On
November 30, 2007, Star Maritime issued a press release announcing that at
its
special meeting of stockholders held on November 27, 2007, its stockholders
voted to approve the acquisition by Star Maritime’s wholly-owned Marshall
Islands subsidiary, Star Bulk, of eight drybulk carriers from subsidiaries
of
TMT Co., Ltd. and the merger of Star Maritime with and into Star Bulk, with
Star
Bulk as the surviving corporation. A copy of the press release is attached
hereto as Exhibit 99.1.
Exhibit
99.1
|
PRESS
RELEASE
Star
Maritime Acquisition Corp.
103
Foulk Road
Wilmington,
Delaware 19803
www.starmaritimecorp.com
FOR
IMMEDIATE RELEASE
November
27, 2007
|
Investor
Relations / Financial Media
:
Nicolas
Bornozis
President
Capital
Link, Inc.
230
Park Avenue, Suite 1536
New
York, NY 10169
Tel.
(212) 661-7566
E-mail:
nbornozis@capitallink.com
www.capitallink.com
|
STAR
MARITIME ACQUISITION CORP. ANNOUNCES THE RESULTS OF ITS
SPECIAL
MEETING OF STOCKHOLDERS
New
York, New York, November 2
7
, 2007
—
Star Maritime Acquisition Corp.
(AMEX:SEA), a Delaware corporation (“Star
Maritime”), announced that at its special meeting of stockholders held today,
its stockholders voted to approve by an overwhelming majority the acquisition
by
Star Maritime’s wholly-owned Marshall Islands subsidiary, Star Bulk Carriers
Corp. (“Star Bulk”), of eight drybulk carriers from subsidiaries of TMT Co.,
Ltd. (the “Asset Acquisition”) and the merger of Star Maritime with and into
Star Bulk, with Star Bulk as the surviving corporation (“Redomiciliation
Merger”).
Akis
Tsirigakis, President and CEO of Star Maritime commented: “
We are
pleased to announce the approval of the Asset Acquisition and the
Redomiciliation Merger by our stockholders by an overwhelming
majority. We look forward to our forthcoming merger and commencement
of operations.”
About
Star Maritime
Star
Maritime is a blank check company formed to acquire, through a merger, capital
stock exchange, asset acquisition or similar business combination, one or more
businesses in the shipping industry. In December 2005, Star Maritime
through its initial public offering raised approximately $188.7 million, which
was deposited in a trust account, and $11.3 million in a private placement
to
certain officers and directors and dedicated its time since the initial public
offering to seeking and evaluating business combination
opportunities.
Forward-Looking
Statements
The
information in this press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements include, but are not limited to,
statements regarding: (1) the delivery and operation of assets of Star Bulk;
(2)
Star Bulk’s future operating or financial results; (3) future, pending or recent
acquisitions, business strategy, areas of possible expansion, and expected
capital spending or operating expenses; (4) drybulk market trends, including
charter rates and factors affecting vessel supply and demand; and (5) other
statements identified by words such as “anticipate,” “believe,” “plan,”
“estimate,” “expect,” “intend,” “will,” “should,” “may,” or words of similar
meaning.
Such
forward looking statements are based upon various assumptions, many of which
are
based, in turn, upon further assumptions, including without limitation, Star
Maritime and Star Bulk’s examination of historical operating trends, data
contained in their records and other data available from third
parties.
Although
Star Maritime and Star Bulk believe 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 their control, Star Maritime and Star Bulk cannot assure you that
Star Maritime or Star Bulk will achieve or accomplish these expectations,
beliefs or projections. Important factors that could cause actual results to
differ materially from those discussed in the forward-looking statements include
the failure of Star Maritime to obtain the requisite stockholder approval,
failure of a seller to deliver one or more vessels, the strength of world
economies and currencies, general market conditions, including changes in
charterhire rates and vessel values, changes in demand that may affect attitudes
of time charterers to scheduled and unscheduled drydocking, changes in Star
Bulk’s operating expenses, including bunker prices, dry-docking and insurance
costs, or actions taken by regulatory authorities, potential liability from
pending or future litigation, domestic and international political conditions,
potential disruption of shipping routes due to accidents and political events
or
acts by terrorists. Additional factors that could cause Start
Maritime’s and Star Bulk’s results to differ materially from those described in
the forward-looking statements can be found in Star Maritime’s reports (such as
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K) and Star Bulk’s Registration Statement Form F-1/F-4 filed with the
Securities and Exchange Commission (the “SEC”) and available at the SEC’s
Internet site (http://www.sec.gov). The information set forth herein speaks
only
as of the date hereof, and Star Maritime and Star Bulk disclaim any intention
or
obligation to update any forward looking statements as a result of developments
occurring after the date of this communication.