FreeSeas, Inc. (OTCMKTS:FREEF) Announces Completion of Sale of Vessel

Dry-bulk cargo transporter FreeSeas, Inc. (OTCMKTS:FREEF), has announced the sale of the M/V ‘Free Maverick’, a dry bulk carrier for $1,925,000.

Athens, Greece, Sept. 28, 2016 (GLOBE NEWSWIRE) — FreeSeas Inc. (FREEF) (“FreeSeas” or the “Company”), a transporter of dry-bulk cargoes through the ownership and operation of two Handysize vessels and an owner of a controlling stake in a company commercially operating tankers, announced today that on September 26, 2016, it sold to unrelated third parties the M/V ‘Free Maverick’, a 1998-built, 23,994 dwt Handysize dry bulk carrier for a sale price of $1,925,000 and her mortgage was discharged.

About FreeSeas Inc.

FreeSeas Inc. is a Marshall Islands corporation with principal offices in Athens, Greece. FreeSeas is engaged in the transportation of drybulk cargoes through the ownership and operation of drybulk carriers and also is an owner of a controlling stake in a company commercially operating tankers. Currently, the Company operates two Handysize vessels. FreeSeas’ common stock trades on the OTCQB Market run by OTC Markets Inc. under the symbol FREEF. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the SEC, which can be obtained free of charge on the SEC’s website at For more information about FreeSeas Inc., please visit the corporate website,

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy. Words such as ”expects,” ”intends,” ”plans,” ”believes,” ”anticipates,” ”hopes,” ”estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for dry bulk vessels; competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

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The mathematical calculation that represents the degree of change over time is known as “percentage change”.   In finance, it serves many purposes, and is often used to represent the price change of a commodity.

Percentage change can be applied to any quantity that is measured over time any given time period.  Say you are tracking the price of a stock.  If the price increased, the formula [(New Price – Old Price)/Old Price] is applied and then take that number and multiply it by 100.  If the price of a stock decreased, the formula [(Old Price – New Price)/Old Price] is applied then multiplied by 100.

The formula can be used to track the prices of both individual commodities and large market listings, and also used to compare the values of different currencies.  Balance sheets with comparative financial statements often will include prices of specific stocks at different time periods alongside the percentage change over the same periods of time.  Over the past three months, FreeSeas, Inc. (OTCMKTS:FREEF) has seen 3891100 shares trade hands on average.

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FreeSeas, Inc. (OTCMKTS:FREEF) shares closed the most recent session at $0.0038 moving from the previous open or $0.00095.  This is compared to the stock’s 52-week high of 2016.01 and 52-week low of N/A.

Companies are ranked according to their market caps, falling into large-cap, mid-cap and small-cap categories.

Large-cap companies have a market cap north of $10 billion.  These large companies have usually been in business for a long time, and are major participants in well-established sectors.  Investors in large-cap companies don’t necessarily bank large returns in short time periods, though are rewarded with a constant increase in share value over the long run.

Mid-cap companies have a market cap of $2 billion – $10 billion.  Mid-cap companies are usually established companies operating in an industry that is expected to experience quick growth.  Mid-cap companies are usually in the middle of expansion.  They carry higher risk than large-cap companies due to the fact that they are not as established, though their growth potential remains an attraction to investors.

Small-cap companies have a market cap of $300 million – $2 billion.  These smaller companies are usually newer or perhaps service a niche market or a new industry.  Generally considered to be a higher risk than mid or large-cap in part because of their age, their size and the markets they serve.  Small-cap companies usually have fewer resources and are more sensitive to the ebb-and-flow of markets.  FreeSeas, Inc. (OTCMKTS:FREEF)’s market cap currently sits at $6960.

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