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Seanergy Maritime Holdings Corp. Reports Financial Results for the First Quarter Ended March 31, 2013

Seanergy Maritime Holdings Corp. Reports Financial Results for the First 
Quarter Ended March 31, 2013 
ATHENS, GREECE -- (Marketwired) -- 06/12/13 --  Seanergy Maritime
Holdings Corp. (the "Company") (NASDAQ: SHIP) announced today its
financial results for the first quarter ended March 31, 2013. 
Financial Highlights: 
First Quarter 2013 


 
--  Net Revenues of $5.6 million.
--  EBITDA of $3.8 million.*
--  Net Income of $1.1 million.
--  Debt reduction of $31.8 million, or approximately 15% of the Company's
    outstanding indebtedness.

  
(*) EBITDA is a non-GAAP measure. Please refer to the EBITDA, Adjusted
EBITDA and Adjusted Net Income/Loss reconciliation section contained
in this press release. 
Management Discussion: 
Stamatis Tsantanis, the Company's Chief Executive Officer, stated:  
"I am pleased to announce our first profitable financial quarter
since 2011, despite the challenging dry bulk market conditions. Our
net income was $1.1 million compared to a net loss of $6.4 million
for the same period last year. During the first quarter of 2013
charter rates continued to deteriorate and our average daily Time
Charter Equivalent ("TCE") rate decreased to $6,004 per vessel as
compared to $9,546 in the first quarter of 2012.  
"Regarding our financial restructuring, since the beginning of 2012
and as of the date of this press release, we managed to reduce our
indebtedness to $176.9 million, from $346.4 million, through
finalized agreements with three out of our five lenders. In addition,
we have entered into an agreement with our fourth lender for the sale
of three MCS's vessel owning subsidiaries in exchange for a nominal
cash consideration and full satisfaction of the underlying loan of
approximately $38 million. After giving effect to this transaction,
we will have reduced our indebtedness by approximately 61% to $135
million. We continue discussions with our remaining lender, aiming to
reach a solution that will enable Seanergy to complete the
restructuring of its outstanding debt." 
Christina Anagnostara, the Company's Chief Financial Officer, stated: 
"During the first quarter of 2013, net revenues were $5.6 million,
68% lower than in the same period in 2012 reflecting the smaller size
of our fleet and a 37% reduction of the daily TCE.  
"For the first quarter of 2013, net income amounted to $1.1 million
compared to a net loss for the first quarter of 2012 of $6.4 million.
After adjusting for $5.5 million gain on the sales of four vessel
owning subsidiaries and $0.9 million loss on vessel impairment,
Seanergy's net loss was $3.6 million compared to a net loss of $4
million in the first quarter of 2012 after adjusting for $2.3 million
loss on sale of vessels. The reduction reflects the significant
decrease in interest and finance costs to $2.2 million from $3.4
million in 2012.  
We continue our efforts to achieve a viable financial structure that
will facilitate Seanergy's ability to benefit from the eventual
rebound in shipping markets. We believe that the recent sale of our
four Handysize owning subsidiaries and the forthcoming sale of three
additional Handysize owning subsidiaries, in full satisfaction of the
associated loan facilities, are positive for Seanergy as they are
expected to bring our total indebtedness down to approximately $135
million." 
First Quarter 2013 Financial Results: 
Net Revenues 
Net revenues for the first quarter of 2013 decreased to $5.6 million
from $17.4 million in the same quarter of 2012. The decrease of 68%
in net revenues reflects lower freight rates earned in the dry bulk
market as compared to the same quarter last year, as well as a 57%
reduction in operating days that resulted from the sale of vessel
owning subsidiaries. 
EBITDA and Adjusted EBITDA 
Adjusted EBITDA was negative $0.8 million for the first quarter of
2013, excluding $5.5 million of gains resulting from the sales of
subsidiaries and $0.9 million of non-cash impairment losses
associated with the African Oryx sale. Including the aforementioned
items, EBITDA stands positive at $3.8 million. For the first quarter
of 2012, Seanergy recorded Adjusted EBITDA of $4.9 million, while
EBITDA was $2.5 million. 
For more information please refer to the EBITDA, Adjusted EBITDA and
Adjusted Net Loss/Income reconciliation section contained in this
press release. 
Net Income/Loss 
For the first quarter of 2013, net income amounted to $1.1 million or
$0.09 per basic and diluted share, as compared to a net loss for the
first quarter of 2012 of $6.4 million, or $0.54 per basic and diluted
share, based on weighted average common shares outstanding of
11,958,063 basic and 11,959,282 diluted for the first quarter of
2013, and 11,803,933 basic and diluted for the first quarter of 2012. 
For the first quarter of 2013, adjusted net loss excluding gains from
the sales of subsidiaries and non-cash impairment losses was $3.6
million, as compared to an adjusted net loss of $4.0 million in 2012. 
Debt Reduction 
Seanergy ended the first quarter of 2013 with $176.9 million of
outstanding debt. This reflects the reduction of our outstanding
indebtedness by $31.8 million, during the three month period ended
March 31, 2013. 
First Quarter 2013 Developments: 
Sale of Subsidiaries in Satisfaction of DVB Loan 
On January 29, 2013, Seanergy's subsidiary, Maritime Capital Shipping
Limited ("MCS"), sold its 100% ownership interest in the four
companies that owned the Handysize dry bulk vessels Fiesta, Pacific
Fantasy, Pacific Fighter and Clipper Freeway for a nominal
consideration. In exchange for the sale, approximately $30.3 million
of outstanding debt was discharged. 
The buyer was a third-party nominee of the lenders under the senior
secured credit facility with DVB Merchant Bank (Asia) Ltd., as agent. 
In connection to the sale, the Company's Board of Directors obtained
a fairness opinion from an independent third party.  
Impairment of African Oryx 
The Company assessed the recoverability of the carrying value,
including unamortized deferred dry docking costs, of the vessel
African Oryx due to its sale in the second quarter of 2013 and, as a
result, recognized an impairment loss of $0.9 million. 
Subsequent Events: 
Sale of African Oryx 
On April 10, 2013, Seanergy sold the African Oryx, a 24,112 DWT
Handysize vessel built in 1997. Gross proceeds amounted to $4.1
million and were used to repay debt. 
Receipt of NASDAQ Notice 
The Company received a written notification from the Nasdaq Capital
Market ("Nasdaq" or the "Capital Market"), dated May 1, 2013,
indicating that the Company is not in compliance with the requirement
to maintain a minimum of $2.5 million in stockholders' equity for
continued listing on the Capital Market, pursuant to Nasdaq Listing
Rule 5550(b)(1). The Company reported negative stockholders' equity
of $101.6 million for the fiscal year ended December 31, 2012. In
addition, as of April 30, 2013, the Company did not meet the
alternative standards for continued listing, including a market value
of listed securities of at least $35 million, pursuant to Nasdaq
Listing Rule 5550(b)(2), or net income from continuing operations of
at least $500,000, pursuant to Nasdaq Listing Rule 5550(b)(3).  
In order to cure this deficiency, the Company must submit a plan to
Nasdaq to regain compliance by June 17, 2013. If the plan is accepted
by Nasdaq, the Company may be granted a grace period to regain
compliance of up to 180 days, expiring on or before October 28, 2013. 
The Company is currently preparing a comprehensive plan that will be
submitted to Nasdaq in order to regain compliance with the continued
listing standards of the Capital Market. 
Agreement for the Sale of Subsidiaries in Satisfaction of UOB Loan 
On May 6, 2013, Seanergy's subsidiary, MCS, entered into an agreement
with its fourth lender (United Overseas Bank) for the sale of three
vessel owning subsidiaries that own the Handysize vessels African
Joy, African Glory and Asian Grace, in exchange for a nominal cash
consideration and full satisfaction of the underlying loan. The sale
is subject to final documentation and is expected to close within the
second quarter of 2013 or any other date as may be agreed between the
Company and the lender. Upon the closing of the transaction
approximately $38 million of the Company's outstanding debt will be
discharged and the guarantee provided by MCS will be fully released. 
Prior to the sale of the shares, the Company's Board of Directors
will obtain a fairness opinion from an independent third party.  
Ability to Continue as a Going Concern 
Over the past year and as of the date of this press release, the
Company has experienced significant losses and reduction in cash
which has affected its ability to satisfy its obligations due to
shipping sector volatility and economic difficulties. The Company
experienced significant reduction in cash flow, as it had to
re-charter its vessels at low prevailing rates.  
As a result of the above, the Company defaulted under its loan
agreements in respect of certain covenants (including, in some cases,
the failure to make principal and interest payments, the failure to
satisfy financial covenants and the triggering of cross default
provisions). To date, the Company has not obtained waivers of all
these defaults from its lenders. Since January 1, 2012, the Company
has sold or otherwise disposed a total of 13 vessels (or the
ownership of certain of its vessel owning subsidiaries) and it has
entered into an agreement to sell three additional vessel owning
subsidiaries in connection with its debt restructuring. Proceeds from
the sale of remaining vessels are expected to be insufficient to
fully repay the related debt and, therefore, it is likely that the
Company will continue to have significant debt unless it enters into
satisfactory arrangements with its lenders for the discharge of all
such obligations. During the restructuring process, the lenders have
continued to reserve their rights in respect of events of default
under the loan agreements. The lenders have not exercised their
remedies at this time, including demand for immediate payment. The
lenders, however, could change their position at any time. As such,
there can be no assurance that a satisfactory final agreement will be
reached with the lenders in the restructuring, or at all. 
While the Company continues to use its best efforts to restructure
the debt of its remaining lender, there can be no assurance that the
negotiations will be successful or that it will obtain waivers or
amendments from its lender. Failure to obtain such waivers or
amendments could materially and adversely affect the Company's
business and operations. Furthermore, the impact of the final terms
of any restructuring is uncertain. Due to the above, the Company's
$176.9 million outstanding debt as of March 31, 2013 is classified as
current.  


 
                                                                            
                                                                            
Fleet Data & Average Daily Results:                                         
                                                                            
                                       Three Months Ended Three Months Ended
                                         March 31, 2013     March 31, 2012  
Fleet Data                                                                  
Average number of vessels (1)                         9.3               19.5
Ownership days (2)                                    836              1,770
Available days (3)                                    836              1,758
Operating days (4)                                    704              1,626
Fleet utilization (5)                               84.2%              91.9%
Fleet utilization excludingdrydocking                                       
 off hire days (6)                                  84.2%              92.5%
Average Daily Results                                                       
TCE rate (7)                                        6,004              9,546
Vessel operating expenses (8)                       4,146              4,701
Management fee (9)                                    344                337
Total vessel operating expenses (10)                4,490              5,038
                                                                            
                                                                            
 (1)Average number of vessels is the number of vessels that constituted the 
    Company's fleet for the relevant period, as measured by the sum of the  
    number of days each vessel was a part of the Company's fleet during the 
    relevant period divided by the number of calendar days in the relevant  
    period.                                                                 
 (2)Ownership days are the total number of days in a period during which the
    vessels in a fleet have been owned. Ownership days are an indicator of  
    the size of the Company's fleet over a period and affect both the amount
    of revenues and the amount of expenses that the Company recorded during 
    a period.                                                               
 (3)Available days are the number of ownership days less the aggregate      
    number of days that vessels are off-hire due to major scheduled repairs,
    dry dockings or special or intermediate surveys. The shipping industry  
    uses available days to measure the number of ownership days in a period 
    during which vessels should be capable of generating revenues. During   
    the quarter ended March 31, 2013, the Company incurred zero off hire    
    days for vessel scheduled drydocking.                                   
 (4)Operating days are the number of available days in a period less the    
    aggregate number of days that vessels are off-hire due to any reason,   
    including unforeseen circumstances. The shipping industry uses operating
    days to measure the aggregate number of days in a period during which   
    vessels actually generate revenues.                                     
 (5)Fleet utilization is the percentage of time that our vessels were       
    generating revenue, and is determined by dividing operating days by     
    ownership days for the relevant period.                                 
 (6)Fleet utilization excluding drydocking off hire days is calculated by   
    dividing the number of the fleet's operating days during a period by the
    number of available days during that period. The shipping industry uses 
    fleet utilization excluding drydocking off hire days to measure a       
    Company's efficiency in finding suitable employment for its vessels and 
    excluding the amount of days that its vessels are off hire for reasons  
    such as scheduled repairs, vessel upgrades, or dry dockings or special  
    or intermediate surveys.                                                
 (7)TCE rates are defined as our net revenues less voyage expenses during a 
    period divided by the number of our operating days during the period,   
    which is consistent with industry standards. Voyage expenses include    
    port charges, bunker expenses, canal charges and other commissions.     
                                                                            
                                                                            
(In thousands of US Dollars, except operating days and daily time charter   
 equivalent rate)                                                           
                                                                            
                                                                            
                                             Three Months Ended March 31,   
                                         -----------------------------------
                                                2013              2012      
                                         ----------------- -----------------
Net revenues from vessels *                          5,645            17,414
                                                                            
Voyage expenses                                      1,418             1,892
                                         ----------------- -----------------
                                                                            
Net operating revenues                               4,227            15,522
                                         ----------------- -----------------
                                                                            
Operating days                                         704             1,626
                                                                            
Daily time charter equivalent rate                   6,004             9,546
                                                                            
                                                                            
     * Our TCE rate is calculated as the weighted average of the daily rate 
    earned under time charter contracts and of the daily rate earned by     
    bareboat agreements after deducting the relevant fixed operating expense
    allowance. Net revenue from vessels under bareboat agreements is net of 
    operating expense allowance.                                            
 (8)Average daily vessel operating expenses, which include crew costs,      
    provisions, deck and engine stores, lubricating oil, insurance,         
    maintenance and repairs, are calculated by dividing vessel operating    
    expenses by ownership days for the relevant time periods:               
                                                                            
                                                                            
(In thousands of US Dollars, except ownership days and daily vessel         
 operating expenses)                                                        
                                                                            
                                               Three Months Ended March 31, 
                                             -------------------------------
                                                   2013            2012     
                                             --------------- ---------------
Operating expenses                                     3,466           8,321
                                                                            
Ownership days                                           836           1,770
                                                                            
Daily vessel operating expenses                        4,146           4,701
                                                                            
                                                                            
  (9)Daily management fees are calculated by dividing total management fees 
     by ownership days for the relevant time period.                        
 (10)Total vessel operating expenses ("TVOE") is a measurement of total     
     expenses associated with operating the vessels. TVOE is the sum of     
     vessel operating expenses and management fees. Daily TVOE is calculated
     by dividing TVOE by fleet ownership days for the relevant time period. 
                                                                            
                                                                            
                                                                            
                                                                            
Fleet Profile and Employment:                                               
                                                                            
As of June 12,2013                                                          
                                                                            
                                                                    Charter 
Vessel Name             Vessel    Capacity  Year Built   Charter    Expiry  
                         Class      (DWT)               Rate ($)   (latest) 
                                                                            
M/V Bremen Max          Panamax    73,503      1993       Spot        N/A   
M/V Hamburg Max         Panamax    73,498      1994       Spot        N/A   
M/V Davakis G.         Supramax    54,051      2008       Spot        N/A   
M/V Delos Ranger       Supramax    54,057      2008       Spot     Aug. 2013
M/V African Joy (1)    Handysize   26,482      1996     Floating   June 2013
M/V African Glory      Handysize   24,252      1998       Spot     June 2013
M/V Asian Grace        Handysize   20,412      1999       Spot     June 2013
Total                              326,255     13.5                         
                                                                            
                                                                            
 (1)The calculation of the rate is based on the adjusted Time Charter       
    Average of the Baltic Handysize Index ("BHSI").                         
                                                                            
                                                                            
                                                                            
                                                                            
EBITDA, Adjusted EBITDA and Adjusted Net Income/(Loss) Reconciliation:      
                                                                            
                                       Three Months Ended Three Months Ended
                                         March 31, 2013     March 31, 2012  
Net income/(loss)                                   1,065            (6,368)
Plus: Interest and finance costs, net                                       
 (including interest income)                        2,162              3,367
Plus: Income taxes                                     34                  5
Plus: Depreciation and amortization                   581              5,543
EBITDA                                              3,842              2,547
Plus: (Loss) on sale of vessels                         -            (2,333)
Plus: Impairment charges                            (862)                  -
Minus: Gain on disposal of                                                  
 subsidiaries                                       5,538                  -
Adjusted EBITDA                                     (834)              4,880

 
EBITDA consists of earnings before net interest and finance cost,
taxes, depreciation and amortization. Adjusted EBITDA consists of
earnings before net interest and finance cost, taxes, depreciation
and amortization and losses associated with the sale of vessels, the
impairment of the book values of vessels as well as gain associated
with disposal of subsidiaries. EBITDA and adjusted EBITDA are not
measurements of financial performance under accounting principles
generally accepted in the United States of America, or U.S. GAAP and
do not represent cash flow from operations. EBITDA and adjusted
EBITDA are presented solely as supplemental disclosures because
management believes that they are common measures of operating
performance in the shipping industry. 


 
                                                                            
                                                                            
                                   Three Months Ended    Three Months Ended 
                                     March 31, 2013        March 31, 2012   
Net income/(loss)                                1,065               (6,368)
Plus: (Loss) on sale of vessels                      -               (2,333)
Plus: Impairment charges                         (862)                     -
Minus: Gain on disposal of                                                  
 subsidiaries                                    5,538                     -
Adjusted Net (loss)                            (3,611)               (4,035)

 
Adjusted net loss consists of net loss before losses associated with
the sale of vessels, the impairment of the book values of vessels as
well as gain associated with disposal of subsidiaries. 
Conference Call and Webcast: 
As announced, the Company's management team will host a conference
call today, June 12, 2013, at 9:30 a.m. EDT to discuss the Company's
financial results. 
Conference Call details 
Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1(866) 819-7111 (from the
US), 0(800) 953-0329 (from the UK) or + (44) (0) 1452 542 301 (from
outside the US). Please quote "Seanergy". 
A replay of the conference call will be available until Wednesday,
June 19, 2013. The United States replay number is 1(866) 247-4222;
from the UK 0(800) 953-1533; the standard international replay number
is (+44) (0) 1452 550 000 and the access code required for the replay
is: 2094507#. 
Audio Webcast 
There will also be a simultaneous live webcast of the conference call
over the Internet, through the Seanergy website
(www.seanergymaritime.com). Participants to the live webcast should
register on the website approximately 10 minutes prior to the start
of the webcast. 


 
                                                                                
  
                                                                                
  
                        Seanergy Maritime Holdings Corp.                        
  
                     Condensed Consolidated Balance Sheets                      
  
                March 31, 2013 (Unaudited) and December 31, 2012                
  
  (In thousands of US Dollars, except for share data, unless otherwise stated)  
  
                                                                                
  
                                                                            
                                              March 31, 2013   December 31, 
                                                (unaudited)        2012     
                                              --------------  --------------
ASSETS                                                                      
Current assets:                                                             
  Cash and cash equivalents                            3,383          4,298 
  Restricted cash                                          -          2,000 
  Accounts receivable trade, net                       1,164          2,287 
  Inventories                                          1,861            471 
  Other current assets                                 1,418          2,190 
  Vessels held for sale                               20,861         39,750 
  Deferred charges                                       903          1,090 
                                              --------------  ------------- 
    Total current assets                              29,590         52,086 
                                              --------------  ------------- 
Fixed assets:                                                               
  Vessels, net                                        63,288         68,511 
  Office equipment, net                                    -              2 
                                              --------------  ------------- 
    Total fixed assets                                63,288         68,513 
                                              --------------  ------------- 
Other assets                                                                
  Deferred charges                                       141            220 
  Other non-current assets                                 -            141 
                                              --------------  ------------- 
TOTAL ASSETS                                          93,019        120,960 
                                              ==============  ============= 
                                                                            
LIABILITIES AND EQUITY                                                      
Current liabilities:                                                        
  Current portion of long-term debt                  176,882        208,649 
  Trade accounts and other payables                    2,420          2,514 
  Due to related parties                               7,034          6,135 
  Accrued expenses                                     1,448          1,159 
  Accrued interest                                     5,168          3,543 
  Financial instruments                                  493            491 
  Deferred revenue                                       122             86 
                                              --------------  ------------- 
    Total current liabilities                        193,567        222,577 
                                              --------------  ------------- 
                                                                            
                                              --------------  ------------- 
    Total liabilities                                193,567        222,577 
                                              --------------  ------------- 
                                                                            
Commitments and contingencies                              -              - 
                                                                            
EQUITY                                                                      
  Seanergy shareholders' equity                                             
  Preferred stock, $0.0001 par value;                                       
   25,000,000 shares authorized; none issued               -              - 
  Common stock, $0.0001 par value;                                          
   500,000,000 authorized shares as at March                                
   31, 2013 and December 31, 2012; 11,959,282                               
   and 7,317,662 shares issued and                                          
   outstanding as at March 31, 2013 and                                     
   December 31, 2012, respectively                         1              1 
  Additional paid-in capital                         294,524        294,520 
  Accumulated deficit                               (395,073)      (396,138)
                                              --------------  ------------- 
    Total equity                                    (100,548)      (101,617)
                                              --------------  ------------- 
TOTAL LIABILITIES AND EQUITY                          93,019        120,960 
                                              ==============  ============= 
                                                                            
                                                                            
                                                                            
                                                                            
                      Seanergy Maritime Holdings Corp.                      
            Unaudited Consolidated Statements of Income / (Loss)            
             For the three months ended March 31, 2013 and 2012             
  (In thousands of US Dollars, except for share and per share data, unless  
                              otherwise stated)                             
                                                                            
                                                                            
                                                     Three months ended     
                                                          March 31,         
                                                  ------------------------- 
                                                      2013          2012    
                                                  -----------   ----------- 
Revenues:                                                                   
  Vessel revenue - related party                            -         2,959 
  Vessel revenue                                        5,812        15,015 
  Commissions - related party                               -          (109)
  Commissions                                            (167)         (451)
                                                  -----------   ----------- 
  Vessel revenue, net                                   5,645        17,414 
Expenses:                                                                   
  Direct voyage expenses                               (1,360)       (1,730)
  Vessel operating expenses                            (3,466)       (8,321)
  Voyage expenses - related party                         (58)         (162)
  Management fees - related party                        (203)         (450)
  Management fees                                         (85)         (146)
  General and administration expenses                  (1,233)       (1,446)
  General and administration expenses - related                             
   party                                                 (103)         (102)
  Amortization of deferred dry-docking costs              (79)       (1,164)
  Depreciation                                           (502)       (4,379)
  Loss on sale of vessels                                   -        (2,333)
  Impairment loss for vessels and deferred                                  
   charges                                               (862)            - 
  Gain from disposal of subsidiaries                    5,538             - 
                                                  -----------   ----------- 
Operating income / (loss)                               3,232        (2,819)
Other income / (expense), net:                                              
  Interest and finance costs                           (2,166)       (3,387)
  Interest income                                           4            20 
  Loss on interest rate swaps                              (2)         (140)
  Foreign currency exchange gains / (losses),                               
   net                                                     31           (37)
                                                  -----------   ----------- 
                                                       (2,133)       (3,544)
                                                  -----------   ----------- 
Net income / (loss) before taxes                        1,099        (6,363)
                                                  -----------   ----------- 
  Income taxes                                            (34)           (5)
                                                  -----------   ----------- 
Net income / (loss)                                     1,065        (6,368)
                                                  ===========   =========== 
                                                                            
Net income / (loss) per common share                                        
Basic                                                    0.09         (0.54)
                                                  ===========   =========== 
Diluted                                                  0.09         (0.54)
                                                  ===========   =========== 
Weighted average common shares outstanding                                  
Basic                                              11,958,063    11,803,933 
                                                  ===========   =========== 
Diluted                                            11,959,282    11,803,933 
                                                  ===========   =========== 

 
About Seanergy Maritime Holdings Corp. 
Seanergy Maritime Holdings Corp. is a Marshall Islands corporation
with its executive offices in Athens, Greece. The Company is engaged
in the transportation of dry bulk cargoes through the ownership and
operation of dry bulk carriers. 
As of today, the Company's fleet consists of 7 drybulk carriers (two
Panamax, two Supramax, and three Handysize vessels) with a total
carrying capacity of approximately 326,255 dwt and an average fleet
age of 13.5 years.  
The Company's common stock trades on the NASDAQ Capital Market under
the symbol "SHIP".  
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. 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 such
expectations will prove to have been 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, the scope and timing of Securities and
Exchange Commission ("SEC") and other regulatory agency review,
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
SEC. The Company's filings can be obtained free of charge on the
SEC's website at www.sec.gov. The Company expressly disclaims any
obligations 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. 
For further information please contact: 
Investor Relations / Media
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com