TOP Ships Inc. Announces Filing of Its Annual Report on Form 20-F

TOP Ships Inc. Announces Filing of Its Annual Report on Form 20-F

ATHENS, Greece, May 1, 2013 (GLOBE NEWSWIRE) -- TOP Ships Inc. (Nasdaq:TOPS),
an international ship-owning company, announced today that it has filed its
Annual Report on Form 20-F, on May 1, 2013, for the year ended 2012. Due to
the Company's efforts to close a commercial transaction on April 30, 2013, the
due date of the Annual Report, and to update its audited financial statements
to reflect the effect of the transaction, the Company was unable to file its
Annual Report by the filing deadline at the close of business on April 30,
2013. The Company therefore filed a Form 12b-25 Notification of Late Filing on
May 1, 2013, providing the Company an additional fifteen days to file its
Annual Report, and subsequently filed its Annual Report on May 1, 2013, within
the extension period permitted by Rule 12b-25(b).

The Annual Report is available for download on the Company's website,
www.topships.org. Any shareholder may receive a hard copy of the Company's
complete Annual Report, which includes the Company's complete 2012 audited
financial statements, free of charge upon request.

The audit opinion of Deloitte, Hadjipavlou, Sofianos and Cambanis S.A.
regarding the 2012 financial statements of the Company, which was included in
the Company's Annual Report, is unqualified. However, the opinion includes the
following explanatory paragraphs:

"The accompanying consolidated financial statements have been prepared
assuming that the Company will continue as a going concern. As discussed in
Note 3 to the consolidated financial statements, the Company's recurring
losses from operations and stockholders' capital deficiency raise substantial
doubt about its ability to continue as a going concern. Management's plans
concerning these matters are also discussed in Note 3 to the consolidated
financial statements. The consolidated financial statements do not include any
adjustments that might result from the outcome of this uncertainty.

As discussed in Note 2(l) as a result of the Company's decision not to dispose
of the entire drybulk fleet the results of drybulk operations were
reclassified from discontinued operations to income from continuing operations
for the two years ended December 31, 2010 and 2011."

Investors are urged to read the full text of the Company's Annual Report,
including Notes 3 and 2(l) to the consolidated financial statements referred
to above.

About TOP Ships Inc.

TOP Ships Inc. is an international ship-owning company.

For more information about TOP Ships Inc., visit its website:
www.topships.org.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions
and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The
words "believe," "anticipate," "intends," "estimate," "forecast," "project,"
"plan," "potential," "may," "should," "expect" "pending" and similar
expressions identify forward-looking statements. The forward-looking
statements in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including without
limitation, our management's examination of historical operating trends, data
contained in our records and other data available from third parties. Although
we believe that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are beyond our
control, we cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include the strength of world economies and
currencies, general market conditions, including fluctuations in charter rates
and vessel values, failure of a seller to deliver one or more vessels or of a
buyer to accept delivery of one or more vessels, inability to procure
acquisition financing, default by one or more charterers of our ships, changes
in the demand for crude oil and petroleum products, changes in demand for dry
bulk shipping capacity, changes in our operating expenses, including bunker
prices, drydocking and insurance costs, the market for our vessels,
availability of financing and refinancing, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential liability
from pending or future litigation, general domestic and international
political conditions, potential disruption of shipping routes due to accidents
or political events, vessels breakdowns and instances of off-hires and other
factors. Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and uncertainties.

CONTACT: Alexandros Tsirikos
         Chief Financial Officer
         TOP Ships Inc.
         1, Vassilissis Sofias Str. &
         Meg. Alexandrou Str.
         151 24, Maroussi, Greece
         Tel: +30 210 812 8180
         Email: atsirikos@topships.org
 
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