SOURCE: Oceanaut, Inc.

February 27, 2009 09:00 ET

Oceanaut, Inc. Postpones Date for Special Meeting for Shareholder Approval to Liquidate and Dissolve

ATHENS, GREECE--(Marketwire - February 27, 2009) - Oceanaut, Inc., (AMEX: OKN) (AMEX: OKN.U) (AMEX: OKN.WS) (the "Company" or "Oceanaut") announced today that its board of directors has decided to postpone the special meeting of Oceanaut's shareholders to vote on a plan of liquidation and dissolution of the Company, originally scheduled for March 16, 2009, to April 6, 2009. The record date for the special meeting is still February 27, 2009.

The Company intends to prepare and file with the Securities and Exchange Commission for mailing to its shareholders, as soon as practicable, a definitive proxy statement seeking approval to effect the orderly liquidation and dissolution of the Company.

Forward-Looking Statements

This release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The parties may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements, and investors should not place undue reliance on the forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements made by the parties. Important factors that could cause actual results or events to differ materially from the forward-looking statements. Oceanaut assumes no obligation to update any forward-looking statements.

Important Additional Information will be filed with the SEC

Oceanaut, Inc. intends to file a definitive proxy statement with the SEC regarding the proposed liquidation and dissolution of the Company.

Shareholders of Oceanaut and other interested persons are advised to read, when available, Oceanaut's definitive proxy statement in connection with the solicitation of proxies for the special meeting because such proxy statement will contain important information.

The definitive proxy statement will be mailed to stockholders on or about March 9, 2009. Shareholders will also be able to obtain a copy of the definitive proxy statement, without charge, once available, at the SEC's website http://www.sec.gov or by directing a request to Oceanaut, Inc. at 17th Km National Road Athens-Lamia & Finikos Street, 145 64 Nea Kifisia, Athens, Greece, +30-210-620-9520.

Before making any voting decisions with respect to the proposed liquidation or any of the other matters with respect to which the Company's shareholders will be asked to vote pursuant to the proxy statement, the Company's shareholders are urged to read the definitive proxy statement and other documents filed by the Company when they become available.

About Oceanaut, Inc.

Oceanaut, Inc. (AMEX: OKN) (AMEX: OKN.U) (AMEX: OKN.WS) 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.

Contact Information

  • Contact:

    Investor Relations/ Financial Media:
    Capital Link, Inc.
    Nicolas Bornozis
    President
    230 Park Avenue
    Suite 1536
    New York, NY 10169
    Tel. +1 (212) 661-7566

    E-mail: nbornozis@capitallink.com
    www.capitallink.com

    Company:
    Oceanaut, Inc.
    Lefteris Papatrifon
    Chief Financial Officer
    17th Km National Road Athens-Lamia & Finikos Street
    145 64 Nea Kifisia
    Athens, Greece
    Tel: +30 (210) 6209-520
    Fax: +30 (210) 6209-528

    E-Mail: info@oceanautinc.com
    www.oceanautinc.com