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

FreeSeas Inc. (Nasdaq:FREE) (Nasdaq: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 first quarter ended March 31, 2011 prior to the opening of the stock market on Tuesday, June 7, 2011. The Company will then discuss those results in a conference call later that afternoon at 12:00 PM ET.

Participant Dial-In Numbers:

(In the United States):   877-407-8031

(International):               201-689-8031

Webcast

The call will also be simultaneously broadcast over the Internet. To listen to the live webcast, please go to http://www.freeseas.gr and click on the conference call link, or go directly to: http://www.investorcalendar.com/IC/CEPage.asp?ID=164284.

The Company will also have an accompanying slide presentation available in PDF on its website prior to the conference call.

The webcast will be archived and accessible for approximately 30 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. 

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 six 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.

The FreeSeas Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5981

CONTACT: At the Company
         FreeSeas Inc.
         Alexandros Mylonas, Chief Financial Officer
         011-30-210-45-28-770
         Fax: 011-30-210-429-10-10
         info@freeseas.gr
         www.freeseas.gr
         89 Akti Miaouli Street
         185 38 Piraeus, Greece
         
         Investor Relations
         The Equity Group Inc.
         Adam Prior, Vice President
         212-836-9606
         aprior@equityny.com
         www.theequitygroup.com