Contact Information: Contacts: 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 Sponsors Oceanaut, Inc.
| Source: Excel Maritime
ATHENS, GREECE -- (MARKET WIRE) -- February 13, 2007 -- Excel Maritime Carriers Ltd (NYSE : EXM ), an
owner and operator of dry bulk carriers and a provider of worldwide
seaborne transportation services for dry bulk cargoes, announced today that
it is the sponsor and corporate shareholder of Oceanaut, Inc., a newly
organized 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.
Oceanaut, Inc. filed today with the U.S. Securities and Exchange Commission
a registration statement in Form F-1 for the Initial Public Offering of
18,750,000 units. Each unit has an offering price of $8.00 and consists of
one share of common stock and one warrant that entitles the holder to
purchase one share of common stock at a price of $6.00, exercisable as per
the terms and conditions described in the Registration Statement. Citigroup
Global Markets Inc. is acting as sole bookrunner and Maxim Group LLC is
acting as co-manager for the initial public offering.
Excel Maritime Carriers has agreed to invest a total of $ 11,000,000 in
Oceanaut, Inc. in a private placement to occur immediately prior to the
closing of the initial public offering. Following the public offering and
the private placement, Excel Maritime Carriers will own approximately 18.9%
of the common shares of Oceanaut, Inc.
A Registration Statement relating to these securities has been filed with
the U.S. Securities and Exchange Commission but has not yet become
effective. These securities may not be sold, nor may offers to buy be
accepted, prior to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or a solicitation
of an offer to buy, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws
of any such state or jurisdiction. A copy of the preliminary prospectus
relating to these securities may be obtained from Citigroup Corporate and
Investment Banking, Brooklyn Army Terminal, 140 58th Street, 8th Floor,
Brooklyn, NY 11220.
For full details please refer to the Registration Statement filed by
Oceanaut Inc. which can be found at www.sec.gov.
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 our 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.