PIRAEUS, Greece, Dec. 22, 2008 (GLOBE NEWSWIRE) -- FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ) ("FreeSeas" or "the Company"), a provider of seaborne transportation for drybulk cargoes, announced today that Mr. Dimitris Filippas, previously Assistant to the Chief Financial Officer, has been appointed interim CFO of FreeSeas. Mr. Filippas will assume the duties of Mr. Dimitris Papadopoulos, who has departed from the company. Mr. Papadopoulos will remain an advisor to the Board and management of the Company. The Company has begun a search for a permanent replacement.
Mr. Filippas has a strong background in shipping and finance, having worked in various accounting roles at shipping-related firms and most recently, before joining FreeSeas, working as a Financial Accountant for a publically listed shipping company.
"The Board and I would like to thank Mr. Papadopoulos for his contributions to FreeSeas. We are pleased that he is remaining an advisor to the firm," said Mr. Ion Varouxakis, President and CEO of FreeSeas. "While we conduct our search for a new CFO, we are confident in Mr. Filippas' ability to fulfill the duties of CFO. At this pivotal juncture in our industry's development, the role of the CFO is more critical than ever before. We will be both prudent and timely in finding the appropriate candidate to enhance our management team."
About FreeSeas Inc.
FreeSeas Inc. is a Marshall Islands corporation with principal offices in Piraeus, Greece. FreeSeas is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk 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, FREEW 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 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, including expected vessel acquisitions. 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.