Petrogress Inc. (PGAS)

[Carnivool]

Petrogress, Inc. Enters Into MOU to Acquire Interest in Cyprus Shipyard

The parties have agreed to open a due diligence channel in furtherance of a future partnership or other combination to assist in a significant renovation of the F & T Shipyard in Limassol, Cyprus, and a joint facilities management and marketing agreement. In addition, Petrogress has provided F & T with interim financing to be credited against a possible capital financing arrangement.