Contact Information: Contact: Visit our website www.euroseas.gr Company Contact Tasos Aslidis Chief Financial Officer Euroseas Ltd. 2693 Fair View Drive Mountainside, NJ 07092 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 Closing of Public Offering and Underwriters' Exercise of Option to Purchase Additional Shares
| Source: Euroseas
MAROUSSI, ATHENS, GREECE -- (MARKET WIRE) -- February 5, 2007 -- Euroseas Ltd. (NASDAQ : ESEA ), an
owner and operator of drybulk carriers and container vessels and provider
of seaborne transportation for drybulk and containerized cargoes, announced
today the simultaneous closing of its 5,000,000 share follow-on public
offering and the full exercise of the underwriters' over-allotment option
to purchase an additional 750,000 shares at a price of $8.25 per share.
Net proceeds to Euroseas after underwriting discounts and estimated
offering expenses were approximately $43.1 million. Euroseas shares are
listed on the NASDAQ Global Market under the symbol "ESEA."
As previously announced, the Company intends to use $7.0 million of the net
proceeds to repay a portion of the debt that was used to acquire m/v "YM
Xingang I," with the remaining proceeds being used to acquire additional
vessels in the drybulk and container sectors. Oppenheimer & Co. acted as
the lead manager in the offering and Ferris, Baker Watts, Incorporated,
Cantor Fitzgerald & Co. and Fortis Securities LLC acted as co-managers.
A registration statement relating to these securities was declared
effective by the Securities and Exchange Commission on January 30, 2007.
This 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
jurisdiction in which such offer, solicitation, or sale would be unlawful
prior to registration or qualification under the securities laws of any
such jurisdiction. The common stock offering may be made only by means of a
prospectus, copies of which may be obtained by contacting Oppenheimer & Co.
Inc., 125 Broad Street, New York, NY 10004.
About Euroseas Ltd.
Euroseas Ltd. was formed in 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 136 years. Euroseas common stock is listed on the NASDAQ Global Market
where it trades under the ticker ESEA; until January 30, 2007 it traded
under the previous ticker symbol (OTCBB : EUSEF ).
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.
Following the sale of the M/V "Ariel" (expected to be delivered to its
buyers on or about February 15, 2007), the Company will have a fleet of 8
vessels, including 2 Panamax drybulk carriers, 1 Handysize drybulk carrier,
1 Intermediate container ship, 1 Handysize container ship, 2 Feeder
container ships and a multipurpose dry cargo vessel. Euroseas' 3 drybulk
carriers will have a total cargo capacity of 173,752 dwt, its 4 container
ships have a cargo capacity of 6,235 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 or 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 obligations 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.