SOURCE: Aegean Earth and Marine Corporation

April 22, 2010 09:00 ET

Aegean Earth and Marine Corporation Provides Shareholder Update

ATHENS, GREECE--(Marketwire - April 22, 2010) - Aegean Earth and Marine Corporation, D/B/A "Hellenic Solutions Corporation," (OTCBB: AEGZF), a leading advisory, engineering and construction firm that specializes in the design, construction and equipping of commercial, agricultural and industrial facilities in Greece, announced the closing of a private placement with Access America Fund, LP ("Access America") in the amount of $4.5 million and the filing of a Schedule 14C with the Securities and Exchange Commission (the "SEC") to change the Company's name to "Hellenic Solutions Corporation" ("Hellenic" or "The Company"), and effectuate a reverse stock split.

Hellenic believes it is the only company approved by the Greek Ministry of Agriculture to design and build agricultural facilities in Greece. The Company offers turnkey solutions consisting of advisory services, construction, operational planning and financing to the primary and processing segment of the agricultural industry. Initially, Hellenic begins a due diligence process for clients through a feasibility study to be delivered to the Ministry of Agriculture which encompasses an audit of the property and logistics, such as zoning and labor. Once pre-approval is obtained, the execution or construction plan is compiled to be delivered back to the Ministry of Agriculture for final approval so that construction may begin.

Recently the European Union agreed to loan Greece thirty (30) billion euro, which will help support a 6.3 billion euro stimulus package for the agricultural industry through 2015 known as the Fourth Community Support Framework ("CSF"). For each project submitted by Hellenic and approved by the Ministry of Agriculture, 50% of the aggregate project cost will be provided through this stimulus. The client is required to put 20% of the aggregate project cost down up front. In order to bridge the gap between the construction and the European Union grant, Hellenic may provide interim financing of up to the remaining 30% of the aggregate project cost. In the event that the customer needs bank or other financing to complete the project, Hellenic is capable of assisting the client in obtaining such financing. 

Examples of completed Hellenic projects include: F. Fotiadis S.A., a 27,500 square foot wild boar and deer fattening, processing and packaging facility, which includes a state-of-the-art refrigeration and processing system; N. Ladas S.A., a 22,000 square foot, HAACP and ISO certified Olive Oil storage and bottling facility; and Merkos S.A., a 38,000 square foot, 100% automated farmed and wild fish processing plant. In addition to these completed projects, Hellenic has approximately $70 million in projects under construction today. As part of the financing agreement with Access America, the Company has agreed to make good provisions of $7.5 million of net income for 2010 and $14.9 million of net income in 2011. 

Stavros Mesazos, Chief Operating Officer and Executive Chairman of the Company commented, "We are very pleased to become a U.S. publicly listed company. I am confident that we have chosen the right financial partner in Access America to help us build a successful public corporation as we continue growing a strong, profitable business in Greece." Mr. Mesazos continued, "While it is no secret that Greece has been affected by an economic downturn, the European Union has made a dedicated effort to support our country with a grant of 30 billion Euros available until 2015. Of that amount, 6.3 billion Euros have been granted specifically to the agriculture industry in which we participate. We believe years of successful design and construction of commercial, agricultural and industrial facilities throughout Greece have allowed our company to build a strong reputation for outstanding work with clients while enjoying extremely strong ties with the Ministry of Agriculture. With our new public platform and access to capital, along with the new stimulus package for Greece, we believe that Hellenic Solutions is well positioned to execute on our plan of high revenue and earnings growth over the next several years."

About Hellenic Solutions Corporation:

HSC, founded in 1979, is a leading engineering and construction firm that specializes in the design, construction, and equipping of commercial, agricultural, and industrial facilities in Greece. Hellenic specializes in the preparation of economic studies for the establishment and installation of new industrial units as well as the modernization and improvements to existing units. HSC believes it is the only company in Greece offering a turnkey construction, operational solution and financing to the primary and processing segments of the agricultural industry.

Safe Harbor

Certain statements in this news release are forward-looking, including (without limitation) growing revenues and earnings, expected results from current projects and attracting new business. Undue reliance should not be placed on such forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the Company's control. The Company's actual results, performance and trends could differ materially from those indicated or implied by such statements as a result of various factors, including (without limitation) the continued strengthening of HSC's selling and marketing functions, continued customer satisfaction, contract renewal, new product development, continued availability of capable dedicated personnel, continued cost management, success and availability of acquisitions, availability of financing and other factors, as well as by factors applicable to most companies such as general economic, competitive and other business and civil conditions. Information regarding certain of those and other risk factors and cautionary statements that could affect future results, performance or trends is discussed in the Company's Current Report on Form 8-K filed with the SEC on February 17, 2010. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date hereof.

Contact Information

  • Contact:
    HC International, Inc.
    Alan Sheinwald
    (914) 669-0222
    Email Contact