Odyssey Marine Exploration Forms Joint Venture to Advance Strategic Fertilizer Project, Secures Funding, and Extends Debt Maturity
"A secure, high-quality domestic fertilizer supply can be transformative for North America’s agricultural foundation,” said Juan Cortina, principal of CapLat. “This project has the potential to lower costs for farmers and bring meaningful benefits to communities—particularly small-scale farmers—by increasing access to affordable fertilizers and fostering rural development. We are looking forward to exploring the opportunity to move the project forward in collaboration with industry and the government.”
“We are excited about the opportunities this partnership presents for Odyssey’s future growth,” said Mark Gordon, CEO and Chairman of the Board of Odyssey. “The increasing demand for sustainable fertilizers makes this joint venture both timely and essential. Over recent years, we have collaborated closely with Mr. Cortina to align our vision and expertise, and this partnership reflects our shared commitment to advancing responsible resource development that drives economic growth and agricultural progress.”
The partnership combines Odyssey’s subsea resource exploration expertise with Mr. Cortina’s leadership in Mexico’s agricultural sector, where he has championed innovation, food security, and sustainability. The project will employ advanced technology and proven sustainable dredging techniques, which have been successfully used in over 200 similar projects in Mexican waters by a local operating partner for the project.
Odyssey also announced that it had entered into a securities purchase agreement pursuant to which Odyssey secured
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (NASDAQ: OMEX) is a global leader in ocean exploration with over 30 years of experience. The company is committed to the sustainable and responsible discovery, validation, and advancement of seafloor critical mineral projects, including polymetallic nodules for battery metals and subsea phosphate deposits for fertilizers. Offering comprehensive research, marine operations, and regulatory compliance support, Odyssey works with governments and seafloor rights holders worldwide. Odyssey develops its projects in collaboration with a global network of partners, academics, and industry professionals who share its commitment to environmentally sound solutions to obtain minerals that will address present and future global challenges. Learn more at www.odysseymarine.com.
About Mr. Juan Cortina
Mr. Cortina is the Chairman of the Board and Executive President of Siembra (www.gruposiembra.com.mx), a diversified agri-food platform in
Additionally, he serves on the Board of Directors of Santander Mexico. He is a member of the International Advisory Council at Rabobank. Mr. Cortina is committed to driving innovation, growth, and sustainability in
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, 2023, which was filed with the Securities and Exchange Commission on May 17, 2024. 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.
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Liz Shows
Odyssey Marine Exploration, Inc.
(813) 876-1776
lshows@odysseymarine.com
Source: Odyssey Marine Exploration, Inc.