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Cove Apparel shake hands with Euroseas Shipping Company
30 Sep '05
4 min read
Cove Apparel Inc announced that on August 25, 2005 it signed an Agreement and Plan of Merger (the 'Merger Agreement') with Euroseas Acquisition Company Inc, a Delaware corporation and wholly owned subsidiary of Euroseas Ltd, a Marshall Islands corporation. In connection with the merger, Euroseas also completed a $21 million private placement to expand its fleet by acquiring additional vessels.
The Merger Agreement provides for the merger of Cove into the Euroseas subsidiary, with Cove shareholders receiving 0.102969 shares of Euroseas common stock for each share of Cove common stock owned.
Euroseas Ltd was formed on May 5, 2005, under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens. Euroseas Ltd, through its wholly owned subsidiaries, owns and operates seven drybulk vessels, including four Handysize bulk carriers, two Handysize containerships, and one Panamax drybulk carrier.
Euroseas operations have been profitable, with 2004 Revenues of $45.7 million, Operating Income of $31.1 million, and EBITDA of $34.6 million.
Euroseas will continue to operate in the drybulk and container shipping markets, with operations managed by Eurobulk Ltd, an affiliated ship management company. Eurobulk will be responsible for the day-to-day commercial and technical management and operations of the vessels. Eurobulk Ltd. is an ISO 9002:2000 certified ship management company and represents four generations of ship management tradition and expertise in the Pittas family dating back to the late 19th century.
The Merger Agreement provides for the merger of Cove into the Euroseas subsidiary, with Cove shareholders receiving 0.102969 shares of Euroseas common stock for each share of Cove common stock owned.
Euroseas Ltd was formed on May 5, 2005, under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens. Euroseas Ltd, through its wholly owned subsidiaries, owns and operates seven drybulk vessels, including four Handysize bulk carriers, two Handysize containerships, and one Panamax drybulk carrier.
Euroseas operations have been profitable, with 2004 Revenues of $45.7 million, Operating Income of $31.1 million, and EBITDA of $34.6 million.
Euroseas will continue to operate in the drybulk and container shipping markets, with operations managed by Eurobulk Ltd, an affiliated ship management company. Eurobulk will be responsible for the day-to-day commercial and technical management and operations of the vessels. Eurobulk Ltd. is an ISO 9002:2000 certified ship management company and represents four generations of ship management tradition and expertise in the Pittas family dating back to the late 19th century.
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