Nautilus Marine Acquisition Receives Letter From Nasdaq Regarding Continued
Company to Appeal Nasdaq Decision to Delist Its Securities;
Securities to Remain Listed on Nasdaq Pending Appeal
ATHENS, GREECE -- (Marketwire) -- 02/22/13 -- Nautilus Marine
Acquisition Corp. ("Nautilus") (NASDAQ: NMAR) announced that it has
received a letter from The NASDAQ Stock Market ("Nasdaq"), dated
February 19, 2013, which stated that, because Nautilus did not meet
the minimum of 300 public holders requirement for continued listing
as set forth in Nasdaq Stock Market Listing Rule 5550(a)(3) (the
"Rules"), Nautilus' securities will be delisted from Nasdaq at the
opening of business on February 28, 2013.
In this letter, Nasdaq granted Nautilus until February 26, 2013 to
appeal its decision. Management of Nautilus has determined that they
will appeal the Nasdaq staff's decision to a Hearing Panel in
accordance with the procedures set forth in the 5800 Series of the
Rules. As a result, the delisting of Nautilus' securities from Nasdaq
will be stayed pending the Hearing Panel's decision and Nautilus'
securities will continue to trade on the Nasdaq under the symbol
Nautilus was formed in November 2010 pursuant to the laws of the
Republic of the Marshall Islands for the purpose of acquiring,
through a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization, exchangeable share transaction or other
similar business transaction with one or more operating businesses or
assets. On February 13, 2013, Nautilus acquired Assetplus Limited, a
Cyprus limited liability holding company organized on August 10, 2012
for the purpose of aggregating under one holding company all time
charter, vessel acquisition or other contracts awarded to its
subsidiaries. Assetplus controls an initial fleet of vessels
consisting of two platform supply vessels ("PSVs") and two oil spill
response vessels ("OSRVs"), all of which are intended to service
offshore oil exploration and production installations. All of these
vessels are newly built. Assetplus also controls six binding time
charter contracts with Brazilian oil major Petroleo Brasileiro S.A.
("Petrobras") for two PSVs and four OSRVs. These charters each have
durations of four years plus an additional four optional years. Four
of the six time charter agreements with Petrobras will be serviced by
Assetplus' current fleet, and Nautilus has plans to obtain vessels to
service two additional Petrobras charters.
Cautionary Note Regarding Forward-Looking Statements
Some of the statements in this release are or may constitute
"forward-looking statements." Words such as "believe," "expect,"
"anticipate," "project," "target," "optimistic," "intend," "aim,"
"will" or similar expressions are intended to identify
forward-looking statements. Forward-looking statements involve
estimates, expectations and projections and, as a result, are subject
to risks and uncertainties. Actual results (including, without
limitation, the ability of Nautilus to achieve compliance with Nasdaq
listing standards) could differ materially if not substantially from
those described in the forward-looking statements. Important risks
and other factors could cause actual results to differ materially
from those indicated by such forward-looking statements. These risks
have been more fully discussed in Nautilus' Schedule TO, as amended,
filed with the SEC in connection with its previously completed tender
offer. Additional risks and uncertainties are identified and
discussed in Nautilus' reports filed or to be filed with the SEC and
available at the SEC's website at http://www.sec.gov. Forward-looking
statements included in this press release speak only as of the date
of this press release. Nautilus undertakes and assumes no obligation,
and do not intend, to update Nautilus' forward-looking statements,
except as required by law.
Prokopios "Akis" Tsirigakis
Nautilus Marine Acquisition Corp.
+30 210 876-4750
Investor Relations Contact:
Investor Relations Advisor
Capital Link, Inc.
230 Park Avenue - Suite 1536
New York, N.Y. 10169
Tel. (212) 661-7566
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