ATHENS, GREECE--(Marketwire - February 18, 2009) - Excel Maritime Carriers Ltd (NYSE: EXM) (the
"Company") announced today that the board of directors of Oceanaut, Inc.
(AMEX: OKN) (AMEX: OKN.U) (AMEX: OKN.WS) ("Oceanaut") has determined that
Oceanaut will not consummate a business combination by the March 6, 2009
deadline provided for in its charter, and that it is advisable that
Oceanaut be dissolved. Oceanaut intends to begin promptly the process of
dissolution and liquidating its trust account in accordance with its
charter and applicable Marshall Islands law. Assuming shareholder approval
of Oceanaut's plan of liquidation, Oceanaut expects to liquidate its trust
account and make an estimated payment of approximately $8.27 per share of
common stock.
Oceanaut 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. The Company is the sponsor and a
shareholder of Oceanaut.
In a private placement that occurred immediately prior to the initial
public offering by Oceanaut of its securities, the Company had purchased
2,000,000 insider warrants, at a price of $1.00 per warrant, and 1,125,000
insider units, at a price of $8.00 per unit, each unit consisting of one
share of common stock and one warrant to purchase common stock at an
exercise price of $6.00 for a total consideration of $11 million. As part
of Oceanaut's liquidation, Excel will receive no payments with respect to
its outstanding warrants and it is estimated that it will receive
approximately $8.27 per share of common stock, but only with respect to
625,000 shares of common stock included in its 1,125,000 insider units and
therefore, will forfeit approximately $6 million of its investment. As a
result, the current value of the Oceanaut investment on the Company's books
will be written down to the estimated liquidation proceeds.
About Excel Maritime Carriers Ltd
Excel is an owner and operator of dry bulk carriers and a provider of
worldwide seaborne transportation services for dry bulk cargoes, such as
iron ore, coal and grains, as well as bauxite, fertilizers and steel
products. After the acquisition of Quintana, Excel owns a fleet of 41
vessels and, together with 7 Panamax vessels under bareboat charters,
operates 48 vessels (5 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 6
Handymax vessels) with a total carrying capacity of approximately 3.9
million DWT. Excel Class A common shares have been listed since September
15, 2005 on the New York Stock Exchange (NYSE) under the symbol EXM and,
prior to that date, were listed on the American Stock Exchange (AMEX) since
1998. For more information about the Company, please go to our corporate
website www.excelmaritime.com.
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;
including expected vessel acquisitions and entering into further time
charters. 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 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
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.
Contact Information: Contact:
Investor Relations / Financial Media:
Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue - Suite 1536
New York, NY 10160, USA
Tel: (212) 661-7566
Fax: (212) 661-7526
E-Mail: nbornozis@capitallink.com
www.capitallink.com
Company:
Lefteris Papatrifon
Chief Financial Officer
Excel Maritime Carriers Ltd.
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@excelmaritime.com
http://www.excelmaritime.com