SOURCE: Nautilus Marine Acquisition Corp.
ATHENS, GREECE--(Marketwire - Feb 22, 2013) - Nautilus Marine Acquisition Corp. ("Nautilus") (NASDAQ: NMAR) announced that it has received a letter from The NASDAQ Stock Market ("Nasdaq"), dated February 19, 2013, which stated that, because Nautilus did not meet the minimum of 300 public holders requirement for continued listing as set forth in Nasdaq Stock Market Listing Rule 5550(a)(3) (the "Rules"), Nautilus' securities will be delisted from Nasdaq at the opening of business on February 28, 2013.
In this letter, Nasdaq granted Nautilus until February 26, 2013 to appeal its decision. Management of Nautilus has determined that they will appeal the Nasdaq staff's decision to a Hearing Panel in accordance with the procedures set forth in the 5800 Series of the Rules. As a result, the delisting of Nautilus' securities from Nasdaq will be stayed pending the Hearing Panel's decision and Nautilus' securities will continue to trade on the Nasdaq under the symbol "NMAR."
Nautilus was formed in November 2010 pursuant to the laws of the Republic of the Marshall Islands for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, exchangeable share transaction or other similar business transaction with one or more operating businesses or assets. On February 13, 2013, Nautilus acquired Assetplus Limited, a Cyprus limited liability holding company organized on August 10, 2012 for the purpose of aggregating under one holding company all time charter, vessel acquisition or other contracts awarded to its subsidiaries. Assetplus controls an initial fleet of vessels consisting of two platform supply vessels ("PSVs") and two oil spill response vessels ("OSRVs"), all of which are intended to service offshore oil exploration and production installations. All of these vessels are newly built. Assetplus also controls six binding time charter contracts with Brazilian oil major Petróleo Brasileiro S.A. ("Petrobras") for two PSVs and four OSRVs. These charters each have durations of four years plus an additional four optional years. Four of the six time charter agreements with Petrobras will be serviced by Assetplus' current fleet, and Nautilus has plans to obtain vessels to service two additional Petrobras charters.
Cautionary Note Regarding Forward-Looking Statements
Some of the statements in this release are or may constitute "forward-looking statements." Words such as "believe," "expect," "anticipate," "project," "target," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. Forward-looking statements involve estimates, expectations and projections and, as a result, are subject to risks and uncertainties. Actual results (including, without limitation, the ability of Nautilus to achieve compliance with Nasdaq listing standards) could differ materially if not substantially from those described in the forward-looking statements. Important risks and other factors could cause actual results to differ materially from those indicated by such forward-looking statements. These risks have been more fully discussed in Nautilus' Schedule TO, as amended, filed with the SEC in connection with its previously completed tender offer. Additional risks and uncertainties are identified and discussed in Nautilus' reports filed or to be filed with the SEC and available at the SEC's website at http://www.sec.gov. Forward-looking statements included in this press release speak only as of the date of this press release. Nautilus undertakes and assumes no obligation, and do not intend, to update Nautilus' forward-looking statements, except as required by law.