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TOP SHIPS ANNOUNCES SHORT-TERM EXCLUSIVITY AGREEMENT
ATHENS, GREECE, September 25, 2008 - TOP Ships Inc (NasdaqGS:TOPS)
announced today that it has entered into an exclusivity agreement with an affiliate of
George Economou, the Greek shipowner, providing for the exploration by such affiliate
of the possible acquisition of the Company at a potential price of $6.00 per share. The
exclusivity agreement expires on October 8, 2008. The exclusivity agreement also
provides that the Company has agreed to reimburse such affiliate’s out of pocket
expenses, up to $1.0 million, in certain circumstances.
About TOP Ships Inc.
TOP Ships Inc., formerly known as TOP Tankers Inc., is an international provider of worldwide
seaborne crude oil and petroleum products and drybulk transportation services. The Company
operates a combined tanker and drybulk fleet as follows:
- A fleet of seven double-hull handymax tankers, with a total carrying capacity of
approximately 0.3 million dwt, of which 58% are sister ships. All of the Company's
handymaxes will be on time charter contracts with an average term of two years with all
of the time charters including profit sharing agreements above their base rates.
- Six newbuilding product tankers, which are expected to be delivered in the first half of
2009. All the expected newbuildings have fixed rate bareboat employment agreements for
periods between seven and ten years.
- a fleet of five drybulk vessels with a total carrying capacity of approximately 0.3 million
dwt, of which 70% are sister ships. All of the Company's drybulk vessels have fixed rate
employment contracts for an average period of 30 months.
Top Ships Press Release
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