SOURCE: Euroseas

October 06, 2006 09:00 ET

Euroseas to Trade Under New Ticker Symbol -- EUSEF.OB

ATHENS, GREECE -- (MARKET WIRE) -- October 6, 2006 -- Euroseas Ltd., (OTCBB: EUSEF) (formerly ESEAF.OB) an owner and operator of dry bulk carriers, container ship and multipurpose vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that the Company's 1:3 reverse common stock split went effective as of the opening of trading on October 6, 2006.

As a result of the split, as of October 6, 2006, Euroseas will trade on the Over The Counter Bulletin Board ("OTCBB") under a new ticker symbol EUSEF.OB replacing the previous ticker symbol of ESEAF.OB. Euroseas currently trades on the OTCBB and has applied for listing on the NASDAQ Global Market.

As a result of the reverse stock split, the number of outstanding shares of the Company's Common Stock are decreased from 37,860,341 to 12,620,114. However, the number of authorized shares of the Company's Common Stock did not change as a result of this split and remains at 100,000,000 authorized shares. In addition, the par value of the Company's Common Stock is increased from $0.01 per share to $0.03 per share.

The reverse stock split affects all holders of the Company's Common Stock uniformly and does not affect any shareholder's percentage ownership interest in the Company, except to the extent that the reverse stock split resulted in any holder of the Company's Common Stock receiving fractional shares, in which event such fractional shares are rounded up to the next whole share. No changes are made to the number of authorized shares of the Company's preferred stock or to the par value of the Company's preferred stock, which remain at 20,000,000 authorized shares and $0.01 per share, respectively.

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. As of October 6, 2006, Euroseas trades on the OTCBB under the new ticker (OTCBB: EUSEF) replacing the previous ticker symbol (OTCBB: ESEAF).

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.

Euroseas' fleet consists of 8 vessels, including 2 Panamax drybulk carriers, 2 Handysize drybulk carriers, 3 Handysize container ships and a Handysize multipurpose dry cargo vessel. Euroseas' 4 drybulk carriers have a total cargo capacity of 207,464 deadweight tons (dwt), its 3 container ships have a cargo capacity of 4,636 teu and its 1 multipurpose vessel has a cargo capacity of 22,568 dwt and 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 carriers, container ships and multipurpose vessels, 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.

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