SOURCE: Paragon Shipping Inc.

March 10, 2010 09:17 ET

Paragon Shipping Inc. to Transfer Listing to New York Stock Exchange

ATHENS, GREECE--(Marketwire - March 10, 2010) -  Paragon Shipping Inc. (NASDAQ: PRGN), or the Company, a global shipping transportation company specializing in drybulk cargoes, announced today that it is transferring the listing of its common stock to the New York Stock Exchange ("NYSE"). The Company expects to begin trading on the NYSE on Wednesday, March 24, 2010, using its current symbol "PRGN". The company will continue to trade on the NASDAQ until the transfer is completed.

Commenting on this development, Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, stated, "We are pleased to announce that we shall be listing our common stock on the New York Stock Exchange, one of the world's premier stock exchanges. The New York Stock Exchange is home to many international shipping companies and we believe that by joining them we will increase Paragon's visibility within the investment community."

"We are delighted that Paragon Shipping has chosen to transfer its listing to the New York Stock Exchange," said Ronald Kent, Executive Vice President, Head of International Listings, at NYSE Euronext. "We are looking forward to partnering with Paragon Shipping as the company becomes part of NYSE Euronext's growing US franchise of currently 32 shipping companies."

About Paragon Shipping Inc.
Paragon Shipping Inc. is an Athens, Greece-based international shipping company specializing in the transportation of drybulk cargoes. The Company's current fleet consists of eleven vessels with a total carrying capacity of 719,483 dwt.

Cautionary Statement Regarding Forward-Looking Statement
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," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "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, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe 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 our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our 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 drybulk shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, 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 our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

Contact Information

  • Contacts:
    Christopher Thomas
    Chief Financial Officer
    Paragon Shipping Inc.
    15 Karamanli Ave.
    GR 166 73
    Voula, Greece
    Tel: +30 (210) 8914 600

    Investor Relations / Media
    Capital Link, Inc.
    Paul Lampoutis
    230 Park Avenue
    Suite 1536
    New York, NY 10169
    Tel. (212) 661-7566
    E-mail:paragon@capitallink.com