Grandunion Signs Letter of Intent for Acquisition of Control of Aries Maritime Transport Limited
Upon closing the transaction, Mr. Fistes would serve as the Chairman of the Board of Directors, and Mr. Zolotas would serve as member of the Board and President of the Company. Grandunion would also designate the Chief Financial Officer of the Company and four out of seven members of the Board (including Messrs. Fistes and Zolotas).
The letter of intent is subject to a number of conditions, including (a) the receipt of a commitment letter from a bank for a fully underwritten private issuance of
The letter of intent obligates the parties to negotiate in good faith, but does not obligate them to complete definitive agreements or to close the transaction. The letter of intent provides for a binding 60-day exclusivity period and a
About Grandunion, Inc.
Grandunion is a
About Aries Maritime Transport Limited
Aries Maritime Transport Limited is an international shipping company that owns and operates products tankers and container vessels. The Company’s products tanker fleet consists of five MR tankers and four Panamax tankers, all of which are double-hulled. The Company also owns a fleet of three container vessels that range in capacity from 1,799 to 2,917 TEU. Nine of the Company’s 12 vessels are secured on period charters. Charters for two of the Company’s products tanker vessels currently have profit-sharing components.
For more information about Aries Maritime Transport Limited, please visit the Company’s website at http://www.ariesmaritime.com.
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by this press release. Actual results may differ due to factors such as material adverse events affecting either Grandunion or Aries or the ability of either Grandunion or Aries to satisfy the conditions to completion of the transactions. Grandunion and Aries are not obligated to enter into a definitive agreement and the change of control transaction described in this press release may never occur. Grandunion undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
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SOURCE Grandunion, Inc.