMEX?
How much cash has OMEX received from John Morris and his affiliated entities?
Has Josh Adam, SVP of Neptune Minerals and Manager of Mako Resources LLC, ever received compensation directly or indirectly from OMEX?