FreeSeas Announces 1:10 Reverse Stock Split to Be Effective February 14, 2013

FreeSeas Announces 1:10 Reverse Stock Split to Be Effective February 14, 2013

ATHENS, Greece, Feb. 14, 2013 (GLOBE NEWSWIRE) -- FreeSeas Inc. (Nasdaq:FREE)
("FreeSeas" or the "Company"), a transporter of dry-bulk cargoes through the
ownership and operation of a fleet of Handysize and Handymax vessels,
announced today that the Company's Amended and Restated Articles of
Incorporation were amended to effect a reverse stock split of the Company's
issued and outstanding common stock at a ratio of one new share for every 10
shares currently outstanding.

Details on the Reverse Stock Split

The Company anticipates that its common stock will begin trading on a split
adjusted basis when the market opens on February 14, 2013. Beginning on that
date, FreeSeas' common stock will trade for 20 trading days under ticker
symbol "FREED" to provide notice of the reverse stock split. After this
period, the symbol will revert to "FREE." The common shares will also trade
under a new CUSIP number Y26496201.

The reverse stock split will consolidate 10 shares of common stock into one
share of common stock at a par value of $.001 per share. As a result of the
reverse stock split, the number of outstanding common shares will be reduced
from 18,759,778 to 1,875,978, subject to adjustment for fractional shares. The
reverse stock split will not affect any shareholder's ownership percentage of
FreeSeas' common shares, except to the limited extent that the reverse stock
split would result in any shareholder owning a fractional share. Fractional
shares of common stock will be rounded up to the nearest whole share.

After the reverse stock split takes effect, shareholders holding physical
share certificates will receive instructions from American Stock Transfer and
Trust Company LLC, the Company's exchange agent, regarding the process for
exchanging their shares.

About FreeSeas Inc.

FreeSeas Inc. is a Marshall Islands corporation with principal offices in
Athens, Greece. FreeSeas is engaged in the transportation of drybulk cargoes
through the ownership and operation of drybulk carriers. Currently, it has a
fleet of Handysize and Handymax vessels. Risks and uncertainties are described
in reports filed by FreeSeas Inc. with the U.S. Securities and Exchange
Commission, which can be obtained free of charge on the SEC's website at
http://www.sec.gov. For more information about FreeSeas Inc., please visit the
corporate website, www.freeseas.gr.

The FreeSeas Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5981

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) concerning future events and the
Company's growth strategy and measures to implement such strategy, including
expected vessel acquisitions. Words such as "expects,'' "intends,'' "plans,''
"believes,'' "anticipates,'' "hopes,'' "estimates,'' and variations of such
words and similar expressions are intended to identify forward-looking
statements. Although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, no assurance can be given that
such expectations will prove to be correct. These statements involve known and
unknown risks and are based upon a number of assumptions and estimates which
are inherently subject to significant uncertainties and contingencies, many of
which are beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially include, but are
not limited to, changes in the demand for drybulk vessels; competitive factors
in the market in which the Company operates; risks associated with operations
outside the United States; and other factors listed from time to time in the
Company's filings with the Securities and Exchange Commission. The Company
expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with respect thereto or any
change in events, conditions or circumstances on which any statement is based.

CONTACT: At the Company
         FreeSeas Inc.
         Alexandros Mylonas, Chief Financial Officer
         011-30-210-45-28-770
         Fax: 011-30-210-429-10-10
         info@freeseas.gr
         www.freeseas.gr
        
         Investor Relations
         The Equity Group
         Adam Prior, Vice President
         212-836-9606
         aprior@equityny.com
         www.theequitygroup.com

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