Thursday, May 29, 2008

Sunken Treasure Discovered By Odyssey Marine Exploration (OMEX)

Normally, here at Stock Picky we concentrate on relatively safe stocks for the long term, but I felt like I had to share this one with my readers! The name of this speculative play is Odyssey Marine Exploration, ticket symbol (NASDAQ: OMEX). This is a company that literally hunts for sunken treasure!

Based out of Florida, Odyssey Marine Exploration has over 20 ongoing shipwreck projects throughout the world. Past projects include the shipwreck of the SS Republic which brought in 50,000 coins and 14,000 artifacts, and just last year the company announced it recovered 500,000 silver and gold pieces from The Black Swan!

As if that wasn't enough, the company just filed today that it had filed Admiralty Arrest on two more shipwreck sites. Both of these new found sites are near the English Channel, but are outside the territorial waters of any sovereign nation. The sites both contain cannon and other artifacts which are believed to dated back to the colonial period.

More good news came earlier this week as they announced they will be the focus of an 11-part Discovery Channel series. Now this might not seem like a big deal, but it will certainly bring this company into the public light, which will most like bring a lot more buyers to the table and in turn raise the stock price.

Before you get too excited though, let me remind you that this stock is very, very speculative and you could easily lose your shirt. With that in mind, I am sure you can imagine what would happen to the stock price if they made a really big find!

Now for the numbers... Odyssey Marine Exploration has only been traded on the Nasdaq since October of 2006, with a market cap of only 239 million this is a very small company. The stock has traded between $7.75 and $4.42 over the past year and today stands at around $5.00.

I look at this as a long term lottery ticket, one that could go down to zero, but could also win you that big prize. Remember, you want to be in before they make that big discovery on National Television in the upcoming documentary : )

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