Tailwind Financial Inc. Signs Letter of Intent to Acquire 20 Dry Bulk Vessels
28 8월 2008 - 12:02AM
Marketwired
Tailwind Financial Inc. ("Tailwind") (AMEX: TNF) (AMEX: TNF.U)
(AMEX: TNF.WS), a special purpose acquisition company, today
announced that it has signed a letter of intent with GrandUnion Inc
("GrandUnion"), a shipping company headquartered in Piraeus,
Greece, contemplating the acquisition by Tailwind of 20 vessels
operating in the dry bulk industry, including nine newbuildings to
be delivered in 2010 and 2011. Subject to the completion of the
acquisition, the fleet will be composed of approximately 2.0
million DWT, making it one of the leading publicly traded dry bulk
shipping operators. The acquisition of the eleven existing vessels
is valued in excess of $600 million and will result in a fully
integrated dry bulk shipping company generating EBITDA anticipated
to be in excess of $113 million for 2009.
The surviving company will be led by a management team composed
of Nicholas Fistes and Michael Zolotas, the principals of
GrandUnion, and Allan Shaw. The management team will focus its
full-time efforts on the integrated business of vessel ownership
and technical and commercial management.
Mr. Fistes will serve as Chairman of the Board and Chief
Executive Officer. Mr. Fistes is a long-time industry participant
with over 25 years of shipping experience. He currently serves as
Chairman of GrandUnion and President of Newfront Shipping S.A. and
Newlead Shipping S.A. Mr. Fistes is also the Chairman of Intertanko
and a member of the Executive Committees of Ceres Group and
Intercargo and formerly of Euronav. Mr. Fistes also serves as a
member of the ABS Council, Bureau Veritas Hellenic & Black Sea
Regional Committee, DNV Committee, RINA Committee, CCS
Mediterranean Committee and the Board of HELMEPA. Mr. Fistes has
degrees from M.I.T. (MBA - Ocean Systems Management) and Newcastle
University (Bsc. - Naval Architecture and Shipbuilding).
Mr. Zolotas will serve as Vice Chairman, President and Chief
Operating Officer. Mr. Zolotas has over 15 years of experience in
dry bulk shipping and is currently the CEO of GrandUnion and the
President of Stamford Navigation Inc. and Vice President of
Newfront Shipping S.A. and Newlead Shipping S.A. Mr. Zolotas serves
as a member of Bureau Veritas Hellenic & Black Sea Regional
Committee, CCS Mediterranean Committee and the RINA Committee. Mr.
Zolotas was educated at Stevens Institute of Technology (BS. -
Mechanical Engineering) and the Institute of Charter
Shipbrokers.
Mr. Shaw will be a Board Member and Chief Financial Officer. Mr.
Shaw has over 15 years experience in the public markets and is
currently the chairman of the Audit and Compensation Committees of
Navios Maritime Holdings Inc. Mr. Shaw also serves as a member of
the Finance Committee for the Board of Edith & Carl Marks JCH
of Bensonhurst. He is currently the principal of Shaw Strategic
Capital LLC and was most recently the CFO & Executive
Management Board Member, Serono SA. Mr. Shaw was educated at the
State University of New York, College at Oswego (BS.) and is a
Certified Public Accountant.
The letter of intent provides for a period of exclusivity to
negotiate and execute a definitive agreement. The consummation of
the contemplated transaction will be subject to a number of
conditions, including obtaining secured vessel financing for
existing vessels and newbuildings, the preparation of proxy
materials and the required vote of the stockholders of Tailwind.
Further details relating to the contemplated transaction will be
available at a later date following the execution of definitive
agreements.
About Tailwind
Tailwind was incorporated in Delaware on June 30, 2006 as a
special purpose acquisition company whose objective is to acquire,
through a purchase, asset acquisition, or other business
combination, one or more operating businesses. Tailwind completed
its initial public offering on April 17, 2007.
Forward-Looking Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
as that term is defined by the United States Private Securities
Litigation Reform Act of 1995. Any such forward-looking statements
contained herein are based on current expectations, but are subject
to a number of risks and uncertainties that may cause actual
results to differ materially from expectations such as material
adverse events affecting Tailwind, the ability of Tailwind to
satisfy the conditions to completion of the business combination
and those other risks and uncertainties detailed in Tailwind's
filings with the Securities and Exchange Commission.
Contact: Tailwind Financial Inc. Andrew A. McKay Chief Executive
Officer Tailwind Financial, Inc. 181 Bay Street, Suite 2040
Toronto, Ontario, M5J 2T3 (416) 601-2422 (416) 601-2423 (FAX)
Email: amckay@tailwindfc.com GrandUnion Inc Thomas J. Rozycki, Jr.
Senior Vice President CJP Communications for GrandUnion Inc 350
Fifth Avenue Suite 3901 New York, NY 10118 (212) 279-3115 x208
Email: trozycki@cjpcom.com
Tailwind Financial (AMEX:TNF.U)
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Tailwind Financial (AMEX:TNF.U)
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