Contact Information: Investor Relations/ Financial Media: Contact: 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 Company: Oceanaut, Inc. Lefteris Papatrifon Chief Financial Officer Oceanaut, Inc. c/o 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. Announces Termination of Agreement to Purchase Dry Bulk Vessels
Management to Hold Conference Call on Wednesday, February 20, 2008
| Source: Oceanaut
ATHENS, GREECE--(Marketwire - February 19, 2008) - Oceanaut, Inc. (AMEX : OKN ) (AMEX : OKN.U )
(AMEX : OKN.WS ) (the "Company" or "Oceanaut") today announced that it has
mutually agreed with companies associated with members of the Restis family
to terminate the definitive agreements pursuant to which it would have
purchased nine dry bulk carriers for an aggregate purchase price of $700
million and issued shares of its common stock in exchange for an aggregate
investment of $82.5 million by companies associated with members of the
Restis family.
Management will hold a conference call tomorrow Wednesday, February 20,
2008 at 9:00 a.m. EST to discuss the termination agreement.
The Chairman of Oceanaut, Mr. Gabriel Panayotides, commented, "I am highly
confident that Oceanaut will develop and secure another deal. Our
Management, Board of Directors and I as the Chairman remain very committed
to deliver shareholder value and we will resume seeking suitable
acquisition opportunities."
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: 1 866 819 7111 (from the US), 0800 953 0329
(from the UK) or +44 1452 542 301 (from outside the US). Please quote
"Oceanaut."
In case of any problem with the above numbers, please dial 1 866 223 0615
(from the US), 0800 694 1503 (from the UK) or +44 1452 586 513 (from
outside the US). Quote "Oceanaut."
A telephonic replay of the conference call will be available until February
26, 2008 by dialing 1 866 247 4222 (from the US), 0800 953 1533 (from the
UK) or +44 1452 550 000 (from outside the US). Access Code: 23271374#
Participants to the audio webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
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.