TOP Ships Inc. Announces Agreements to Sell Its Current Fleet and Initiation
of Program to Acquire New Vessels
ATHENS, Greece, Sept. 6, 2013 (GLOBE NEWSWIRE) -- TOP Ships Inc. (Nasdaq:TOPS)
(the "Company"), an international maritime shipping company that provides
transportation services for petroleum products and dry bulk commodities,
announced today that it has entered into three Stock Purchase Agreements with
an affiliate of the AMCI Poseidon investment fund by which the Company has
agreed to sell the six shipowning subsidiaries which own the Company's six
vessels, for an aggregate cash consideration of approximately $173 million
less approximately $135 million in debt and swap obligations of the Company
that will be assumed by the buyers.
These Stock Purchase Agreements are subject to approval of the transactions by
the Company's shareholders, consents from the Company's bank lenders and
charterers, if required, and other customary closing conditions.The
transactions will be considered at the Company's next Annual General Meeting
of shareholders, expected to take place at the end of September, 2013.The
parties anticipate that the transactions will close in late October 2013.
The Company intends to use the net proceeds of the sale to pay down existing
liabilities on its balance sheet and, together with future borrowings, to
initiate a program of acquisition of new vessels.
About TOP Ships Inc.
TOP Ships Inc. is an international maritime shipping company that provides
transportation services for petroleum products, and dry bulk commodities.
For more information about TOP Ships Inc., visit its
In connection with the proposed transactions, the Company intends to file a
proxy statement and related materials on Form 6-K with the U.S. Securities and
Exchange Commission (the "SEC") for the annual general meeting of shareholders
at which the proposed transactions will be voted on. BECAUSE THOSE DOCUMENTS
WILL CONTAIN IMPORTANT INFORMATION, HOLDERS OF THE COMPANY'S COMMON SHARES ARE
URGED TO READ THEM CAREFULLY, IF AND WHEN THEY BECOME AVAILABLE. When filed
with the SEC, the proxy statement and related materials will be available for
free (along with any other documents and reports filed by the Company with the
SEC) at the SEC's website, www.sec.gov, and at the Company's website,
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,
inability to obtain requisite consents, inability to locate suitable
newbuilding or secondhand vessels on acceptable terms or at all, 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
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