Contact Information: Contact: Investor Relations/ Financial Media: Capital Link, Inc. Nicolas Bornozis President 230 Park Avenue Suite 1536 New York, NY 10169 Tel. +1 (212) 6617-566 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
Oceanaut, Inc. Provides an Update on Trust Account
| Source: Oceanaut, Inc.
ATHENS, GREECE--(Marketwire - October 6, 2008) - Oceanaut, Inc., (AMEX : OKN ) (AMEX : OKN.U )
(AMEX : OKN.WS ) (the "Company" or "Oceanaut") today announced that the funds
generated from the initial public offering of its securities and the
concurrent private placement have been, and will continue to be, held,
until the consummation of a business combination or its liquidation, in a
segregated trust account at the London branch of Citi Private Bank, with
Continental Stock Transfer & Trust Company as trustee, and that such funds
are currently being invested in short term treasury bills.
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.
Forward-Looking Statement
This press release contains forward-looking statements (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended) concerning future events
and the Company's growth strategy and measures to implement such strategy.
Words such as "expects," "intends," "plans," "believes," "anticipates,"
"hopes," "estimates," and variations of such words and similar expressions
are intended to identify forward-looking statements. Although the Company
believes that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations will prove
to have been correct. These statements involve known and unknown risks and
are based upon a number of assumptions and estimates, which are inherently
subject to significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ materially
from those expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially include, but are not
limited to, future operating or financial results; expectations regarding
the strength of the future growth of the shipping industry, including the
rate of annual demand in the dry bulk sector; future payments of dividends
and the availability of cash for payment of dividends; the Company's
expectations relating to dividend payments and forecasts of its ability to
make such payments; future acquisitions, business strategy and expected
capital spending; general market conditions and shipping industry trends,
including charter rates and factors affecting supply and demand; the
Company's ability to enter into long-term, fixed-rate charters; general
competitive factors in the dry bulk market; risks associated with
operations outside the United States; and other factors listed from time to
time in the Company's filings with the Securities and Exchange Commission.
The Company expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company's expectations with
respect thereto or any change in events, conditions or circumstances on
which any statement is based.
Additional Information
In connection with the proposed transaction and required shareholder
approval, Oceanaut will file with the SEC a proxy statement that will be
mailed to the shareholders of Oceanaut. Oceanaut's shareholders are urged
to read the proxy statement and other relevant materials when they become
available as they will contain important information about the transaction
and related matters. Shareholders will be able to obtain a copy of the
definitive proxy statement, without charge, by directing a request to:
Oceanaut, Inc., 17th Km National Road Athens-Lamia & Finikos Street, 145 64
Nea Kifisia, Athens, Greece. Once filed, investors and security holders
will be able to obtain free copies of these documents through the website
maintained by the SEC at http://www.sec.gov. Oceanaut and its officers and
directors may be deemed to be participating in the solicitation of proxies
from the Oceanaut shareholders in favor of the approval of the proposed
transaction. Information concerning Oceanaut's directors and officers is
set forth in the publicly filed documents of Oceanaut. Shareholders may
obtain more detailed information regarding the direct and indirect
interests of Oceanaut and its directors and executive officers in the
transaction and related financing by reading the proxy statement regarding
the proposed acquisition, which will be filed with the SEC.