Odyssey Marine Exploration Expands and Strengthens Team
Odyssey Marine Exploration (NASDAQ:OMEX) has announced the appointment of Christopher E. Jones as Chief Financial Officer on June 14, 2021. This strategic move aims to enhance the executive team to facilitate complex financial deals, including potential asset sales and acquisitions. Additionally, Jay Nudi continues as Principal Accounting Officer. The company also bolstered its NAFTA legal team to strengthen its position in ongoing legal matters, particularly regarding the ExO Phosphate Project. These actions are intended to support Odyssey’s long-term goals and improve operational funding.
- Appointment of Christopher E. Jones as CFO may enhance financial strategy and execution.
- Continued stability with Jay Nudi as Principal Accounting Officer ensures consistent reporting.
- Strengthening the legal team could improve prospects in ongoing NAFTA arbitration.
- No specific financial metrics or projections provided to gauge immediate impact.
- Legal challenges regarding the ExO Phosphate Project may pose ongoing risks.
Christopher E. Jones Appointed as CFO
TAMPA, Fla., June 15, 2021 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a deep-ocean exploration pioneer engaged in the discovery, validation and development of subsea mineral deposits in an environmentally responsible manner, has expanded its executive and legal teams in support of the company’s key strategic goals.
On June 14, 2021, the Odyssey Board of Directors appointed Christopher (Chris) E. Jones as Chief Financial Officer and re-appointed Jay Nudi as the company’s Principal Accounting Officer and Treasurer.
“As we evaluated our strategic plans and every part of our business over the past year, it became clear that we needed to add specific expertise to our executive team to allow Odyssey to execute on its strategic plan,” commented Mark D. Gordon, Chairman and CEO of Odyssey. “Chris brings extensive experience in international business development, finance and investment banking both on the sell-side and on the buy-side, and I’m excited to welcome him to the team.
“We’re also pleased to continue to provide uninterrupted continuity in our financial reporting with Jay Nudi remaining Odyssey’s Principal Accounting Officer and Treasurer, positions he has excelled in for the past 15 years.
“As we continue to achieve milestones laid out to reach our one year and three-year goals, it was evident we had to add new skill sets and bandwidth to evaluate and consummate complex financial deals including potential strategic asset sales and/or acquisitions. In the near term, we also expect to sell minority stakes in our projects to fund operations and continue development of the projects, which we believe will lead to increased valuations,” continued Gordon. “With his financial analysis and deal modeling experience as well as strategic planning and strong market communication skills, we believe Chris is the perfect person to lead these initiatives, as well as a reinvigorated investor relations program.”
Prior to joining Odyssey, Mr. Jones was Vice President of Corporate Finance and Development at Mohegan Gaming & Entertainment since 2017 where he led International Financial Development and Investor Relations; Managing Director, Equity Research – Gaming, Lodging & Leisure at Buckingham Research Group from 2016-2017; Managing Director, Equity Research – Americas Gaming at Union Gaming from 2014-2016; Managing Director, Equity Research – Gaming, Lodging & Leisure at Telsey Advisory Group from 2008-2014. He has also held positions at Oppenheimer & Company, Merrill Lynch and Lehman Brothers.
In addition to expanding the Odyssey executive team with Chris Jones, Odyssey also added resources to augment our already extremely strong NAFTA legal team. Additional litigators and expert consultants have been added to the team as preparations ramp up for a strong and compelling hearing before the NAFTA Tribunal. These resources will fortify our position that we did not receive fair and equitable treatment by Mexico which resulted in the illegal denial of the ExO Phosphate Project Environmental Permit. Our expanded legal team features litigators with significant proven NAFTA experience against Mexico as well as specific experience rebutting many of Mexico’s experts. “Making strategic adjustments to a legal team is common in large international arbitrations. Adding specialized resources at this time to advance our multi-billion-dollar damages claim bolsters our arguments in our June 29 reply to Mexico’s Counter Memorial. Furthermore, expanding the team provides additional firepower to support the hearing phase of the NAFTA case scheduled early next year,” explained Gordon.
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in ocean exploration using innovative methods and state-of-the-art technology to provide access to critical resources worldwide. Our core focus is the discovery, validation and development of subsea mineral resources. Odyssey also provides marine services for private clients and governments. For additional details, please visit www.odysseymarine.com.
Forward Looking Information
Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the Securities and Exchange Commission on March 31, 2021. The financial and operating projections as well as estimates of mining assets are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to material uncertainties and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey's projections will depend upon unpredictable future events, many of which are beyond Odyssey's control and, accordingly, no assurance can be given that Odyssey's assumptions will prove true or that its projected results will be achieved.
Cautionary Note to U.S. Investors
The U.S. Securities and Exchange Commission (SEC) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "measured", "indicated," "inferred" and "resources," which the SEC guidelines strictly prohibit us from including in our filings with the SEC. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. U.S. investors are cautioned not to assume that part or all of the inferred mineral resource exists, or is economically or legally mineable, and are urged to consider closely the disclosures in our Form 10-K which may be secured from us or from the SEC's website at http://www.sec.gov/edgar.shtml.
CONTACT:
Laura Barton
Odyssey Marine Exploration, Inc.
(813) 876-1776 x 2562
laura@odysseymarine.com
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