ATHENS, Greece (January 9, 2012) - Paragon Shipping Inc. (NYSE: PRGN) ("Paragon Shipping" or the "Company"), a global shipping transportation company specializing in drybulk cargoes, announced today that it has appointed Allen & Caron Inc. ("Allen & Caron"), headquartered in New York City with offices in Irvine, California and London, as its agency for investor relations.
Paragon Shipping's fleet of drybulk vessels carries a wide range of cargoes and operates worldwide over a variety of trade routes. The Company's strategy is focused on acquiring and operating drybulk vessels as well as building and maintaining enduring relationships with established and reputable charterers. The Company's fleet is currently employed through period time charter contracts, noted Paragon Shipping's Chairman and Chief Executive Officer, Michael Bodouroglou.
"We are actively involved in maintaining what we believe is an attractive fleet profile while expanding our chartering agreements to generate positive cash flow and top-line growth," Bodouroglou said. "While our focus continues to be on a conservative approach to fleet growth and reasonable cost control remains our top priority, we feel we are well-positioned to seek new strategic partnerships and opportunities whenever they arise. With this in mind, we look forward to a broader visibility in the investment community and with the financial media and therefore selected Allen & Caron, an agency with a solid reputation in those influential circles and a history of success."
The Chairman and Chief Executive Officer of Allen & Caron, Joe Allen, commented: "Paragon Shipping's position in the global shipping industry and respected management team, as well as its strategy to generate growth and sustainable profitability, offer an interesting and compelling investment opportunity that will be the focus of our efforts going forward."
About Paragon Shipping
Paragon Shipping is a Marshall Islands-based international
shipping company with executive offices in Athens, Greece
specializing in the transportation of drybulk cargoes. The
Company's current fleet consists of ten drybulk vessels
with a total carrying capacity of 704,772 dwt. In addition,
Paragon Shipping entered into contracts for the construction
of four Handysize drybulk carriers that are scheduled to be
delivered in 2012 and two 4,800 TEU Containerships that are
scheduled to be delivered in 2013 and, as a result, will
increase the fleet size to fourteen drybulk vessels with a
total carrying capacity of 853,572 dwt and two Containerships
with a total carrying capacity of 9,600 TEU.
For more information, visit: www.paragonship.com. The information contained on the Company's website does not constitute part of this press release.
About Allen & Caron Inc.
Allen & Caron is a full-service corporate, investor and
marketing communications agency serving the needs of public
companies. The Allen & Caron international client base
includes emerging growth companies in a range of industry
segments. The firm has offices in Irvine, California; New
York City and London; and has an affiliate relationship with
a leading investor relations firm in Italy, which has offices
in Milan and Rome.
For more information, visit:
www.allencaron.com|
www.smallcapworld.wordpress.com|
www.twitter.com/AllenCaron
Forward-Looking Statements
Certain statements in this press release are
"forward-looking statements" within the meaning of
the Private Securities Litigation Act of 1995. These
forward-looking statements are based on our current
expectations and beliefs and are subject to a number of risk
factors and uncertainties that could cause actual results to
differ materially from those described in the forward-looking
statements. Such risks and uncertainties include without
limitation 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, drydocking 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, as well as other risks that have been included in
filings with the Securities and Exchange Commission, all of
which are available at www.sec.gov.
Contacts
Paragon Shipping Inc.
info@paragonship.com
Allen & Caron Inc.
Rudy Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087
Len Hall (Media)
len@allencaron.com
(949) 474-4300
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