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Bay area shipwreck company's new business model is in an ebb-and-flow motion

Crystal Owens
Bay area shipwreck company's new business model is in an ebb-and-flow motion

Odyssey Marine Exploration Inc., which operates through its Mexican subsidiary Exploraciones Oceánicas, has signed a letter of intent to sell up to one-third of the 15 percent equity the company owns in an early stage mineral project for up to $5 million. The Tampa deep ocean exploration company (NASDAQ: OMEX), known for finding shipwrecks and lost gold, said June 19 that the transaction values the balance of Odyssey’s remaining interest in the unnamed project at $10 million. Odyssey announced in March 2018 it was taking another direction — finding and mining underseas minerals — to establish a new line of business.