FreeSeas Regains Compliance with NASDAQ's Minimum Closing Bid Price

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.

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 Information:

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
 
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