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TOP Ships Inc. Announces Filing Of Its Annual Report On Form 20-F

ATHENS, Greece, May 1, 2013 (GLOBE NEWSWIRE) -- TOP Ships Inc. (Nasdaq:TOPS), an international ship-owning company, announced today that it has filed its Annual Report on Form 20-F, on May 1, 2013, for the year ended 2012. Due to the Company's efforts to close a commercial transaction on April 30, 2013, the due date of the Annual Report, and to update its audited financial statements to reflect the effect of the transaction, the Company was unable to file its Annual Report by the filing deadline at the close of business on April 30, 2013. The Company therefore filed a Form 12b-25 Notification of Late Filing on May 1, 2013, providing the Company an additional fifteen days to file its Annual Report, and subsequently filed its Annual Report on May 1, 2013, within the extension period permitted by Rule 12b-25(b).

The Annual Report is available for download on the Company's website, www.topships.org. Any shareholder may receive a hard copy of the Company's complete Annual Report, which includes the Company's complete 2012 audited financial statements, free of charge upon request.

The audit opinion of Deloitte, Hadjipavlou, Sofianos and Cambanis S.A. regarding the 2012 financial statements of the Company, which was included in the Company's Annual Report, is unqualified. However, the opinion includes the following explanatory paragraphs:

"The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the consolidated financial statements, the Company's recurring losses from operations and stockholders' capital deficiency raise substantial doubt about its ability to continue as a going concern. Management's plans concerning these matters are also discussed in Note 3 to the consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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