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Navios Maritime Acquisition Corporation Announces Closing Of Business Combination

PIRAEUS, Greece, June 1 /PRNewswire-FirstCall/ -- Navios Maritime Acquisition Corporation ("Navios Acquisition" or "the Company") (NYSE: NNA) announced today that the Company, previously a special purpose acquisition company sponsored by Navios Maritime Holdings Inc. ("Navios Holdings"), has completed its business combination involving the acquisition of 13 vessels (11 product tankers and two chemical tankers) plus options to purchase two additional product tankers, for an aggregate purchase price of $457.7 million, of which $123.4 million is to be paid from existing cash and the $334.3 million balance with debt financing.

In connection with the completion of the acquisition, Navios Acquisition has now reimbursed Navios Holdings for the initial equity payment of $38.8 million plus all associated payments previously made by Navios Holdings.

Angeliki Frangou, Chairman and CEO commented, "I thank the consortium of commercial banks, composed of Deutsche Schiffsbank A.G, Credit Agricole Corporate and Investment Bank, Alpha Bank A.E., DVB Bank SE, BNP Paribas Fortis, Fortis Bank (Nederland) N.V. and Marfin Popular Bank, which committed attractive financing to Navios Acquisition in a difficult market.  I also thank our management as well as our legal and financial advisors for their excellent work.  As a result of this overall team effort, we were able to bring this acquisition to a successful conclusion."

Ms. Frangou continued, "As previously stated, we believe that the vessels purchased by Navios Acquisition are near historically low prices (as adjusted for inflation), in a sector positioned for growth. With two vessels operational and with two more vessels to be delivered by the end of 2010, we are positioned to capitalize on opportunities for fleet expansion."

About Navios Maritime Acquisition Corporation

Navios Maritime Acquisition Corporation (NYSE: NNA) is a global shipping company specializing in the product and chemical tanker sectors.

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