Good afternoon and thank you for joining us today to discuss Odyssey Marine Exploration Second Quarter Results ended June 30, 2014. With us today are Greg Stemm, Odyssey’s Founder and CEO; Mark Gordon, Odyssey’s President and Chief Operating Officer; and Philip Devine, the company’s Chief Financial Officer. Following their remarks, we will open up call for your questions, and then before we conclude today’s call I’ll provide the necessary precautions regarding forward-looking statements made by management during this call as well as a special note to U.S. investors regarding disclosure of mineral deposits as referenced in the SEC Industry Guide 7. We would like to remind everyone that this call is available for replay through September 11, 2014 starting later this evening. A webcast replay will also be available via the link provided in company’s earnings release as well as available on Odyssey’s website at www.odysseymarine.com. During this call you can also send written questions by sending them via the webcast system. We may not have time to take everyone’s questions but if you submit questions via the webcast system we will answer all remaining questions via email after the call. Now, I’d like to turn the call over to the Founder and CEO of Odyssey Marine Exploration, Mr. Greg Stemm. Please go ahead, sir.

Thank you very much. And good afternoon everyone. Thanks very much for joining us this afternoon. Right off the bat you are going to probably notice that there is something different about today’s call. I haven’t hosted any of the quarterly calls this past year and I’ll only be doing a brief introduction on this one today. A couple of reasons you haven’t heard from me on a conference call include my extensive travel schedule pursuing new projects and strategic initiatives and also the ever increasing role Mark Gordon in the day to day management of Odyssey including his daily interaction with the investment community. John Morris and I started Odyssey 20 years ago. We believe that with some imagination some hard work and a great team of dedicated people we could build a company that was capable of finding and recovering almost anything on the ocean floor. During the past 20 years with tremendous perseverance against many odds and confounding those who doubted us over and over again I believe we’ve built the best ocean exploration team in the world. We’ve found hundreds of shipwrecks and recovered more valuables from the ocean floor than anyone in history. In the process we’ve achieved a globally recognized reputation of excellence in deep-ocean survey, recovery, archeology and now even mineral exploration. Odyssey has never been a typical public company. In fact there are some people who question whether we should even be public. As we’ve grown our shareholder basis transitioned as well. It’s changed from a handful of friends who were betting enough to find a shipwreck to a long list of some of the most sophisticated and well respected firms in the world. With this shift in our investor base, came a change in expectations from our shareholders who have increasingly…

Good afternoon, everyone, thank you for joining us today. I’d also like to thank Greg Stemm and our Board of Directors for the confidence they are placing in me to take over as CEO in the coming months. I’ve been on Greg’s side for meetings with all our major strategic partners and I’ve learned a great deal from our experienced offshore team about shipboard operations over the past years. We’ll continue to benefit from Greg’s vast industry experience and vision as Chairman of the Board and I’m looking forward to applying my past experience, building and transforming companies, to Odyssey, as I take over as CEO later this year. Over the past few years, we’ve proven that we can be operationally successful, achieving things in the deep ocean that have never been done before. In 2011, we discovered the SS Gairsoppa and SS Mantola shipwrecks in less than two months. In 2012, we accomplished a record setting recovery of 48 tons of silver from a steel shipwrecks 3 miles deep and monetized all the cargo within a few months. In 2013, we broke that record with the recovery of 61 tons of silver from 3 miles deep and monetized all that cargo within a few months. This year, we’re performing recovery under contract on what is probably the most celebrated American shipwreck of our time, the SS Central America. Our portion of the value of the cargo already recovered is projected to show a healthy return on our investment. Over the past year and a half, we’ve discovered and validated one of the biggest and highest quality phosphate deposits in the world. This project has generated significant net cash inflows to Odyssey and Odyssey is the majority stakeholder in this highly attractive asset. Over the past 20 years, Odyssey has built a valuable portfolio of intellectual property projects, technology and proprietary methodologies that we will harvest for years to come, I’ve been at sea with our offshore team as they work and there is no question that they can continue to make amazing discoveries and conduct valuable recoveries. With changes that we intend to implement in our business model, we plan on taking our outstanding offshore success and leveraging it into a more predictable business model. This will be accomplished without cutting our core capabilities or our commitment to world-class archaeology exploration and science. We’ll be talking a little more about that throughout this call but first we’ll have Philip Devine, Odyssey’s CFO, walk you through the second quarter financials. Phil, I’ll turn the call over to you now.

Thank you, Mark. I’ll only have time to cover some of the financial highlights of the second quarter of 2014 thus I encourage everyone listening to this call to read our Form 10-Q for further details. The second quarter was marked by several key financial events. On the positive side, in mid April we started to work on SS Central America shipwreck site and from week one of the project it has been a profitable project for us. This quarter we retired the $18 million of convertible debt notes issued in 2011 and 2012 which had an interest rate of 8% to 9%. We obtained a new bank credit facility of $10 million at current interest rate of close to 5%. We took delivery of a new deep-towed system to increase our capability to expand our commodity shipwreck recovery program. And finally, our consolidated net results improved by 63% and our operating cash flows improved by 39% compared to the same period last year. However not everything went well in Q2. Our share price declined significantly which clearly hurt Odyssey and all of our shareholders. We did not generate any revenues from the Dorado Discovery vessel. And the business as a whole we’re still generating a loss and consuming cash. But let’s look at some of the financial statement line items and events in further detail. First our revenues in the second quarter of 2014 were very similar to those in 2013. However, our operations and research expenses decreased significantly by 71% or $6.8 million due to two main reasons. The first one, in 2014 we conducted all shipwreck recovery work on the SS Central America project with our own vessel the Odyssey Explorer, whereas in 2013 we had chartered the Seabed Worker vessel for a cost of $4.6 million…

Thank you, Philip. Well, I have got a lot of what I want to talk about with everyone, so I am going to go quickly. As many of you know, I have been with Odyssey for over nine years and I am intimately familiar with the resources, strengths, weaknesses, capabilities and unique expertise of the company. I am also a bootstrap entrepreneur who has successfully built and transformed multiple businesses prior to joining Odyssey. While I haven’t officially taken the helm as CEO yet, I wanted to share some of my thoughts on things I will be focusing on with the management team over the coming months. As I prepared for this conference call, I was focused on the message the market has been sending us this year. It would be too easy to place all of the blame for our current stock price on the persistent effort of malicious short sellers amplified by their primary mouthpiece who appears to be getting desperate releasing six new short and distort reports filled with ridiculous inaccuracies last month alone. I get that [commencement] [ph] short sellers are an integral part of a healthy functioning market. What troubles me are those who go beyond simply spreading false and misleading information and are so intent on profiting at the expense of our investors that they’re willing to engage in fraud and manipulation to achieve this end. This line has recently been crossed and these actions are now being reviewed by appropriate regulatory and law enforcement agencies, who are considering prosecution options. When we’re in a position to say more on this topic, we will. We also know that some of our investors are taking it upon themselves to appeal to appropriate regulatory authorities, to take prosecutorial action and we want you to know that…

Thank you. So, we will now begin the question and answer session. (Operator Instructions). And our first question will come from Mike Malouf from Craig Hallum Capital Group.

Thanks guys. A lot of color, I appreciate all the information. I want to maybe just have a question for Philip. Can you talk a little bit about where you are now with cash and when you said $5 million immediate, I’m assuming that’s coming in the next week or perhaps you’ve even already drawn down on that and just kind of give us a sense as you look out over the next couple of quarters, how cash in and cash out looks to you?

Okay. We publish the cash position as of June 30th, we’re not going to be releasing daily cash position updates, but perhaps to touch on a couple of your points. First of all, we have secured or negotiated a new loan agreement, the first $5 million of that loan agreement we expect to come in, in the coming days or week, but probably this month in the month of August. Secondly, we’ve drawn down an additional amount on the bank loan facility that we secured in the month of May, based on our cargo recovery results in recent weeks. And then we are in terms of the coming months looking at several different cash inflows, one being the sale of a stake in Oceanica or the repayment of the receivables that we have from the Oceanica subsidiary which amount to about $11 million today. We’re also looking at for this year eventual monetization of the Central America Cargo and then we’re looking at several other potential financing opportunities.

That’s great. And then just to keep question on that, so where are we with regards to cash if you want to call it cash burn or just operational expenses? I think that before this some of the changes that you’ve talked about or that Mark talked about on the call we were looking at around $5 million a quarter. Can you update on where that will end up shaken out once you give the boat back? Thanks.

Yes. Each month - it depends on which project we’re conducting. If you look at the last three months of operation until June 30th, the operating cash use was about $2 million or $2.1 million per month. Going forward it depends on the project and in that 2.1 million we had still the Dorado Discovery vessel, that vessel the termination will be in Q3. So we expect the full impact of that in 2015 and in the late month of 2014. The Dorado vessel we haven’t put out exact figures of how much that cost per month, it depends whether it’s moving or not, but it is significant it’s about 25% of our typical monthly expenditure.

Okay, great. And then just one last question with regards to Oceanica I know Mark you talked about some of the strategic partners are working together with you. Would you file this EIA as the idea that’s file with the partners as part of the EIA or partner or would you go alone? Thanks.

Mike, the answer to that question is that will be filed when it’s ready for submission which is very shortly. Other than that I can’t really provide any further comment.

Okay. Thank you all for taking my questions.

My pleasure.

(Operator Instructions) And our next question will come from Mark Argento with Lake Street Capital Markets.

Hi, good afternoon guys. Maybe you could help me better understand the Central America and the economics there, I know you guys have it you get paid back out of first dollar as your some of your fixed cost maybe Philip if you could walk us through the math given kind of the [paid] [ph] value that has been recorded, thinking some of the [core filings] [ph] that have been recovered at this point, what does that mean in terms of dollars returned to you, let’s just take a number $25 million in value so far brought up and then how that math works out? Then secondly maybe talk a little bit about historical go-to-market, how would you begin to monetize this with the receiver and better understand the channel and the timing around it, is that a one year, two year, five year to better understand how this actually convert into actual real dollars for you guys?

Mark, this is Mark Gordon. You blended into an area of my expertise, so I’m going to grab the question from Philip. Starting with the first part of your question, how the economics work. Odyssey has paid a specified day rate for everyday; the boat is committed to this project. You notice, if anyone that’s had a chance to look at the financials, there was a $3.5 million credit to expenses in the quarter, that’s a function of taking the mobilization fee that was due us which was a fixed amount, plus the number of days that we’ve been at work out there. And those dollars as you mentioned we get 80% of first dollars until all of that is paid to us. I’d expect that number to be in the range of $5 million to $6 million before the end of the project, but the project goes on a lot longer, it could be a different number. But I think if we completed inside this season, I think that’s probably a good target so you’ve seen 3.5 million of that expense credit coming already. The second part of your question about monetization that hasn’t been determined yet. We’re really not in a position to speak to that. Our agreement under contract with the receiver is that we have a specified mechanism to monetize this cargo, it’s possible you could see it move in bulk un-conserved and that would happen very quickly. It’s equally possible that can maximize value. All of these coins could be conserved and graded and sold over a longer period of time. But of course we would only do that if the increase the value more than compensated for the time value of money. In either case based on the high desirability of these items I wouldn’t expect the sales cycle to be more than a couple of years at the far end of the range.

And the $3.5 million credit expense, that’s not on a (technical difficulty), that’s on an accrual basis, (technical difficulty) received any cash at all from either the creditor or from a receiver or anybody else, so basically it is probably you’re putting the bill yourself and willing to pay back when dollars flow back?

Yes, that is correct. So, we’ve recognized creditor expenses of $3.5 million and booked a receivable for an equivalent amount. With respect to our share of eventual proceeds of 45%, we haven’t recognized any receivable nor any revenue in Q2.

Okay, got you. All right. Shifting gears over to phosphates and the Oceanica project, so doing some more work on the deposit, it sounds like – the thing that’s different here than maybe conventionalism from what we can tell from talking to people in the industry is that if the concentration levels are such that you’re kind of laying out some of these (technical difficulty) reports, the concentration levels are high enough where the ability to make us economically viable to actually extract the phosphate and the map behind that actually becomes incrementally more attractive given the high concentration levels. I mean can you talk a little bit more about, there is obviously a lot of information out there, too much to some degree, it’s overly confusing, but can you -- this opportunity from your vantage point at least explain to us what is unique about this phosphate field? Yes, it’s been known to have been around for quite a long time, but why does it make sense now, and maybe touch on kind of some of the concentration levels and what that means to the potential value here of this project?

Okay. This is Greg and I’ll take that, because I have obviously been working a lot on it lately. There are three things that really contribute to the value of the deposit. The first, as you mentioned, is the grade. If it is very high grade and it can be taken up a notch by a very simple process of screening. The other important part of that grade is there are high grade deposits around the world, but many of those high grade deposits require removal of huge amounts of over burden, which make it very expensive to get to the high grade material. In our project, it’s -- the high grade material is in the first couple of meters in the surface, in many places, there is virtually no overburden. So, in landmines where you may have as much as a 5:1 or a 7:1 waste to ore ratio, we are at less than 1:1, which makes it, which then translates into that. The second very important component is your cost. The OpEx and CapEx for mining this and converting it into a marketable project makes it among the lowest in the world. It is much less expensive than virtually any of the new projects that we’ve seen coming online anywhere in the world. And so, the cost is significantly less, the grade is higher. And the third important aspect to this is its location. We have a real issue here in the Americas, and that is that we get all of our -- virtually all of our phosphates from Florida. There have been various estimates made about how long the phosphates here are going to last, the phosphate deposits in Florida could last for 10 or 15 more years or even longer, but the problem is everywhere that…

Sure. And then just dovetailing on that; I know you have -- it sounds like you have had conversations with strategics, I know, JP Morgan is involved and given their expertise in the sector, segment, what are -- maybe you could talk a little bit, obviously, specifics with the standalone conversations and juxtapose that to timing in terms of strategic asset sale. The one thing we have always seen is when small companies are working with big companies, they tend to take their (inaudible) time regardless, and maybe you could better walk us through how extensive have been the conversations; and more importantly, is there a (inaudible) here that you move forward regardless of if you have a strategic partner or not and get kind of the clock working in terms of your environmental impact to [fly wings]?

Yes Mark, it’s Mark Gordon. There is not a lot we can say obviously in detail about current state of discussions with strategics, but I can tell you one thing that’s really attractive about this deposit is that it takes advantage of existing dredge equipment that’s readily available. We have one of the best partners in the world who has lots of capability. So, we could go on this on our own with the pretty compelling business plan. I think if we had the right partner and they came online soon enough, certainly that would be a great thing, but we’re not going to be beholding to anybody to move this project forward.

(Inaudible).

Well, I promised when I started this Q&A that we take couple of you that are sending your questions in via e-mail. So let me jump on a few of them. So, [Campbell] who asked regarding SS Central America Monetization; what is the risk that precious metal prices will fall? Well, I certainly don’t know the answer to the question about what is the risk that precious metal prices will fall, but I’m happy to report that there is not a very direct correlation between precious metal prices and the prices paid for collectable coins, often referred to as numismatic value. The other thing that’s really exciting about this project for our client RLP and for us as their partner is that there is a very established market for Central America collectable coins and they’re still in hot demand. In fact, I was at a coin show this past week where some of these items were being bid on at auction and such in very high prices. So again directly answering your question Campbell, it really doesn’t matter what happens with precious metal prices, because there isn’t a direct correlation to values being realized for these types of numismatic or collectable products. There is another question from [Artrich] and that question is with Royal Boskalis as a dredging partner, will you have them review the Oceanica EIA? I’m happy to report that our partner Royal Boskalis has been intimately involved in every step of the way in everything we’ve done with this project including the EIA. What’s really important actually is they have a wholly-owned subsidiary in country, so it’s actually their Mexican subsidiary that’s working directly with us. Another thing I’d point to out and one of the real attractions to why we went with Royal Boskalis besides the fact that they are one of the best in the world at this is that Mexican subsidiary, who has done over 200 dredging projects in Mexican waters using substantially or exactly the same equipment over the past 20 years, and all of those 200 projects required environmental approval and all of them have received the requisite environment approvals. So, I hope that answers your question. I don’t know if there’s any others, which one has ?

[David Lewis]

Okay. [David Lewis] asked two questions. Why can’t the company provide more regular updates on SS Central America recoveries? I’ll answer that one first David. The answer is that, again this is not Odyssey’s project. We’re a contractor to the Court appointed receiver for our LP, and all of the updates are being reported via the courts in Virginia. We submit update reports every 25th now of the month, and those reports are immediately put up on our website, so if you haven’t seen them already, I’d encourage you to go to look at the three that are up and next one will be up shortly within a couple of weeks. And as was mentioned by Philip and I think echoed by me, it’s been a good period of time for recovery, so I am excited for you to see those results when they’re published. The second question from David was how long is it expected after EIA is filed before decision is made by the Mexican government? And David the answer to that question is the government has a statutory 60-business-day review period. So, that’s roughly 90 calendar days, so that would be our expectation. It is possible they could ask for one additional period if they had questions, but our best estimation right now is that within about 90 or so days of submitting, we would expect to get a response. Are there any more?

Yes, the operator has it.

Operator, do you have any questions in your queue.

Yes. And due to time constraints, we do have time for one more question and that question today will come from Rob Johnson with RJFS.

Yes, to all of you, question is there is a filing deadline time on behalf of this CADG group, the Columbus Group, I believe after the July 9th Court decision, has that expired or did they file an appeal or have they not filed an appeal or is that one that’s still open, what’s your commentary on that?

Yes. The CADG, the company who challenged the Receiver’s right to [service] on the cargo, as many of you may know lost their bid to replace the Receiver of [silver] last month. Consequently, we believe this is now a new issue and the challenges for the salvage operation and the Receiver’s rights for the project have been resolved. In addition, the Court last week dismissed the claims of the only three new parties who try to file claims to the shipwreck cargo, and then no legal appeal has been filed.

So we are clear today on legalities like that or that type of challenge than we were 60 days ago or 30 days ago?

Correct.

Okay, great, great. That’s it.

Okay. Thank you.

Okay.

That’s it. No other questions?

Yes, at this time this concludes our question-and-answer session. And right now I’d like to turn the call back over to Mr. Gordon. Sir, please go ahead.

Sure. Well I just want to thank each of you today and I especially want to thank you for your insightful questions and comments. In closing I just like to say that I am really excited about the new challenge that’s been put in front of me by Greg and our Board and I look forward to having a significant impact. And I would just ask you to judge us by facts not by rumor in any (inaudible). So, with that, I am done. I thank each of you and thanks for participating today.