Odyssey Marine Exploration, Inc. (NASDAQ: OMEX) is a stock which investors and traders may have never heard of, but it is one of the true cult stocks out there. The company announced that it has found the HMS Victory, a ship which sunk in 1744.
Research indicates that Balchin’s Victorysank with a substantial amount of gold and silver aboard. Thecompany has also said that it has been working with the UnitedKingdom’s Ministry of Defence so that it can be assured that it isrewarded for its efforts.
International maritime law states that warships and government-ownedships even from ages past remain the property of the government. Thiscompany has had run-ins with the government of Spain over thisbefore.
Odyssey is a treasure hunting company that explores for shipwrecks. Unlike most shipwreck hunters, Odyssey goes after deepwater discoveries. The company found the famed Civil War erashipwreck of the SS Republic in 2003. You have probably seencommercials selling SS Republic coins. Odyssey recovered more than 50,000coins and 14,000 artifacts from the site nearly 1,700 feet deep.
Odyssey shares are actually trading up sharply. This closed at $3.95Friday, and shares are up over 30% at $5.17 in pre-market trading. Its52-week trading range is $2.60 to $7.40,
Jon C. Ogg
February 2, 2009
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