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TOP SHIPS INC. Announces Extension Of Exclusivity Agreement
ATHENS, GREECE, October 9, 2008. TOP Ships Inc. (NasdaqGS:TOPS) (the
“Company”) today announced that it is continuing discussions with an affiliate of George
Economou regarding a possible acquisition of the Company. The exclusivity agreement
originally set to expire on October 8, 2008 has been extended through October 22, 2008.
The potential acquirer has informed the Company that the purchase price will be subject
to further negotiations and will reflect prevailing market conditions. All other terms and
conditions of the agreement remain unchanged.
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 will operate 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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