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Athens, Greece – October 8, 2008 Oceanaut, Inc., (AMEX: OKN; OKN.U; OKN.WS; the “Company” or “Oceanaut”) today announced that the Company has issued a notice to its shareholders announcing that, in light of current market conditions, the Company has cancelled the special shareholder meeting scheduled for October 15, 2008. The Company will advise its shareholders of the new meeting date if and when it is rescheduled. The Company is also in the process of discussing whether the terms of each of the four Memoranda of Agreement, dated August 20, 2008, as amended on September 5, 2008, for the purchase of a dry bulk carrier vessel, will be extended or restructured, and will advise investors accordingly. About Oceanaut, Inc. Oceanaut, Inc. (AMEX: OKN; OKN.U; OKN.WS) is a blank check company formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination, vessels or one or more operating businesses in the shipping industry. Oceanaut, Inc. 
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