NEW YORK, NY--(Marketwire - November 2, 2007) - Star Maritime Acquisition Corp. (
AMEX:
SEA),
Delaware corporation ("Star Maritime"), announced today the filing with the
Securities and Exchange Commission of definitive proxy materials for a
special meeting of stockholders to approve the acquisition by Star
Maritime's wholly owned Marshall Islands subsidiary, Star Bulk Carriers
Corp. ("Star Bulk"), of eight drybulk carriers from subsidiaries of TMT
Co., Ltd. (the "Asset Acquisition") and the merger of Star Maritime with
and into Star Bulk, with Star Bulk as the surviving corporation (the
"Redomiciliation Merger"). The approval of the Asset Acquisition is
conditioned upon the approval of the Redomiciliation Merger.
The special meeting of Star Maritime stockholders will be held at the
offices of Seward & Kissel LLP, at One Battery Park Plaza, 23rd floor, in
New York, New York on November 27, 2007, at 10:00 a.m. Star Maritime's
definitive proxy statement will be mailed to stockholders of record as of
the close of business on November 5, 2007.
About Star Maritime
Star Maritime is a blank check company formed to acquire, through a merger,
capital stock exchange, asset acquisition or similar business combination,
one or more businesses in the shipping industry. In December 2005, Star
Maritime through its initial public offering raised approximately $188.7
million, which was deposited in a trust account, and $11.3 million in a
private placement to certain officers and directors and dedicated its time
since the initial public offering to seeking and evaluating business
combination opportunities.
Forward-Looking Statements
The information in this press release may contain forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include, but are not limited to,
statements regarding: (1) the delivery and operation of assets of Star
Bulk; (2) Star Bulk's future operating or financial results; (3) future,
pending or recent acquisitions, business strategy, areas of possible
expansion, and expected capital spending or operating expenses; (4) drybulk
market trends, including charter rates and factors affecting vessel supply
and demand; and (5) other statements identified by words such as
"anticipate," "believe," "plan," "estimate," "expect," "intend," "will,"
"should," "may," or words of similar meaning.
Such forward-looking statements are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including without
limitation, Star Maritime and Star Bulk's examination of historical
operating trends, data contained in their records and other data available
from third parties. Although Star Maritime and Star Bulk 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 their control, Star
Maritime and Star Bulk cannot assure you that Star Maritime or Star Bulk
will achieve or accomplish these expectations, beliefs or projections.
Important factors that could cause actual results to differ materially from
those discussed in the forward-looking statements include the failure of
Star Maritime to obtain the requisite stockholder approval, failure of a
seller to deliver one or more vessels, the strength of world economies and
currencies, general market conditions, including changes in charterhire
rates and vessel values, changes in demand that may affect attitudes of
time charterers to scheduled and unscheduled drydocking, changes in Star
Bulk's operating expenses, including bunker prices, dry-docking and
insurance costs, or actions taken by regulatory authorities, potential
liability from pending or future litigation, domestic and international
political conditions, potential disruption of shipping routes due to
accidents and political events or acts by terrorists. Additional factors
that could cause Start Maritime's and Star Bulk's results to differ
materially from those described in the forward-looking statements can be
found in Star Maritime's reports (such as Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) and Star
Bulk's Registration Statement Form F-1/F-4 filed with the Securities and
Exchange Commission (the "SEC") and available at the SEC's Internet site
(
http://www.sec.gov). The information set forth herein speaks only as of
the date hereof, and Star Maritime and Star Bulk disclaim any intention or
obligation to update any forward-looking statements as a result of
developments occurring after the date of this communication.
Important Notices
STAR MARITIME AND ITS DIRECTORS AND EXECUTIVE OFFICERS MAY BE DEEMED TO BE
PARTICIPANTS IN THE SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF STAR
MARITIME'S STOCKHOLDERS TO BE HELD TO APPROVE THE TRANSACTION DESCRIBED IN
THIS PRESS RELEASE. STOCKHOLDERS OF STAR MARITIME AND OTHER INTERESTED
PERSONS ARE ADVISED TO READ STAR MARITIME'S DEFINITIVE PROXY STATEMENT
BECAUSE THE PROXY STATEMENT CONTAINS IMPORTANT INFORMATION.
SUCH PERSONS ARE ALSO ADVISED TO READ STAR MARITIME'S ANNUAL REPORT ON FORM
10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2006, FILED ON MARCH 14, 2006,
FOR A DESCRIPTION OF THE SECURITY HOLDINGS OF STAR MARITIME'S OFFICERS AND
DIRECTORS AND THEIR RESPECTIVE INTERESTS SHOULD THE BUSINESS COMBINATION BE
CONSUMMATED.
THE DEFINITIVE PROXY STATEMENT WILL BE MAILED TO STOCKHOLDERS AS OF THE
RECORD DATE, NOVEMBER 5, 2007. STOCKHOLDERS WILL ALSO BE ABLE TO OBTAIN A
COPY OF THE DEFINITIVE PROXY STATEMENT, WITHOUT CHARGE, BY DIRECTING A
REQUEST TO:
STAR MARITIME ACQUISITION CORP.
103 FOULK ROAD
WILMINGTON, DELAWARE 19803
ATTENTION: CORPORATE SECRETARY
THE DEFINITIVE PROXY STATEMENT, AND THE ANNUAL REPORT ON FORM 10-K CAN ALSO
BE OBTAINED, WITHOUT CHARGE, AT THE SECURITIES AND EXCHANGE COMMISSION'S
INTERNET SITE AT
http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful under the securities laws of such jurisdiction.
Contact Information: 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
www.capitallink.com
Star Maritime Acquisition Corp.
103 Foulk Road
Wilmington, Delaware 19803
www.starmaritimecorp.com