ATHENS, Greece, June 28 /PRNewswire-FirstCall/ -- TOP Tankers Inc (Nasdaq: TOPT), announced today that it has placed 2.1 million common shares with companies connected with George Economou, the well-known Greek shipping investor. The shares were issued under the Company's effective shelf registration statement in connection with the Company's controlled equity offering program. The aggregate gross proceeds of the placement were approximately $14.3 million, which the Company expects to use for acquisitions, working capital and general corporate purposes.
Evangelos J. Pistiolis, president and CEO of TOP Tankers Inc., stated, "This strategic investment constitutes a vote of confidence in our Company and its management. We welcome Mr. Economou's valued participation. After the placement, Mr. Economou owns approximately 3.7 million shares of TOP Tankers according to recent filings."
About TOP Tankers Inc
TOP Tankers Inc is an international provider of worldwide seaborne crude oil and petroleum products transportation services. The Company will operate a fleet of 22 tankers, consisting of 12 double-hull Suezmax tankers and 10 double-hull Handymax tankers, with a total carrying capacity of approximately 2.3 million dwt, of which 87% are sister ships. Fifteen of the Company's 22 tankers will be on time charter contracts with an average term of over three years with all but four of the time charters including profit sharing agreements.
Forward Looking Statement
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although TOP Tankers believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, TOP Tankers cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
Contact: Michael Mason (investors) Stamatis Tsantanis, CFO
Allen & Caron Inc TOP Tankers Inc
212 691 8087 011 30 210 812 8199
michaelm@allencaron.com snt@toptankers.com
SOURCE TOP Tankers Inc
-0- 06/28/2007
/CONTACT: Investors, Michael Mason of Allen & Caron Inc, +1-212-691-8087,
michaelm@allencaron.com, for TOP Tankers Inc; or Stamatis Tsantanis, CFO of
TOP Tankers Inc, 011 30 210 812 8199, snt@toptankers.com/
(TOPT)
CO: TOP Tankers Inc
ST: Greece
IN: MAR OIL TRN
SU:
SF
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7099 06/28/2007 07:35 EDT http://www.prnewswire.com