SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of 15(d) of the
Securities Exchange Act of 1934
July 28, 2006
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Date of Report (date of earliest event reported)
Odyssey Marine Exploration, Inc.
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Exact name of Registrant as Specified in its Charter
Nevada 1-31895 84-1018684
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State or Other Jurisdiction Commission File IRS Employer Identification
of Incorporation Number Number
5215 West Laurel Street, Tampa, Florida 33069
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Address of Principal Executive Offices, Including Zip Code
(813) 876-1776
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Registrant's Telephone Number, Including Area Code
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT.
On July 28, 2006, Odyssey Marine Exploration, Inc. (the "Company")
notified Jackson Brewery Millhouse, LLC ("JBM"), that the Company has
exercised its right to terminate the property lease relating to the Company's
Shipwreck & Treasure Adventure in New Orleans, Louisiana. The attraction is
located in the Jax Brewery in the French Quarter of New Orleans. The lease
covers approximately 8,651 square feet and the monthly rent is $17,570.83.
The lease had an initial term of five years, but provides that the Company has
the right to terminate the lease after 18 months for any reason without
penalty. The effective date of the lease termination will be January 31,
2007.
The Company reopened the Shipwreck & Treasure Adventure in New Orleans in
February 2006. The local tourist and resident markets have not yet recovered
from the devastating impact of Hurricane Katrina. The attraction has not
reached a breakeven attendance level since the reopening. As a result, The
Company has exercised its right to terminate the lease effective January 31,
2007. The lease contains no early termination penalties. However, the
Company anticipates that it will record a write-off of the leasehold
improvements at the site of approximately $300,000.
The Company plans to relocate the attraction to another market in the
latter part 2006 and is currently researching alternatives.
JBM has no affiliation with the Company or any of its officers or
directors.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, hereunto duly authorized.
ODYSSEY MARINE EXPLORATION, INC.
Dated: August 3, 2006 By: /s/ Michael J. Holmes
Michael J. Holmes
Chief Financial Officer