Contact Information: Contact: Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue - Suite 1536 New York, NY 10160, USA Tel: (212) 661-7566 Fax: (212) 661-7526 E-Mail: nbornozis@capitallink.com www.capitallink.com Company: Christopher Georgakis Chief Executive Officer Excel Maritime Carriers Ltd 17th Km National Road Athens-Lamia & Finikos Street 145 64 Nea Kifisia Athens, Greece Tel: 011-30-210-62-09-520 Fax: 011-30-210-62-09-528 E-Mail: info@excelmaritime.com http://www.excelmaritime.com
Excel Maritime Carriers Announces the Initial Public Offering of Oceanaut, Inc.
| Source: Excel Maritime
ATHENS, GREECE -- (MARKET WIRE) -- March 6, 2007 -- Excel Maritime Carriers Ltd (NYSE : EXM ) (the
"Company"), an owner and operator of dry bulk carriers and a provider of
worldwide seaborne transportation services for dry bulk cargoes, announced
today that Oceanaut, Inc. (AMEX : OKN.U ) ("Oceanaut") has completed its
initial public offering of 18,750,000 units at an offering price of $8.00
per unit. Prior to the closing of the public offering, Oceanaut consummated
a private placement of 1,125,000 units at $8.00 per unit price and
2,000,000 warrants at $1.00 per warrant to the Company. Each unit issued in
the initial public offering and the private placement consists of one share
of Oceanaut's common stock and one warrant to purchase one share of common
stock. The initial public offering and the private placement generated
gross proceeds in an aggregate of $161,000,000 to Oceanaut. Following the
initial public offering and the private placement, the Company will own
approximately 18.9% of the issued and outstanding shares of Oceanaut.
Oceanaut, Inc. is a blank check company formed for the purpose of
acquiring, through a merger, capital stock exchange, asset acquisition,
stock purchase or other similar business combination, vessels or one or
more operating businesses in the shipping industry. The Company is the
sponsor and a shareholder of Oceanaut.
Citigroup Global Markets Inc. acted as the sole bookrunning manager and
Maxim Group LLC acted as co-manager of the initial public offering of
Oceanaut. The offering was made only by means of a prospectus, copies of
which may be obtained from Citigroup Corporate and Investment Banking,
Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York
11220.
A registration statement relating to these securities was declared
effective by the Securities and Exchange Commission on March 1, 2007. This
press 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
state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities law of any such state.
About Excel Maritime Carriers Ltd
The Company is an owner and operator of dry bulk carriers and a provider of
worldwide seaborne transportation services for dry bulk cargoes, such as
iron ore, coal and grains, as well as bauxite, fertilizers and steel
products. The company's current fleet consists of 17 vessels (ten Panamax
and seven Handymax vessels) with a total carrying capacity of 1,004,930
dwt. The Company was incorporated in 1988 and its common stock had been
listed on the American Stock Exchange (AMEX) since 1998. As of September
15, 2005 Excel Maritime is listed on the New York Stock Exchange (NYSE),
trading under the symbol EXM. For more information about the Company,
please go to the Company's corporate website www.excelmaritime.com.
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, which 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, 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.