TOP SHIPS INC. ANNOUNCES CORPORATE DEVELOPMENTS
ATHENS, GREECE – October 21, 2010 – TOP Ships Inc. (NasdaqGS: TOPS), an international provider of worldwide seaborne crude oil, petroleum products, and drybulk transportation services, announced today the results of its 2010 annual general meeting of shareholders.
Specifically:
-Evangelos J. Pistiolis, Alexandros Tsirikos and Vangelis G. Ikonomou were re-elected as Class III directors of the Company’s Board of Directors.
-The shareholders approved the appointment of Deloitte, Hadjipavlou, Sofianos & Cambanis S.A. as the Company’s independent auditors for the fiscal year ending December 31, 2010.
-The shareholders also approved the amendment of the Company’s Amended and Restated Articles of Incorporation to effect a reverse stock split of the Company’s issued and outstanding common shares at a ratio of not less than one-for-two and not more than one-for-ten. Following the shareholders’ approval, the Board of Directors has the authority, but not the obligation, to select one of the approved reverse stock split ratios and to effect the reverse stock split at any time until the next annual general meeting of shareholders. The reverse stock split will be effected, if at all, in order for the Company to regain compliance with the Nasdaq Global Select Market minimum bid price requirement and to create the greatest marketability of its shares based upon prevailing market conditions.
The Company also announced that it has entered into an agreement for the sale of one of its product tankers.
Finally, the Company announced that it has entered into an agreement to charter in a product tanker on a bareboat basis.
About TOP Ships Inc.
TOP Ships Inc., formerly known as TOP Tankers Inc., is an international provider of worldwide seaborne crude oil and petroleum products and drybulk transportation services.
For more information about TOP Ships Inc., visit its website: http://www.topships.org.
ATHENS, GREECE – October 21, 2010 – TOP Ships Inc. (NasdaqGS: TOPS), an international provider of worldwide seaborne crude oil, petroleum products, and drybulk transportation services, announced today the results of its 2010 annual general meeting of shareholders.
Specifically:
-Evangelos J. Pistiolis, Alexandros Tsirikos and Vangelis G. Ikonomou were re-elected as Class III directors of the Company’s Board of Directors.
-The shareholders approved the appointment of Deloitte, Hadjipavlou, Sofianos & Cambanis S.A. as the Company’s independent auditors for the fiscal year ending December 31, 2010.
-The shareholders also approved the amendment of the Company’s Amended and Restated Articles of Incorporation to effect a reverse stock split of the Company’s issued and outstanding common shares at a ratio of not less than one-for-two and not more than one-for-ten. Following the shareholders’ approval, the Board of Directors has the authority, but not the obligation, to select one of the approved reverse stock split ratios and to effect the reverse stock split at any time until the next annual general meeting of shareholders. The reverse stock split will be effected, if at all, in order for the Company to regain compliance with the Nasdaq Global Select Market minimum bid price requirement and to create the greatest marketability of its shares based upon prevailing market conditions.
The Company also announced that it has entered into an agreement for the sale of one of its product tankers.
Finally, the Company announced that it has entered into an agreement to charter in a product tanker on a bareboat basis.
About TOP Ships Inc.
TOP Ships Inc., formerly known as TOP Tankers Inc., is an international provider of worldwide seaborne crude oil and petroleum products and drybulk transportation services.
For more information about TOP Ships Inc., visit its website: http://www.topships.org.
