TOP SHIPS ANNOUNCES 1:3 REVERSE SHARE SPLIT

ATHENS, GREECE (March 19, 2008). TOP Ships Inc. (NasdaqGS:TOPS) today announced that at a special meeting of shareholders held on March 13, 2008, the Company’s shareholders approved a 1:3 reverse stock split. The reverse share split is expected to be effective on March 20, 2008. Shareholders will receive instructions as to how to exchange existing share certificates for new certificates representing the postreverse split shares.

Additional information about the reverse stock split is available in the Company’s proxy statement filed with the Securities and Exchange Commission on February 15, 2008, a copy of which is available at www.sec.gov or on the Company’s website at www.topships.org.

Computershare Shareholder Services, Inc. will serve as the Company’s Exchange Agent is connection with the reverse split.

Top Ships Press Release