Athens, May 8, 2015 (GLOBE NEWSWIRE) -- FreeSeas Inc. (Nasdaq: FREE) ("FreeSeas"or the "Company"), a transporter of dry-bulk cargoesthrough the ownership and operation of a fleet of Handysize andHandymax vessels, announced today that the Company's Amended andRestated Articles of Incorporation are being amended to effect areverse stock split of the Company's issued and outstanding commonstock at a ratio of one new share for every 7.5 shares currentlyoutstanding.

The Company anticipates that its common stockwill begin trading on a split-adjusted basis when the market openson May 11, 2015. FreeSeas' common stock will continue to tradeunder the symbol "FREE." The common shares will also trade under anew CUSIP number Y26496409.

The reverse stock split will consolidate 7.5shares of common stock into one share of common stock at a parvalue of $.001 per share. The reverse stock split will not affectany shareholder's ownership percentage of FreeSeas' common shares,except to the limited extent that the reverse stock split wouldresult in any shareholder owning a fractional share. Fractionalshares of common stock will be rounded up to the nearest wholeshare.

After the reverse stock split takes effect,shareholders holding physical share certificates will receiveinstructions from American Stock Transfer and Trust Company LLC,the Company's exchange agent, regarding the process for exchangingtheir shares.

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 Capital Market under the symbol FREE. Risks anduncertainties are described in reports filed by FreeSeas Inc. withthe SEC, which can be obtained free of charge on the SEC's websiteat http://www.sec.gov. For more information about FreeSeas Inc.,please visit the corporate website, 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. Words such as''expects,'' ''intends,'' ''plans,'' ''believes,'' ''anticipates,''''hopes,'' ''estimates,'' and variations of such words and similarexpressions are intended to identify forward-looking statements.Although the Company believes that the expectations reflected insuch forward-looking statements are reasonable, no assurance can begiven that such expectations will prove to be correct. Thesestatements involve known and unknown risks and are based upon anumber of assumptions and estimates, which are inherently subjectto significant uncertainties and contingencies, many of which arebeyond the control of the Company. Actual results may differmaterially from those expressed or implied by such forward-lookingstatements. Factors that could cause actual results to differmaterially include, but are not limited to, changes in the demandfor dry bulk vessels; competitive factors in the market in whichthe Company operates; risks associated with operations outside theUnited States; and other factors listed from time to time in theCompany's filings with the Securities and Exchange Commission. TheCompany expressly disclaims any obligation or undertaking torelease publicly any updates or revisions to any forward-lookingstatements contained herein to reflect any change in the Company'sexpectations with respect thereto or any change in events,conditions or circumstances on which any statement is based.

Contact Information:

At the Company

FreeSeas Inc.

Dimitris Papadopoulos, Chief FinancialOfficer

011-30-210-45-28-770

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

dp@freeseas.gr

www.freeseas.gr