NEW YORK, NY -- (MARKET WIRE) -- December 26, 2006 -- Star Maritime Acquisition Corporation (the
"Company") (AMEX: SEA) (AMEX: SEAW) announced today that it has been
granted an extension by the American Stock Exchange to hold its 2006 Annual
Meeting no later than March 1, 2007.
The Company is a blank check company that was formed to acquire, through a
merger, capital stock exchange, asset acquisition or other similar business
combination, one or more businesses in the shipping industry. The Company
must complete a business combination on or prior to June 21, 2007, or
December 21, 2007 if either a letter of intent, an agreement in principle
or definitive agreement to complete a business combination has been
executed on or prior to June 21, 2007.
In its request to AMEX for an extension, the Company advised AMEX that the
reason for the delay in the 2006 Annual Meeting is since its initial public
offering on December 16, 2005, its management and the board of directors
have focused their efforts exclusively on identifying and selecting
potential target(s) for a business combination, as the Company believes it
is in the best interests of its stockholders for it to consummate a
business combination at the earliest possible time. The Company further
stated that the annual meeting is not only a time for presenting proposals
to stockholders, but also a time when the Company can update shareholders
on it business operations. At this time because the Company has no
business operations, the Company believes that the need for such updates is
obviated in this case.
About Star Maritime
Star Maritime Acquisition Corporation is a blank check company recently
formed for the purpose of effecting a merger, capital stock exchange, asset
acquisition or other business combination in the shipping industry.
Forward Looking Statement
Any statements contained in this press release that do not describe
historical facts may constitute forward-looking statements as that term is
defined by the United States Private Securities Litigation Reform Act of
1995. Any such forward-looking statements contained herein are based on
current expectations, but are subject to a number of risks and
uncertainties that may cause actual results to differ materially from
expectations such as material adverse events affecting the Company, the
ability of Company to satisfy the conditions to completion of the business
combination and those other risks and uncertainties detailed in the
Company's filings with the Securities and Exchange Commission.
Contact Information: For Further Information please contact:
Company:
Star Maritime Acquisition Corp.
Prokopios (Akis) Tsirigakis
Chairman and Chief Executive Officer
103 Foulk Road
Wilmington, DE 19803
Tel. 302-656-1950
E-Mail: info@starmaritimecorp.com
www.starmaritimecorp.com
Investor Relations / Financial Media:
Capital Link, Inc.
Nicolas Bornozis
President
230 Park Avenue
Suite 1536
New York, NY 10169
Tel. (212) 661-7566
E-mail: nbornozis@capitallink.com
www.capitallink.com