Paragon Shipping Inc. Reports Completion of its Controlled Equity Offering
As announced on
Commenting on the Offering, Michael Bodouroglou, Chairman and Chief
Executive Officer of Paragon Shipping, stated, "With the completion of our
second Controlled Equity Offering program Paragon Shipping is well positioned
financially to invest in our future growth. These funds have been set aside
for future vessel acquisitions, as we believe that opportunities will arise
during late 2009 and throughout 2010 for Paragon to acquire modern drybulk
vessels at reasonable valuations that meet our high technical standards,
offer our charterers the highest operational standards, and create long term
shareholder value. Furthermore, these Controlled Equity Offerings have
enabled Paragon to raise equity capital in a very effective manner and expand
our shareholder base and liquidity. With the completion of the second
Controlled Equity Offering we have approximately
After the completion of the second Controlled Equity Offering Paragon has a total of 48,179,115 common shares issued and outstanding.
About Paragon Shipping Inc.
Paragon Shipping Inc. is an
Cautionary Statement Regarding Forward-Looking Statement
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements 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 Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we 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 our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for drybulk shipping capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
Contacts: Christopher Thomas Chief Financial Officer Paragon Shipping Inc. 15 Karamanli Ave. GR 166 73 Voula, Greece Tel: +30(210)8914-600 Eric Boyriven, Alexandra Tramont FD Tel: +1(212)850-5600
SOURCE Paragon Shipping Inc