SOURCE: FreeSeas Inc.

March 20, 2006 09:32 ET

FreeSeas Inc. Announces Fourth Quarter and Full-Year 2005 Results Release Date, Conference Call and Audio Webcast

Earnings Release: Tuesday, March 21, 2006, After the Market Closes

Conference Call and Webcast: Wednesday, March 22, 2006, at 10:00am EST

PIRAEUS, GREECE -- (MARKET WIRE) -- March 20, 2006 -- FreeSeas Inc. (NASDAQ: FREE) (NASDAQ: FREEW) (NASDAQ: FREEZ), a provider of seaborne transportation for dry bulk cargoes, announced today that it will release its fourth quarter and full year 2005 results for the period ended December 31st, 2005 after the close of the financial markets on Tuesday, March 21, 2006. On Wednesday, March 22, 2006, at 10:00am EST, the company's management will host a conference call to discuss the results.

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111(from the US), 0800 953 0329 (from the UK) or + 44(0) 1452 542 301 (from outside the US). Please quote "FreeSeas."

In case of any problem with the above numbers, please dial 1 866 869 2352 (from the US), 0800 694 1449 (from the UK) or + 44 (0) 1452 560 304 (from outside the US). Quote "Freeseas."

A telephonic replay of the conference call will be available until March 29, 2006 by dialing 1 866 247 4222 (from the US), 0800 953 1533 (from the UK) or 44 1452 550 000 (from outside the US). Access Code: 6906584#

Audio webcast:

There will also be a live -- and then archived -- audio webcast of the conference call, through the internet through the FreeSeas website (www.freeseas.gr). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About FreeSeas Inc.

FreeSeas Inc. is a Marshall Islands corporation with principal offices in Piraeus, Greece. FreeSeas is engaged in the transportation of dry bulk cargos through the ownership and operation of drybulk vessels. Currently, it has a fleet of three Handysize vessels. FreeSeas' common stock and warrants trade on the Nasdaq Stock Market under the symbols FREE, FREEW and FREEZ respectively. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the US Securities and Exchange Commission, which can be obtained free of charge on the SEC's website at www.sec.gov. For more information about FreeSeas Inc. please go to our corporate website www.freeseas.gr.

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 be 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.

Contact Information

  • For further information please contact:

    Company Contact:

    Stathis D. Gourdomichalis
    Chief Financial Officer
    FreeSeas Inc.
    93 Akti Miaouli Street
    185 38 Piraeus, Greece
    Tel: 011-30-210-45-28-770
    Fax: 011-30-210-429-10-10

    E-Mail: info@freeseas.gr
    sdg@freeseas.gr

    www.freeseas.gr

    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