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

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, 
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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