FREEZ Freeseas Inc. - Warrants Class Z 08/12/2011 (MM)

FreeSeas Inc. (Nasdaq GM: FREE, FREEZ) (“FreeSeas” or the “Company”), a transporter of drybulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels, announced today that it will release financial results for its fourth quarter and year-ended December 31, 2010 prior to the opening of the stock market on Friday, March 4, 2011.

The Company will then discuss those results in a conference call later that morning at 9:00 a.m. ET.

The conference call will also be broadcast live via the “Investor Relations” section of FreeSeas’s website at www.freeseas.gr or interested parties can click on the following link: http://www.investorcalendar.com/IC/CEPage.asp?ID=163535.

The Company will also have an accompanying slide presentation available approximately 30 minutes prior to the conference call. The webcast will be archived and accessible for approximately 15 days if you are unable to listen to the live call. To listen to the live call, please go to the website at least 15 minutes early to register, download and install any necessary audio software. If you are unable to participate in the live call, the conference call will be archived and can be accessed for approximately 30 days.

About FreeSeas Inc.

FreeSeas Inc. is a Marshall Islands corporation with principal offices in Piraeus, Greece. FreeSeas is engaged in the transportation of drybulk cargoes through the ownership and operation of drybulk carriers. Currently, it has a fleet of seven Handysize vessels and two Handymax vessels. FreeSeas' common stock and warrants trade on the NASDAQ Global Market under the symbols FREE and FREEZ, respectively. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the U.S. Securities and Exchange Commission, which can be obtained free of charge on the SEC's website at http://www.sec.gov. For more information about FreeSeas Inc., please visit the corporate website, http://www.freeseas.gr.

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