Odyssey urges Premier Exhibitions to consider sale of company, Titanic assets

By Lisa Kerner

Charlotte, N.C., July 10 - Premier Exhibitions, Inc. shareholder Odyssey Value Advisors, LLC asked the company to hire a nationally recognized investment banking firm to explore the sale of the company, or the Titanic assets, to maximize shareholder value.

In a letter to Premier Exhibitions' board of directors, Odyssey noted that the company has not been able to generate any shareholder value for a prolonged period of time.

Odyssey also cited the Atlanta-based company's decreasing earnings and cash flow generation as well as the resulting "unacceptable EPS loss in the first quarter, under president and chief executive officer Bruce D. Eskowitz."

"The company continues to pursue a risky mega-growth strategy which jeopardizes the strong margin of safety that exists with cash and assets," Odyssey managing partner William G. Vlahos said in the letter.

"We feel that the current 'empire building strategy' of attempting to become one of the largest sellers of entertainment tickets, at the expense of short to intermediate profitability is a flawed strategy that is clearly not working," Vlahos added.

According to Odyssey, Premier Exhibitions is worth at least twice the current market cap, given its lack of debt, valuable assets and successful exhibitions.

Premier Exhibitions develops and tours exhibits worldwide and operates as the salvor-in-possession of the Titanic wreck.

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