Oceanaut, Inc. to Seek Shareholder Approval to Liquidate and Dissolve
ATHENS, GREECE--(Marketwire - February 18, 2009) - Oceanaut, Inc., (AMEX: OKN) (AMEX: OKN.U)
(AMEX: OKN.WS) (the "Company" or "Oceanaut") announced today that its board
of directors has determined that the Company will not consummate a business
combination by the March 6, 2009 deadline provided for in its charter, and
that it is advisable that the Company be dissolved. As a result, Oceanaut
intends to convene a special meeting of its shareholders on March 16, 2009
to vote on a plan of liquidation and dissolution of the Company. The record
date for the special meeting is February 27, 2009.
The Company 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 the Company's plan
of liquidation, the Company expects to liquidate its trust account and make
an estimated payment of approximately $8.27 per share of common stock. No
payments will be made in respect of the Company's outstanding warrants or
to any of the Company's initial shareholders with respect to any shares
owned by them prior to the Company's initial public offering in March 2007,
except with respect to 625,000 shares of common stock included in the
1,125,000 insider units purchased by Excel Maritime Carriers Ltd., the
Company's corporate sponsor, in a private placement that closed immediately
prior to the consummation of the Company's initial public offering.
The Company intends to prepare and file with the Securities and Exchange
Commission for mailing to its shareholders, as soon as practicable, a
definitive proxy statement seeking approval to effect the orderly
liquidation and dissolution of the Company.
This release contains forward-looking statements that involve substantial
risks and uncertainties. All statements, other than statements of
historical facts, are forward-looking statements. The words "anticipate,"
"believe," "estimate," "expect," "intend," "may," "plan," "predict,"
"project," "will," "would" and similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements
contain these identifying words. The parties may not actually achieve the
plans, intentions or expectations disclosed in the forward-looking
statements, and investors should not place undue reliance on the
forward-looking statements. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in the
forward-looking statements made by the parties. Important factors that
could cause actual results or events to differ materially from the
forward-looking statements. Oceanaut assumes no obligation to update any
Important Additional Information will be filed with the SEC
Oceanaut, Inc. intends to file a definitive proxy statement with the SEC
regarding the proposed liquidation and dissolution of the Company.
Shareholders of Oceanaut and other interested persons are advised to read,
when available, Oceanaut's definitive proxy statement in connection with
the solicitation of proxies for the special meeting because such proxy
statement will contain important information.
The definitive proxy statement will be mailed to stockholders as of the
February , 2009 record date established for voting on the proposed
liquidation and dissolution. Shareholders will also be able to obtain a
copy of the definitive proxy statement, without charge, once available, at
the SEC's website http://www.sec.gov or by directing a request to
Oceanaut, Inc. at 17th Km National Road Athens-Lamia & Finikos Street, 145
64 Nea Kifisia, Athens, Greece, +30-210-620-9520.
Before making any voting decisions with respect to the proposed liquidation
or any of the other matters with respect to which the Company's
shareholders will be asked to vote pursuant to the proxy statement, the
Company's shareholders are urged to read the definitive proxy statement and
other documents filed by the Company when they become available.
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
Contact Information: Contact:
Investor Relations/ Financial Media:
Capital Link, Inc.
230 Park Avenue
New York, NY 10169
Tel. +1 (212) 661-7566
Chief Financial Officer
17th Km National Road Athens-Lamia & Finikos Street
145 64 Nea Kifisia
Tel: +30 (210) 6209-520
Fax: +30 (210) 6209-528