Contact Information: Contacts: Company Contact: Gregory A. McGrath Chief Financial Officer Omega Navigation Enterprises, Inc. PO Box 272 Convent Station, NJ 07961 Tel. (551) 580-0532 E-mail: gmcgrath@omeganavigation.com www.omeganavigation.com Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com www.capitallink.com
Omega Navigation Enterprises, Inc. Approves a Shareholder Rights Plan
| Source: Omega Navigation
ATHENS, GREECE--(Marketwire - February 22, 2008) - Omega Navigation Enterprises, Inc. (NASDAQ : ONAV ) (SGX: ONAV50) announced today that its Board of Directors has
approved a shareholder rights plan designed to enable the Company to
protect shareholder interests in the event an unsolicited attempt is made
for a business combination with or takeover of the Company. The Company
believes the shareholder rights plan will enhance the Board's negotiating
power on behalf of shareholders in the event of an unsolicited business
combination or takeover attempt. The Company is not aware of any such
offers or proposals at this time and is adopting the plan as a matter of
prudent corporate governance.
The terms of the shareholder rights plan are set forth in a filing that the
Company has made with the Securities and Exchange Commission today. Rights
under the plan are expected to be issued to shareholders of record as of
the close of business on March 7, 2008.
About Omega Navigation Enterprises, Inc.
Omega Navigation Enterprises, Inc. is an international provider of global
marine transportation services through the ownership and operation of eight
double hull product tankers. The current fleet includes eight double hull
product tankers with a carrying capacity of 512,358 dwt. These eight
product tankers are chartered out under three-year period time charters.
Furthermore, the company recently announced the signing of shipbuilding
contracts to construct and acquire five newbuilding double hull Handymax
product tankers each with a capacity of 37,000 dwt scheduled for delivery
between March 2010 and early in 2011. With the addition of these five
vessels, the Omega fleet will expand to 13 product tankers with a total
deadweight capacity of 697,358 tons.
The Company was incorporated in the Marshall Islands in February 2005. Its
principal executive offices are located in Piraeus, Greece and it also
maintains an office in the United States.
Omega Navigation's Class A common shares are traded on the NASDAQ National
Market under the symbol "ONAV" and are also listed on the Singapore
Exchange Securities Trading Limited under the symbol "ONAV 50."
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides
safe harbor protections for forward-looking statements in order to
encourage companies to provide prospective information about their
business. Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of
historical facts.
The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The
words "believe," "except," "anticipate," "intends," "estimate," "forecast,"
"project," "plan," "potential," "will," "may," "should," "expect" pending
and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, the Company's management's examination of
historical operating trends, data contained in the Company's records and
other data available from third parties. Although the Company believes that
these assumptions were reasonable when made, because these assumptions are
inherently subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond the Company's control,
the Company cannot assure you that the Company will achieve or accomplish
these expectations, beliefs or projections.
In addition to these important factors other important factors that, in the
Company's view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the strength of world
economies and currencies, general market conditions, including fluctuations
in charter rates and vessel values, changes in demand for product tanker
and dry bulk shipping capacity, changes in the Company's operating
expenses, including bunker prices, drydocking and insurance costs, the
market for the Company's vessels, availability of financing and
refinancing, changes in governmental rules and regulations or actions taken
by regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political
events, vessels breakdowns and instances of off-hires and other factors.
Please see the Company's filings with the Securities and Exchange
Commission for a more complete discussion of these and other risks and
uncertainties.