TOP Ships Announces the Results of Its Special Shareholders Meeting
December 17 2007 - 10:47AM
PR Newswire (US)
ATHENS, Greece, Dec. 17 /PRNewswire-FirstCall/ -- TOP Ships Inc.
(NASDAQ:TOPT) (the "Company") today announced the results of its
special shareholders meeting. At the meeting, the amendment to
Section A of the Company's Amended and Restated Articles of
Incorporation to change the name of the Company to "TOP SHIPS INC."
was approved by holders of approximately 70% of the Company's
outstanding common shares. While a majority of those voting
supported the proposal to reduce the quorum requirement for
shareholders meetings, that proposal did not garner the requisite
affirmative majority of the Company's total outstanding common
shares. About TOP Ships Inc. TOP Ships Inc., formerly known as TOP
Tankers Inc., is an international provider of worldwide seaborne
crude oil and petroleum products and of drybulk transportation
services. The Company operates a fleet of 20 tankers, consisting of
12 double-hull Suezmax tankers and 8 double-hull Handymax tankers,
with a total carrying capacity of approximately 2.2 million dwt, of
which 87% are sister ships, and one drybulk vessel. It expects
delivery of five more drybulk vessels between December 2007 and
March 2008. Thirteen of the Company's 20 tankers will be on time
charter contracts with an average initial term of over three years
with all but three of the time charters including profit sharing
agreements. Three of the Company's drybulk vessels will have period
charter contracts for an average period of 18 months.
Forward-Looking Statement Certain statements and information
included in this release constitute "forward-looking statements"
within the meaning of the Federal Private Securities Litigation
Reform Act of 1995. 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
reflect our current views with respect to future events and
financial performance and may 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," "will," "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, 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: Michael Mason (investors) Stamatis
Tsantanis, CFO Allen & Caron Inc. TOP Ships Inc. 212 691 8087
011 30 210 812 8199 DATASOURCE: TOP Ships Inc. CONTACT: investors,
Michael Mason of Allen & Caron Inc., +1-212-691-8087, , for TOP
Ships Inc.; or Stamatis Tsantanis, CFO of TOP Ships Inc., +011 30
210 812 8199, Web site: http://www.toptankers.com/
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