Also News Release (U:FREE) FREESEAS INC
Athens, June 17, 2016 (GLOBE NEWSWIRE) -- FreeSeas Inc. (OTCQB: FREEF) (“FreeSeas” or the “Company”), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize vessels and an owner of a controlling stake in a company commercially operating tankers, responded today to a press release published yesterday afternoon by Havensight Capital LLC (“Havensight”).
In its press release, Havensight indicated that it was making a purported tender offer to acquire 85% of the Company’s common stock at a price of $0.43 per share. FreeSeas was not aware of Havensight’s intention to issue such a press release and did not authorize Havensight to use the Company’s name and symbol so that the press release would appear in the FreeSeas’ news feed. Further, upon learning of the press release, the Company reached out to regulatory authorities to alert them to the actions of Havensight.
FreeSeas believes that the Havensight press release is false and misleading, in that it failed to disclose material facts. In particular, the Havensight press release fails to disclose that Havensight has not made the necessary filing with the U.S. Securities and Exchange Commission in order to commence a tender offer. Such tender offer filing would require Havensight to provide significant disclosures about itself, its financial position, the source of the funds in order to complete the tender offer, among other required disclosures.
Unless and until a valid tender offer is made, the Company will not comment further regarding the actions of Havensight. The Company believes Havensight may continue to disseminate false and misleading information. Public investors are urged to rely only on information authorized for dissemination by FreeSeas.
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