Contact Information: For further information please contact: Company Contact: Dr. Loukas Barmparis President Safe Bulkers, Inc. Athens, Greece Telephone: +30 (210) 899-4980 Fax: +30 (210) 895-4159 E-Mail: directors@safebulkers.com Investor Relations / Media Contact: Ramnique Grewal Vice President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, N.Y. 10169 Tel.: (212) 661-7566 Fax: (212) 661-7526 E-Mail: safebulkers@capitallink.com
Safe Bulkers, Inc. Announces Common Stock Purchase Program by Its Controlling Stockholder
| Source: Safe Bulkers, Inc.
ATHENS, GREECE--(Marketwire - June 10, 2009) - Safe Bulkers, Inc. (the "Company") (NYSE : SB ), an international provider of marine drybulk transportation services,
announced today that it has been advised by its controlling stockholder,
Vorini Holdings Inc. ("Vorini"), that Vorini has authorized a program under
which it may from time to time in the future purchase shares of the
Company's common stock. If the maximum number of shares of common stock
are purchased, it would represent approximately 2% of the Company's shares
outstanding and 10.9% of its public float.
Vorini has also advised the Company that based on the instructions it has
provided to its broker it does not expect to make purchases at the current
time.
As of the date hereof, the Company has 54,508,907 shares of common stock
outstanding. Approximately 44,533,907 of those shares, or 81.7% of common
stock outstanding, are held by the Company's affiliates, according to
information provided to the Company by such affiliates. The remaining
9,975,000 shares, or 18.3% of common stock outstanding, represent the
public float.
Vorini is controlled by the Company's Chairman and Chief Executive Officer
Polys Hajioannou and his brother, Nicolaos Hadjioannou, who is a former
director and former Chief Operating Officer of the Company. Vorini
currently owns 44,500,000 shares of the Company's common stock which
constitutes approximately 81.64% of the shares of the Company's common
stock outstanding.
Vorini has further advised the Company that its program does not obligate
Vorini to purchase shares of the Company's common stock and that the
program may be modified or terminated at any time without prior notice.
Vorini has advised the Company that any such purchases will be made in the
open market or in privately negotiated transactions in compliance with
applicable laws and regulations, and that purchases on the open market will
be conducted within the safe harbor provisions of Regulation 10b-18 under
the Securities Exchange Act of 1934, as amended.
Vorini has advised the Company that the purchases will be funded using
Vorini's existing cash resources.
About Safe Bulkers, Inc.
The Company's subsidiaries provide marine drybulk transportation services,
transporting bulk cargoes, particularly coal, grain and iron ore, along
worldwide shipping routes for some of the world's largest users of such
services. The Company's common stock is listed on the NYSE where it trades
under the symbol "SB." The Company's subsidiaries currently own 13
Japanese-built drybulk vessels, all built post 2003, and have contracted to
acquire additional drybulk newbuild vessels to be delivered at various
times beginning in 2009 through 2011.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Exchange Act of 1933, as amended, and in
Section 21E of the Securities Exchange Act of 1934, as amended) concerning
future events, 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 have been 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.