SOURCE: Paragon Shipping Inc.

Paragon Shipping Inc.

April 06, 2010 16:05 ET

Paragon Shipping Inc. Holds Special Meeting of Shareholders

ATHENS, GREECE--(Marketwire - April 6, 2010) -  Paragon Shipping Inc. (NYSE: PRGN), or the Company, a global shipping company specializing in the transportation of drybulk cargoes, announced today that the Company's special meeting of shareholders was duly held on March 30, 2010, in Voula, Greece pursuant to a Notice of the 2010 Special Meeting of Shareholders dated February 8, 2010. Computershare Trust Company, Inc. acted as inspector of the meeting.

At the meeting, the following proposal, which is set forth in more detail in the Notice of the 2010 Special Meeting of Shareholders and the Company's Proxy Statement sent to shareholders on or around February 8, 2010, was approved and adopted:

(1) The amendment to the Company's Amended and Restated Articles of Incorporation to increase the Company's authorized common stock to seven hundred and fifty million (750,000,000) shares of the Company's Class A common stock.

The proposal to reduce the quorum requirement for a meeting of the Company's shareholders to one-third of the shares entitled to vote at such meeting, which is set forth in more detail in the Notice of the 2010 Special Meeting of Shareholders and the Company's Proxy Statement, was not adopted.

About Paragon Shipping Inc.

Paragon Shipping Inc. is an Athens, Greece-based international shipping company specializing in the transportation of drybulk cargoes. The Company's current fleet consists of 11 vessels with a total carrying capacity of 719,483 dwt. For further information, please visit the Company's website at http://www.paragonship.com.

Cautionary Statement Regarding Forward-Looking Statement

Matters discussed in this press release may constitute forward-looking statements. 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 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," "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, changes in demand for drybulk shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, 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 Information

  • Contacts:
    Christopher Thomas
    Chief Financial Officer
    Paragon Shipping Inc.
    15 Karamanli Ave.
    GR 166 73
    Voula, Greece
    Tel: +30 (210) 891-4600

    Investor Relations / Media
    Capital Link, Inc.
    Paul Lampoutis
    230 Park Avenue
    Suite 1536
    New York, NY 10169
    Tel: (212) 661-7566
    E-mail: paragon@capitallink.com