This report is a follow up to Meson Capital’s first 66-page report published October 31, 2013 which can be found at www.omextruth.com.
“Odyssey Marine Exploration Inc (NASDAQ:OMEX)’s cynically deploying a few random nodes of truth to the end of evading the acknowledgement of an over-arching and regnant truth.” –Judge Steven D. Merryday in the Sept 25, 2013 ‘Black Swan’ ruling against Odyssey.
In response to our initial report, Odyssey Marine Exploration Inc (NASDAQ:OMEX) held a conference call November 5th, not open to general Q&A, where they refuted exactly ZERO of our factual statements
- Here, we expose the public relations techniques used by Greg Stemm to try to discredit our research by taking our factual statements out of context.
- OMEX failed to address our serious questions and management explanations do not hold up. For example, we include 3 sources indicating that Panamanian locals are not required to “satisfy regulatory framework” as Odyssey Marine Exploration Inc (NASDAQ:OMEX) has claimed.
Odyssey Marine Exploration Inc (NASDAQ:OMEX)’s most recent 10-Q filed November 12th has numerous revisions that we highlight including that Neptune Minerals, Inc. – claimed as a source of $108mm of “off balance sheet value” – now appears to be insolvent.
- Neptune appears to have lost $25mm over the last fiscal year ended June 30, far greater than “a few million” that OMEX anticipated in their August 10-Q.
- As of June 30, 2013, Neptune’s total accumulated deficit appears to be $49mm. This exceeds Neptune’s total equity raises, indicating insolvency: we believe NMI is worth zero.
- Despite Neptune still being unable to pay its bills to Odyssey Marine Exploration Inc (NASDAQ:OMEX), OMEX lent an additional $500,000 to Neptune during the 3 month period ending Sept 30, 2013.
- Further research into the Oceanica mining project also indicates to us this project is worthless: other claimed “world class” assets have a high failure rate, do not be deceived by this empty term.