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TOP SHIPS INC. ANNOUNCES EXPIRATION OF EXCLUSIVITY AGREEMENT
ATHENS, GREECE, October 23, 2008. TOP Ships Inc. (NasdaqGS:TOPS) (the
“Company”) today announced the expiration of the exclusivity agreement entered into on
September 25, 2008, as subsequently amended, between the Company and an affiliate of
George Economou. Prior to the expiration of the agreement on October 22, 2008, George
Economou’s affiliated entity offered to acquire each of the Company’s issued and
outstanding common share for a purchase price of $3.00 per share, in cash. After
consideration of numerous factors, including the recent volatility in global markets and
decline in the Company’s share price on the Nasdaq Stock Market, the Company’s Board
of Directors has determined that this offer is not in the best interests of shareholders.
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 are 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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