SOURCE: Marine Exploration, Inc.

Marine Exploration, Inc.

June 05, 2009 08:00 ET

Marine Exploration, Inc. Addresses Recent Industry News

MIAMI, FL--(Marketwire - June 5, 2009) - In the aftermath of the latest news regarding Odyssey Marine Exploration, Inc.'s dispute with Spain, joint venture attorney Michael Scaglione was asked to provide comments. Mr. Scaglione had the following to say: "Marine Exploration, Inc. (OTCBB: MEXP), and its joint venture partner Hispaniola Ventures, LLC, employ a very different business model than Odyssey Marine has employed in the past. While we recognize that Odyssey has made a remarkable discovery near Portugal of great historical and scientific value, their approach of making a general admiralty claim for the Spanish Galleon left them vulnerable to the current legal proceedings." Scaglione went on to say: "In Marine Exploration's case, the company, through Hispaniola Ventures, has negotiated very effective and binding Host Country contracts to ensure that the recovery, transport, cataloging, preservation and disposition of all recovered artifacts is decided in advance. The concept of a Host Country contract, originally spearheaded by Burt D. Webber, Jr. over thirty years ago, has been applied to all of Marine Exploration's current activities. The current areas of interest for Marine Exploration are within the territorial and/or jurisdictional waters of the Dominican Republic. Thus the Host Country contracts allow for search and salvage in specified areas, without the interference of foreign entities. Further, the Host Country contracts pre-establish the ownership of the target research sites and provide for a pre-determined division with the Host Country who, in turn, provides support to the project." Company President Paul Enright added: "We have worked very hard for three years to ensure that our investments are protected, that history is respected and that our relationship with our Host is maintained in excellent order."

About Marine Exploration, Inc:

Marine Exploration, Inc. is currently pursuing two primary projects north of the Dominican Republic for which an exclusive host country treasure-salvage contract is in place. This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. To see our website, go to http://www.mexp.biz.

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