Contact Information: Contact: Company Contact Tasos Aslidis Chief Financial Officer Euroseas Ltd. 11 Canterbury Lane Watchung, NJ 07069 Tel. (908) 301-9091 E-mail: aha@euroseas.gr Investor Relations / Financial Media Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com
Euroseas Ltd. Announces Follow-On Offering of Common Stock
| Source: Euroseas
MAROUSSI, ATHENS, GREECE--(Marketwire - October 30, 2007) - Euroseas Ltd. (NASDAQ : ESEA ), an
owner and operator of drybulk and container carrier vessels and provider of
seaborne transportation for drybulk and containerized cargoes, announced
today that it is commencing a public offering of 5,000,000 shares of its
common stock under the Company's effective shelf registration statement.
In addition, one of the Company's shareholders will be offering 750,000
shares. Wachovia Securities and Oppenheimer & Co. will act as joint
bookrunning managers. In connection with the offering, the underwriters
will be granted a 30-day option to purchase from the Company up to 862,500
additional shares of common stock to cover any over-allotments.
The Company intends to use the net proceeds of the offering to acquire
additional vessels and for general corporate purposes. The Company will
not receive any of the proceeds from any shares of common stock sold by the
selling shareholder.
The registration statement on Form F-3 relating to these securities has
been filed with the Securities and Exchange Commission and was declared
effective on May 16, 2007. This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be any sale
of these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.
The offering of these securities will be made only by means of a prospectus
and related prospectus supplement. Copies of the prospectus relating to
these securities may be obtained when available from Wachovia Capital
Markets, LLC, 375 Park Avenue, New York, NY 10152 or
equity.syndicate@wachovia.com or from Oppenheimer & Co. at 125 Broad
Street, New York, NY 10004, telephone (212) 668-8000 or ecm@opco.com.
About Euroseas Ltd.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of
the Marshall Islands to consolidate the ship owning interests of the Pittas
family of Athens, Greece, which has been in the shipping business over the
past 135 years. Euroseas trades on the NASDAQ Global Market under the
ticker ESEA since January 31, 2007.
Euroseas operates in the dry cargo, drybulk and container shipping markets.
Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2000
certified affiliated ship management company, which is responsible for the
day-to-day commercial and technical management and operations of the
vessels. Euroseas employs its vessels on spot and period charters and
through pool arrangements.
After the delivery to its fleet of the recently acquired panamax drybulk
carrier, M/V Trust Jakarta (to be renamed M/V Ioanna P), the Company will
have a fleet of 15 vessels, including 3 Panamax drybulk carriers, 2
Handysize drybulk carriers, 2 Intermediate container ship, 5 Handysize
container ships, 2 Feeder container ships and a multipurpose dry cargo
vessel. Euroseas' 5 drybulk carriers have a total cargo capacity of 277,316
dwt, its 9 container ships will have a cargo capacity of 15,321 teu and its
1 multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.
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 that 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 and container ships, 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.