FreeSeas Inc. Announces Results of Annual Meeting of Shareholders
22 Dezember 2016 - 11:10PM
Athens, Greece, December 22,
2016 -- FreeSeas Inc. (OTCQB: FREEF)
("FreeSeas" or the "Company"), a transporter of
dry-bulk cargoes through the ownership and operation of two
Handysize vessels and an owner of a controlling stake in a company
commercially operating tankers and dry-bulkers, announced that at
the annual meeting of the Company’s shareholders held today, the
shareholders: (i) elected Mr. Dimitris Papadopoulos to the Board of
Directors for a three year term; (ii) ratified the appointment of
RBSM LLP, as the Company’s independent registered public accounting
firm for the fiscal year ending December 31, 2016; (iii) granted
discretionary authority to the Company’s board of directors to (A)
amend the Amended and Restated Articles of Incorporation of the
Corporation to effect one or more consolidations of the issued and
outstanding shares of common stock, pursuant to which the shares of
common stock would be combined and reclassified into one share of
common stock at a ratio within the range from 1-for-2 up to
1-for-10,000 (the “Reverse Stock Split”) and (B) determine whether
to arrange for the disposition of fractional interests by
shareholder entitled thereto, to pay in cash the fair value of
fractions of a share of common stock as of the time when those
entitled to receive such fractions are determined, or to entitle
shareholder to receive from the Corporation’s transfer agent, in
lieu of any fractional share, the number of shares of common stock
rounded up to the next whole number, provided that, (X) that the
Corporation shall not effect Reverse Stock Splits that, in the
aggregate, exceeds 1-for-10,000, and (Y) any Reverse Stock Split is
completed no later than the first anniversary of the date of the
Annual Meeting; and (iv) approved an amendment to the Amended and
Restated Articles of Incorporation of the Company to increase the
Company’s authorized shares of common stock from 750,000,000 to
10,000,000,000.
About FreeSeas Inc.
FreeSeas Inc. is a Marshall Islands corporation
with principal offices in Athens, Greece. FreeSeas is engaged in
the transportation of drybulk cargoes through the ownership and
operation of drybulk carriers and also is an owner of a controlling
stake in a company commercially operating tankers and dry-bulkers.
Currently, it has a fleet of Handysize vessels. FreeSeas' common
stock trades on the OTCQB Stock Market under the symbol “FREEF”.
Risks and uncertainties are described in reports filed by FreeSeas
Inc. with the SEC, 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,
www.freeseas.gr.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events and the Company's growth
strategy and measures to implement such strategy. 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 be 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 obligation 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.
Contact Information:At
the Company
FreeSeas Inc.Dimitris Papadopoulos, Chief
Financial Officer011-30-210-45-28-770Fax:
011-30-210-429-10-10dp@freeseas.grwww.freeseas.gr
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