FreeSeas Announces Meeting Date For Its 2010 Annual Meeting Of Shareholders And Proposal To Approve Reverse Split
PIRAEUS, Greece, Aug. 19, 2010 (GLOBE NEWSWIRE) -- FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEZ) ("FreeSeas" or the "Company"), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of eight Handysize vessels and two Handymax vessels, today announced that its 2010 Annual Meeting of Shareholders will be held on September 30, 2010. In addition to the election of two directors and the ratification of the appointment of the Company's independent auditors, the Company is proposing that its shareholders approve a 1-for-5 reverse split of its common stock. Upon approval of the proposal, the Company's outstanding Class Z warrants will be proportionately adjusted in accordance with the terms of the warrants.
Mr. Ion Varouxakis, Chairman and CEO, noted, "We propose to undertake this reverse split on our own accord, at a time we believe our stock is undervalued and the outlook for our Company is positive. We believe that raising our stock price above $5.00 will appeal to a broader universe of institutional investors, while also enabling our retail investor base to trade on margin."
Shareholders of record as of the close of business on August 23, 2010 will be entitled to vote at the Company's Annual Meeting. The details are as follows:Details of Annual Meeting
|Location:||89 Akti Miaouli & 4 Mavrokordatou Str.|
|Piraeus, 185 38, Greece|
|Phone:||+30 210 4528770|
|Fax:||+30 210 4291010|
|Time:||15:00 Greek time, 08:00am EST time|
CONTACT: FreeSeas Inc. Alexandros Mylonas, Chief Financial Officer 011-30-210-45-28-770 Fax: 011-30-210-429-10-10 email@example.com www.freeseas.gr The Equity Group Investor Relations Adam Prior, Vice President 212-836-9606 firstname.lastname@example.org www.theequitygroup.com
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