Oceanaut, Inc. Provides an Update on Trust Account
October 06 2008 - 4:05PM
Marketwired
Oceanaut, Inc., (AMEX: OKN) (AMEX: OKN.U) (AMEX: OKN.WS) (the
"Company" or "Oceanaut") today announced that the funds generated
from the initial public offering of its securities and the
concurrent private placement have been, and will continue to be,
held, until the consummation of a business combination or its
liquidation, in a segregated trust account at the London branch of
Citi Private Bank, with Continental Stock Transfer & Trust
Company as trustee, and that such funds are currently being
invested in short term treasury bills.
About Oceanaut, Inc.
Oceanaut, Inc. (AMEX: OKN) (AMEX: OKN.U) (AMEX: OKN.WS) is a
blank check company formed for the purpose of acquiring, through a
merger, capital stock exchange, asset acquisition, stock purchase
or other similar business combination, vessels or one or more
operating businesses in the shipping industry.
Forward-Looking Statement
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 have been 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, future operating or
financial results; expectations regarding the strength of the
future growth of the shipping industry, including the rate of
annual demand in the dry bulk sector; future payments of dividends
and the availability of cash for payment of dividends; the
Company's expectations relating to dividend payments and forecasts
of its ability to make such payments; future acquisitions, business
strategy and expected capital spending; general market conditions
and shipping industry trends, including charter rates and factors
affecting supply and demand; the Company's ability to enter into
long-term, fixed-rate charters; general competitive factors in the
dry bulk market; 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 obligations 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.
Additional Information
In connection with the proposed transaction and required
shareholder approval, Oceanaut will file with the SEC a proxy
statement that will be mailed to the shareholders of Oceanaut.
Oceanaut's shareholders are urged to read the proxy statement and
other relevant materials when they become available as they will
contain important information about the transaction and related
matters. Shareholders will be able to obtain a copy of the
definitive proxy statement, without charge, by directing a request
to: Oceanaut, Inc., 17th Km National Road Athens-Lamia &
Finikos Street, 145 64 Nea Kifisia, Athens, Greece. Once filed,
investors and security holders will be able to obtain free copies
of these documents through the website maintained by the SEC at
http://www.sec.gov. Oceanaut and its officers and directors may be
deemed to be participating in the solicitation of proxies from the
Oceanaut shareholders in favor of the approval of the proposed
transaction. Information concerning Oceanaut's directors and
officers is set forth in the publicly filed documents of Oceanaut.
Shareholders may obtain more detailed information regarding the
direct and indirect interests of Oceanaut and its directors and
executive officers in the transaction and related financing by
reading the proxy statement regarding the proposed acquisition,
which will be filed with the SEC.
Contact: Investor Relations/ Financial Media: Capital Link, Inc.
Nicolas Bornozis President 230 Park Avenue Suite 1536 New York, NY
10169 Tel. +1 (212) 6617-566 E-mail: nbornozis@capitallink.com
www.capitallink.com Company: Oceanaut, Inc. Lefteris Papatrifon
Chief Financial Officer 17th km National Road Athens-Lamia &
Finikos Street 145 64 Nea Kifisia Athens, Greece Tel: +30 (210)
6209-520 Fax: +30 (210) 6209-528 E-Mail: info@oceanautinc.com
www.oceanautinc.com
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