Contact Information: Contact: 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 Oceanaut, Inc. Christopher Georgakis President & Chief Executive Officer Oceanaut, Inc. 17th Km National Road Athens-Lamia & Finikos Street 145 64 Nea Kifisia Athens, Greece Tel: 011-30-210-62-09-520 Fax: 011-30-210-62-09-528 E-Mail: info@oceanautinc.com www.oceanautinc.com
Oceanaut, Inc. Enters Into Definitive Agreements for Purchase of Nine Vessels and $82,500,000 Investment
| Source: Oceanaut
ATHENS, GREECE--(Marketwire - October 15, 2007) - Oceanaut, Inc. (AMEX : OKN ) (AMEX : OKN.U )
(AMEX : OKN.WS ) (the "Company" or "Oceanaut") today announced that it has
entered into definitive agreements pursuant to which it has agreed to
purchase, for an aggregate purchase price of $700 million in cash, nine
dry bulk carriers including five newbuildings, from companies associated
with members of the Restis family. The Company also announced that it has
entered into definitive agreements pursuant to which it has agreed to issue
10,312,500 shares of its common stock, at a purchase price of $8.00 per
share, in exchange for an aggregate investment by separate companies
associated with members of the Restis family of $82,500,000.
Following the completion of the fleet acquisition and investment, companies
associated with members of the Restis family are expected to own
approximately 30% of the Company's outstanding shares of common stock.
Excel Maritime Carriers Ltd. and its affiliates currently own approximately
24% of the Company's outstanding shares of common stock.
Upon delivery of the vessels, the fleet will be comprised of two Capesize,
four Panamax and three Supramax dry bulk carriers. These dry bulk carriers
transport a variety of dry bulk cargoes such as coal, iron ore and grain.
The vessels have a combined cargo-carrying capacity of 809,000 deadweight
tons and an average fleet age of approximately seven years upon delivery of
all newbuilding vessels. The two Supramax dry bulk carriers are scheduled
for delivery in 2008 and the third Supramax dry bulk carrier, together with
the two Capesize dry bulk carriers, are scheduled for delivery in 2009.
In addition, it is intended that, after the closing of the transaction,
Maryville Maritime Inc. will provide technical management services and
Safbulk Pty Ltd. will provide commercial management services to Oceanaut's
fleet.
"We are pleased to bring this significant fleet acquisition and synergistic
investment to our shareholders," said Mr. Christopher Georgakis, Chief
Executive Officer and President of Oceanaut. "We believe that the quality
of the acquired fleet in this transaction combined with sound technical
and commercial vessel ship management practices, will result in Oceanaut
being well-positioned to become a significant player in the fragmented dry
bulk shipping sector."
The Company's acquisition of the fleet of dry bulk carriers and the
issuance of its common stock in exchange for the $82,500,000 investment are
conditioned upon the consummation of such other transaction and are each
subject to the approval of Oceanaut's shareholders.
Oceanaut will also file a Current Report on Form 8-K disclosing further
details on the fleet acquisition and investment and attaching copies of the
definitive agreements.
About Oceanaut, Inc.
Oceanaut, Inc. (AMEX : OKN ) (AMEX : OKN.U ) (AMEX : OKN.WS ) is a blank check
company formed for the purpose of acquiring, through a merger, capital
stock exchange, asset acquisition, stock purchase or other similar business
combination, vessels or one or more operating businesses in the shipping
industry.
Forward-Looking Statement
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 have been 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, the scope and timing of SEC and other regulatory agency review,
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 obligations 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.
Additional Information
In connection with the proposed transaction and required shareholder
approval, Oceanaut will file with the SEC a proxy statement that will be
mailed to the shareholders of Oceanaut. Oceanaut's shareholders are urged
to read the proxy statement and other relevant materials when they become
available as they will contain important information about the transaction
and related matters. Shareholders will be able to obtain a copy of the
definitive proxy statement, without charge, by directing a request to:
Oceanaut, Inc., Oceanaut, Inc., 17th Km National Road Athens-Lamia &
Finikos Street, 145 64 Nea Kifisia, Athens, Greece. Once filed, investors
and security holders will be able to obtain free copies of these documents
through the website maintained by the SEC at http://www.sec.gov.
Oceanaut and its officers and directors may be deemed to be participating
in the solicitation of proxies from the Oceanaut shareholders in favor of
the approval of the proposed transaction. Information concerning Oceanaut's
directors and officers is set forth in the publicly filed documents of
Oceanaut. Shareholders may obtain more detailed information regarding the
direct and indirect interests of Oceanaut and its directors and executive
officers in the transaction and related financing by reading the
preliminary and definitive proxy statements regarding the proposed
acquisition, which will be filed with the SEC.