Aries Maritime Transport Limited Amends Previously Announced Letter of Intent

ATHENS, Greece, Jul 27, 2009 (GlobeNewswire via COMTEX News Network) -- Aries Maritime Transport Limited (Nasdaq:RAMS) announced today that it has entered into an amendment to the previously announced letter of intent with Grandunion, Inc., a company controlled by Michael Zolotas and Nicholas Fistes. The letter of intent provides for a binding 60-day exclusivity period, presently expiring on August 23, 2009. The letter of intent also included a 30-day period for Grandunion, Inc. to procure an agreement with the Company's syndicate of lenders to make certain amendments to the Company's existing credit facility, which ended on July 24, 2009. The Company has waived this provision to permit negotiations with the syndicate of lenders to continue through the remainder of the 60-day exclusivity period. About Aries Maritime Transport Limited
Aries Maritime Transport Limited is an international shipping company that owns and operates products tankers and container vessels. The Company's products tanker fleet consists of five MR tankers and four Panamax tankers, all of which are double-hulled. The Company also owns a fleet of two container vessels with a capacity of 2,917 TEU per vessel. Five of the Company's 11 vessels are secured on period charters. Charters for two of the Company's products tanker vessels currently have profit-sharing components.

Aries Maritime Transport Limited press release