Oceanaut, Inc. to Seek Shareholder Approval to Liquidate and Dissolve
February 18 2009 - 9:08AM
Marketwired
Excel Maritime Carriers Ltd (NYSE: EXM) (the "Company") announced
today that the board of directors of Oceanaut, Inc. (AMEX: OKN)
(AMEX: OKN.U) (AMEX: OKN.WS) ("Oceanaut") has determined that
Oceanaut will not consummate a business combination by the March 6,
2009 deadline provided for in its charter, and that it is advisable
that Oceanaut be dissolved. Oceanaut intends to begin promptly the
process of dissolution and liquidating its trust account in
accordance with its charter and applicable Marshall Islands law.
Assuming shareholder approval of Oceanaut's plan of liquidation,
Oceanaut expects to liquidate its trust account and make an
estimated payment of approximately $8.27 per share of common stock.
Oceanaut 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. The Company is the sponsor and a shareholder of
Oceanaut.
In a private placement that occurred immediately prior to the
initial public offering by Oceanaut of its securities, the Company
had purchased 2,000,000 insider warrants, at a price of $1.00 per
warrant, and 1,125,000 insider units, at a price of $8.00 per unit,
each unit consisting of one share of common stock and one warrant
to purchase common stock at an exercise price of $6.00 for a total
consideration of $11 million. As part of Oceanaut's liquidation,
Excel will receive no payments with respect to its outstanding
warrants and it is estimated that it will receive approximately
$8.27 per share of common stock, but only with respect to 625,000
shares of common stock included in its 1,125,000 insider units and
therefore, will forfeit approximately $6 million of its investment.
As a result, the current value of the Oceanaut investment on the
Company's books will be written down to the estimated liquidation
proceeds.
About Excel Maritime Carriers Ltd
Excel is an owner and operator of dry bulk carriers and a
provider of worldwide seaborne transportation services for dry bulk
cargoes, such as iron ore, coal and grains, as well as bauxite,
fertilizers and steel products. After the acquisition of Quintana,
Excel owns a fleet of 41 vessels and, together with 7 Panamax
vessels under bareboat charters, operates 48 vessels (5 Capesize,
14 Kamsarmax, 21 Panamax, 2 Supramax and 6 Handymax vessels) with a
total carrying capacity of approximately 3.9 million DWT. Excel
Class A common shares have been listed since September 15, 2005 on
the New York Stock Exchange (NYSE) under the symbol EXM and, prior
to that date, were listed on the American Stock Exchange (AMEX)
since 1998. For more information about the Company, please go to
our corporate website www.excelmaritime.com.
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; including expected vessel
acquisitions and entering into further time charters. 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 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 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.
Contact: Investor Relations / Financial Media: Nicolas Bornozis
President Capital Link, Inc. 230 Park Avenue - Suite 1536 New York,
NY 10160, USA Tel: (212) 661-7566 Fax: (212) 661-7526 E-Mail:
nbornozis@capitallink.com www.capitallink.com Company: Lefteris
Papatrifon Chief Financial Officer Excel Maritime Carriers Ltd.
17th Km National Road Athens-Lamia & Finikos Street 145 64 Nea
Kifisia Athens, Greece Tel: 011-30-210-62-09-520 Fax:
011-30-210-62-09-528 E-Mail: info@excelmaritime.com
http://www.excelmaritime.com
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