FreeSeas Announces Extension and Reduction of Exercise Price of Class Z Warrants
09 Juin 2011 - 2:30PM
FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEZ)
("FreeSeas" or the "Company"), a transporter of
dry-bulk cargoes through the ownership and operation of a fleet of
Handysize and Handymax vessels, announced today that it is
extending the expiration date and reducing the exercise price of
its Class Z warrants, currently listed under the ticker FREEZ. The
expiration date of the Class Z warrants is being extended to August
12, 2011, from July 26, 2011. The exercise price for each Class Z
warrant is being reduced to $0.36 per one-fifth (1/5) of a share of
common stock, or $1.80 per whole share of common stock, from $5.00
per one-fifth (1/5) of a share, or $25.00 per whole share. Assuming
all outstanding Class Z warrants are exercised, the number of
FreeSeas' common stock will increase by 331,002.
Each Class Z warrant entitles the holder to purchase one-fifth
(1/5) of a share of FreeSeas' common stock and the Class Z warrants
are only exercisable for whole shares. All other terms of the
Class Z warrants remain unchanged.
About FreeSeas Inc.
FreeSeas Inc. is a Marshall Islands corporation with principal
offices in Piraeus, Greece. FreeSeas is engaged in the
transportation of drybulk cargoes through the ownership and
operation of drybulk carriers. Currently, it has a fleet of
Handysize and Handymax vessels. FreeSeas' common stock and Class Z
warrants trade on the NASDAQ Global Market under the symbols FREE
and FREEZ, respectively. Risks and uncertainties are described in
reports filed by FreeSeas Inc. with the U.S. Securities and
Exchange Commission, which can be obtained free of charge on the
SEC's website at http://www.sec.gov. For more information about
FreeSeas Inc., please visit the corporate website,
http://www.freeseas.gr.
The FreeSeas Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5981
Forward-Looking Statements
This press release contains forward-looking statements (as
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events and the Company's growth strategy and
measures to implement such strategy, including expected vessel
acquisitions. Words such as "expects,'' "intends,'' "plans,''
"believes,'' "anticipates,'' "hopes,'' "estimates,'' and variations
of such words and similar expressions are intended to identify
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to be correct. These statements involve known and unknown
risks and are based upon a number of assumptions and estimates
which are inherently subject to significant uncertainties and
contingencies, many of which are beyond the control of the Company.
Actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not
limited to, changes in the demand for drybulk vessels; competitive
factors in the market in which the Company operates; risks
associated with operations outside the United States; and other
factors listed from time to time in the Company's filings with the
Securities and Exchange Commission. The Company expressly disclaims
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based.
CONTACT: At the Company
FreeSeas Inc.
Alexandros Mylonas, Chief Financial Officer
011-30-210-45-28-770
Fax: 011-30-210-429-10-10
info@freeseas.gr
www.freeseas.gr
Investor Relations
The Equity Group
Adam Prior, Vice President
212-836-9606
aprior@equityny.com
www.theequitygroup.com
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