Attached files
file | filename |
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8-K - PRESS RELEASE 1/7/10 - TBS INTERNATIONAL LTD | press_release010710.htm |
EX-10.1 - DEED POLL OF ASSUMPTION - TBS INTERNATIONAL LTD | ex_10-1.htm |
EX-10.2 - DEED POLL OF INDEMNITY - TBS INTERNATIONAL LTD | ex_10-2.htm |
TBS
International Completes Change in Place of Incorporation
HAMILTON, BERMUDA, and
DUBLIN, IRELAND January 7, 2010 -- TBS International (NASDAQ: TBSI) (“TBS”)
announced today that it has completed the change in its place of
incorporation to Ireland from Bermuda, following receipt of the required
approval from the Supreme Court of Bermuda. The transaction was
previously approved by TBS’ shareholders and announced on December 4,
2009.
TBS
International plc, the Irish incorporated company, will be registered with the
U.S. Securities and Exchange Commission (“SEC”) and to be subject to the same
SEC reporting requirements as before the transaction. The company’s shares will
continue to trade on the Nasdaq Global Select Market under the ticker symbol
“TBSI.”
Forward-Looking Statements "Safe
Harbor" Statement under the Private Securities Litigation Reform Act of
1995
This
press release contains forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management's current expectations and
observations.
Included
among the factors that, in the company's view, could cause actual results to
differ materially from the forward-looking statements contained in this press
release are the following:
-- the
transaction might not achieve the anticipated benefits for TBS;
--
changes in demand for the company's services, which are increasingly difficult
to predict due to current economic conditions;
-- the
effect of a decline in vessel valuations;
-- the
company's ability to maintain financial ratios and satisfy financial covenants
in its credit facilities;
--
changes in rules and regulations applicable to the shipping industry, including,
without limitation, legislation adopted by international organizations such as
the International Maritime Organization and the European Union or by individual
countries;
--
actions taken by regulatory authorities;
--
changes in trading patterns significantly impacting overall vessel tonnage
requirements;
--
changes in the typical seasonal variations in charter rates;
--
increases in costs, including changes in production of or demand for oil and
petroleum products, crew wages, insurance, provisions, repairs and maintenance,
generally or in particular regions;
-- the
risk that financial counterparties will default;
--
changes in general domestic and international political conditions;
--
changes in the condition of the company's vessels or applicable maintenance or
regulatory standards which may affect, among other things, its anticipated
drydocking or maintenance and repair costs;
--
increases in the cost of the company's drydocking program or delays in its
anticipated drydocking schedule;
-- China
Communications Construction Company Ltd./Nantong Yahua Shipbuilding Group Co.,
Ltd.'s ability to complete and deliver the vessels on the anticipated schedule
and the ability of the parties to satisfy the conditions in the shipbuilding
agreements; and
-- other
factors listed from time to time in the company's filings with the Securities
and Exchange Commission, including, without limitation, its Annual Report on
Form 10-K for the period ended December 31, 2008 and its subsequent reports on
Form 10-Q and Form 8-K.
About
TBS International:
TBS is a
fully-integrated transportation service company that offers customers the TBS
Five Star Service consisting of ocean transportation, operations, logistics,
port services, and strategic planning. We offer liner, parcel and bulk services,
supported by a fleet of multipurpose tweendeckers and handysize and handymax
bulk carriers, including specialized heavy-lift vessels. TBS has developed its
business around key trade routes between Latin America and China, Japan and
South Korea, as well as select ports in North America, Africa, the Caribbean and
the Middle East.
Visit our
website at www.tbsship.com
For
more information, please contact:
Company
Contact:
Ferdinand
V. Lepere
Executive
Vice President and Chief Financial Officer
TBS
International plc
Tel.
914-961-1000
InvestorRequest@tbsship.com
Investor
Relations / Media:
Nicolas
Bornozis
Capital
Link, Inc. New York
Tel.
212-661-7566
tbs@capitallink.com