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
Star Maritime Acquisition Corp. Announces the Results of Its Special Meeting of Stockholders
| Source: Star Maritime Acquisition Corp.
NEW YORK, NY--(Marketwire - November 28, 2007) - Star Maritime Acquisition Corp. (AMEX : SEA ), a
Delaware corporation ("Star Maritime"), announced that at its special
meeting of stockholders held yesterday, its stockholders voted to approve
by an overwhelming majority 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 ("Redomiciliation Merger").
Akis Tsirigakis, President and CEO of Star Maritime, commented: "We are
pleased to announce the approval of the Asset Acquisition and the
Redomiciliation Merger by our stockholders by an overwhelming majority. We
look forward to our forthcoming merger and commencement of operations."
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 charter hire
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.
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