Onassis Holdings Corp. (ONSS)

[sweetpepperjam]

TRTH - The Company has committed and contracted for the construction of 7 vessels in Vietnam with a combined carrying capacity of 49,900 deadweight tons in the aggregate value of approximately $65.5 million (equivalent to VND1,262,000,000,000), which are expected to be delivered between 2010 and 2011. As of March 31, 2010, the Company has available $16,304 cash and cash equivalents and suffers from negative working capital of $11,045,759, whereas the Company may not have sufficient working capital to meet with these capital commitments. The Company plans to finance the construction of these 7 newly-built vessels through additional capital injection from its shareholders or external financing from banks or a mixed of financing sources. However, there can be no assurance that the Company will be able to obtain sufficient funds to meet with its obligations on a timely basis towards the delivery of the vessels.