DryShips Inc. Announces the Results of the Special Meeting of Shareholders and Decision to Defer Stock Split
ATHENS, GREECE--(Marketwire - January 16, 2008) - DryShips Inc. (NASDAQ: DRYS) announced that
a special meeting of shareholders held today approved an amendment to the
Company's Articles of Incorporation increasing the authorized shares of
common stock to One Billion (1,000,000,000) shares, par value $0.01 per
share, and the authorized shares of preferred stock to Five Hundred Million
(500,000,000) shares, par value $0.01 per share.
Although the Company previously announced its intention to effect a 3:1
stock split in the form of a share dividend following today's special
meeting, the board of directors has determined that in light of recent
developments in the trading price of the Company's common stock, it is in
the best interests of the Company and its shareholders to defer the
proposed stock split until a more favorable time in order to preserve
shareholder value.
About DryShips Inc.
DryShips Inc., based in Greece, is an owner and operator of drybulk
carriers that operate worldwide. As of the day of this release, DryShips
owns a fleet of 46 drybulk carriers comprising 5 Capesize, 30 Panamax, 2
Supramax, 1 Handymax, and 8 newbuilding drybulk vessels, with a combined
deadweight tonnage of over 4 million tons.
DryShips Inc.'s common stock is listed on the NASDAQ Global Market where it
trades under the symbol "DRYS."
Visit our website at www.dryships.com
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking
statements. Forward-looking statements reflect our current views with
respect to future events and financial performance and may include
statements concerning plans, objectives, goals, strategies, future events
or performance, and underlying assumptions and other statements, which are
other than statements of historical facts.
The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical
operating trends, data contained in our records and other data available
from third parties. Although DryShips Inc. believes that these assumptions
were reasonable when made, because these assumptions are inherently subject
to significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond our control, DryShips Inc. cannot
assure you that it will achieve or accomplish these expectations, beliefs
or projections.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include
the strength of world economies and currencies, general market conditions,
including changes in charterhire rates and vessel values, changes in demand
that may affect attitudes of time charterers to scheduled and unscheduled
drydocking, changes in DryShips Inc.'s operating expenses, including bunker
prices, dry-docking and insurance costs, or actions taken by regulatory
authorities, potential liability from pending or future litigation,
domestic and international political conditions, potential disruption of
shipping routes due to accidents and political events or acts by
terrorists.
Risks and uncertainties are further described in reports filed by DryShips
Inc. with the US Securities and Exchange Commission.
Contact Information: Contact:
Investor Relations/Media
Nicolas Bornozis
Capital Link, Inc., New York
Tel. 212 661 7566
E-mail: Dryships@capitallink.com