FreeSeas Regains Compliance with NASDAQ's Minimum Closing Bid Price
Athens, Greece, April 5, 2013 (GLOBE NEWSWIRE) -- Athens, Greece, April 05,
2013 -- FreeSeas Inc. (NASDAQ CM: 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 it has received a
letter from NASDAQ, indicating that the Company has regained compliance with
the $1.00 per share minimum closing bid price requirement for continued
listing on the NASDAQ Capital Market, pursuant to the NASDAQ marketplace
rules. Since February 19, 2013 FreeSeas was eligible for an additional 180
calendar day period to regain compliance. For at least 10 consecutive business
days from March 6, 2013 to April 2, 2013 the closing bid price has been at
$1.00 per share or greater. NASDAQ indicated within its letter that since the
Company has regained compliance with Listing Rule 5450(a)(1) (the "Minimum Bid
Price Rule"), this matter is now closed.
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. FreeSeas' common stock trades on the
NASDAQ Global Market under the symbol FREE. 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.
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.
Alexandros Mylonas, Chief Financial
Press spacebar to pause and continue. Press esc to stop.