FreeSeas Announces Results of Annual Meeting of Shareholders and Appointment of new Chief Financial Officer

FreeSeas Announces Results of Annual Meeting of Shareholders and Appointment
of new Chief Financial Officer

Athens, Greece, Nov. 18, 2013 (GLOBE NEWSWIRE) -- Athens, Greece, November 18,
2013 --  FreeSeas  Inc. (Nasdaq:  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 at the annual  meeting 
of the Company's shareholders held on November 14, 2013, the shareholders (i)
elected Mr. Keith Bloomfield and  Mr. Dimitrios Panagiotopoulos as members  of 
the Company's Board  of Directors to  serve until the  2016 Annual Meeting  of 
Shareholders, (ii)  ratified the  appointment  of RBSM  LLP as  the  Company's 
independent registered public accounting firm as auditors for the year  ending 
December 31, 2013 and (iii)  granted discretionary authority to the  Company's 
board of  directors  to  (A)  amend  the  Amended  and  Restated  Articles  of 
Incorporation of  the Company  to effect  one or  more consolidations  of  the 
issued and outstanding shares of common stock, pursuant to which the shares of
common stock would be combined and reclassified into one share of common stock
at a ratio within  the range from  1-for-2 up to  1-for-5 (the "Reverse  Stock 
Split") and (B) determine whether to arrange for the disposition of fractional
interests by shareholder entitled  thereto, to pay in  cash the fair value  of 
fractions of a share  of common stock  as of the time  when those entitled  to 
receive such fractions are  determined, or to  entitle shareholder to  receive 
from the Company's transfer agent, in lieu of any fractional share, the number
of shares of common stock rounded up to the next whole number, provided  that, 
(X) that  the Company  shall not  effect  Reverse Stock  Splits that,  in  the 
aggregate, exceeds 1-for-10, and (Y) any  Reverse Stock Split is completed  no 
later than the first anniversary of the date of the Annual Meeting.

The Company  also  announced  today  that Mr.  Dimitris  D.  Papadopoulos  was 
appointed as Chief  Financial Officer  of the  Company in  replacement of  Mr. 
Alexandros Mylonas who resigned.

Mr. Ion G. Varouxakis, Chairman, President  and CEO, commented: "I would  like 
to thank Alexandros  Mylonas for  his invaluable contribution  to the  Company 
during challenging times and wish him success in his new endeavors. Now is the
time to welcome Dimitris D. Papadopoulos, who is particularly well  acquainted 
with the Company, having served as its Chief Financial Officer in 2007  during 
the initial stage of growth the Company.  We believe him to be well suited  to 
our team as we grow out of the present shipping cycle."

Dimitris Papadopoulos  started his  career in  Citigroup, New  York,  European 
division, moving to Citigroup Athens as General Manager of Corporate  Finance. 
He then joined Archirodon Group  Inc. serving as financial and  administration 
Vice President until 1991. During the same period, he also served as  Chairman 
and Chief Executive  Officer of  the group's US  arm, Delphinance  Development 
Corp. Since 1991  he served, among  other positions, as  Managing Director  of 
Dorian Bank,  executive Vice  President at  the Hellenic  Investment Bank  and 
President of Waterfront  Developments S.A. Mr.  Papadopoulos, as a  Fullbright 
grantee, studied economics at Austin College, Texas and extended his  graduate 
studies at  the University  of Delaware.  In 1974,  he received  an  executive 
business diploma from Cornell University, Ithaca, N.Y.

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 Capital  Market under  the  symbol FREE.  Risks and  uncertainties  are 
described in  reports  filed by  FreeSeas  Inc. with  the  SEC, 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. 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 dry bulk 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.

Dimitris Papadopoulos, Chief Financial Officer

011-30-210-45-28-770

Fax: 011-30-210-429-10-10

dp@freeseas.gr

www.freeseas.gr
 
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