FreeSeas Regains Compliance With NASDAQ's Minimum Closing Bid Price

Athens, Greece, April 5, 2013 (GLOBE NEWSWIRE) -- Athens, Greece, April 05, 2013 -- FreeSeas Inc. (NASDAQ CM: FREE) ("FreeSeas" or the"Company"), a transporter of dry-bulk cargoes through theownership and operation of a fleet of Handysize and Handymaxvessels, announced today that it has received a letter from NASDAQ,indicating that the Company has regained compliance with the $1.00per share minimum closing bid price requirement for continuedlisting on the NASDAQ Capital Market, pursuant to the NASDAQmarketplace rules. Since February 19, 2013 FreeSeas was eligiblefor an additional 180 calendar day period to regain compliance. Forat least 10 consecutive business days from March 6, 2013 to April2, 2013 the closing bid price has been at $1.00 per share orgreater. NASDAQ indicated within its letter that since the Companyhas regained compliance with Listing Rule 5450(a)(1) (the "MinimumBid Price Rule"), this matter is now closed.

About FreeSeas Inc.

FreeSeas Inc. is a Marshall Islands corporationwith principal offices in Athens, Greece. FreeSeas is engaged inthe transportation of drybulk cargoes through the ownership andoperation of drybulk carriers. Currently, it has a fleet ofHandysize and Handymax vessels. FreeSeas' common stock trades onthe NASDAQ Global Market under the symbol FREE. Risks anduncertainties are described in reports filed by FreeSeas Inc. withthe U.S. Securities and Exchange Commission, which can be obtainedfree of charge on the SEC's website at http://www.sec.gov. For moreinformation about FreeSeas Inc., please visit the corporatewebsite, www.freeseas.gr.

Forward-Looking Statements

This press release contains forward-lookingstatements (as defined in Section 27A of the Securities Act of1933, as amended, and Section 21E of the Securities Exchange Act of1934, as amended) concerning future events and the Company's growthstrategy and measures to implement such strategy, includingexpected vessel acquisitions. Words such as "expects,'' "intends,''"plans,'' "believes,'' "anticipates,'' "hopes,'' "estimates,'' andvariations of such words and similar expressions are intended toidentify forward-looking statements. Although the Company believesthat the expectations reflected in such forward-looking statementsare reasonable, no assurance can be given that such expectationswill prove to be correct. These statements involve known andunknown risks and are based upon a number of assumptions andestimates which are inherently subject to significant uncertaintiesand contingencies, many of which are beyond the control of theCompany. Actual results may differ materially from those expressedor implied by such forward-looking statements. Factors that couldcause actual results to differ materially include, but are notlimited to, changes in the demand for drybulk vessels; competitivefactors in the market in which the Company operates; risksassociated with operations outside the United States; and otherfactors listed from time to time in the Company's filings with theSecurities and Exchange Commission. The Company expressly disclaimsany obligation or undertaking to release publicly any updates orrevisions to any forward-looking statements contained herein toreflect any change in the Company's expectations with respectthereto or any change in events, conditions or circumstances onwhich any statement is based.

Contact Information: 

At theCompany                                                                                              

FreeSeasInc.                                                                                                    

Alexandros Mylonas, Chief FinancialOfficer                                       

011-30-210-45-28-770                                                                                    

Fax:011-30-210-429-10-10                                                                          

info@freeseas.gr                                                                                            

www.freeseas.gr