Update FreeSeas Announces Results of Annual Meeting of Shareholders and
Appointment of new Chief Financial Officer
Athens, Greece, Nov. 21, 2013 (GLOBE NEWSWIRE) -- 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. Focko Nauta 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,
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.
At the Company
Dimitris Papadopoulos, Chief Financial Officer
Press spacebar to pause and continue. Press esc to stop.