Oceanaut, Inc. to Seek Shareholder Approval to Liquidate and Dissolve
February 18 2009 - 9:15AM
Marketwired
Oceanaut, Inc., (AMEX: OKN) (AMEX: OKN.U) (AMEX: OKN.WS) (the
"Company" or "Oceanaut") announced today that its board of
directors has determined that the Company will not consummate a
business combination by the March 6, 2009 deadline provided for in
its charter, and that it is advisable that the Company be
dissolved. As a result, Oceanaut intends to convene a special
meeting of its shareholders on March 16, 2009 to vote on a plan of
liquidation and dissolution of the Company. The record date for the
special meeting is February 27, 2009.
The Company intends to begin promptly the process of dissolution
and liquidating its trust account in accordance with its charter
and applicable Marshall Islands law. Assuming shareholder approval
of the Company's plan of liquidation, the Company expects to
liquidate its trust account and make an estimated payment of
approximately $8.27 per share of common stock. No payments will be
made in respect of the Company's outstanding warrants or to any of
the Company's initial shareholders with respect to any shares owned
by them prior to the Company's initial public offering in March
2007, except with respect to 625,000 shares of common stock
included in the 1,125,000 insider units purchased by Excel Maritime
Carriers Ltd., the Company's corporate sponsor, in a private
placement that closed immediately prior to the consummation of the
Company's initial public offering.
The Company intends to prepare and file with the Securities and
Exchange Commission for mailing to its shareholders, as soon as
practicable, a definitive proxy statement seeking approval to
effect the orderly liquidation and dissolution of the Company.
Forward-Looking Statements
This release contains forward-looking statements that involve
substantial risks and uncertainties. All statements, other than
statements of historical facts, are forward-looking statements. The
words "anticipate," "believe," "estimate," "expect," "intend,"
"may," "plan," "predict," "project," "will," "would" and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. The parties may not actually achieve the plans,
intentions or expectations disclosed in the forward-looking
statements, and investors should not place undue reliance on the
forward-looking statements. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in
the forward-looking statements made by the parties. Important
factors that could cause actual results or events to differ
materially from the forward-looking statements. Oceanaut assumes no
obligation to update any forward-looking statements.
Important Additional Information will be filed with the SEC
Oceanaut, Inc. intends to file a definitive proxy statement with
the SEC regarding the proposed liquidation and dissolution of the
Company.
Shareholders of Oceanaut and other interested persons are
advised to read, when available, Oceanaut's definitive proxy
statement in connection with the solicitation of proxies for the
special meeting because such proxy statement will contain important
information.
The definitive proxy statement will be mailed to stockholders as
of the February [21], 2009 record date established for voting on
the proposed liquidation and dissolution. Shareholders will also be
able to obtain a copy of the definitive proxy statement, without
charge, once available, at the SEC's website http://www.sec.gov or
by directing a request to Oceanaut, Inc. at 17th Km National Road
Athens-Lamia & Finikos Street, 145 64 Nea Kifisia, Athens,
Greece, +30-210-620-9520.
Before making any voting decisions with respect to the proposed
liquidation or any of the other matters with respect to which the
Company's shareholders will be asked to vote pursuant to the proxy
statement, the Company's shareholders are urged to read the
definitive proxy statement and other documents filed by the Company
when they become available.
About Oceanaut, Inc.
Oceanaut, Inc. (AMEX: OKN) (AMEX: OKN.U) (AMEX: OKN.WS) is a
blank check company formed for the purpose of acquiring, through a
merger, capital stock exchange, asset acquisition, stock purchase
or other similar business combination, vessels or one or more
operating businesses in the shipping industry.
Contact: Investor Relations/ Financial Media: Capital Link, Inc.
Nicolas Bornozis President 230 Park Avenue Suite 1536 New York, NY
10169 Tel. +1 (212) 661-7566 E-mail: nbornozis@capitallink.com
www.capitallink.com Company: Oceanaut, Inc. Lefteris Papatrifon
Chief Financial Officer 17th Km National Road Athens-Lamia &
Finikos Street 145 64 Nea Kifisia Athens, Greece Tel: +30 (210)
6209-520 Fax: +30 (210) 6209-528 E-Mail: info@oceanautinc.com
www.oceanautinc.com
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