Star Maritime Shareholders Approve Merger And Asset Acquisition

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

29 Nov 2007

Star Maritime Acquisition Corp. a Delaware corporation, announced that at its special meeting of stockholders held yesterday, its stockholders voted to approve by an overwhelming majority the acquisition by Star Maritime's wholly-owned Marshall Islands subsidiary, Star Bulk Carriers Corp. ("Star Bulk"), of eight drybulk carriers from subsidiaries of TMT Co., Ltd. (the "Asset Acquisition") and the merger of Star Maritime with and into Star Bulk, with Star Bulk as the surviving corporation ("Redomiciliation Merger"). Akis Tsirigakis, President and CEO of Star Maritime commented: "We are pleased to announce the approval of the Asset Acquisition and the Redomiciliation Merger by our stockholders by an overwhelming majority. We look forward to our forthcoming merger and commencement of operations."Star Maritime is a blank check company formed to acquire, through a merger, capital stock exchange, asset acquisition or similar business combination, one or more businesses in the shipping industry. In December 2005, Star Maritime through its initial public offering raised approximately $188.7 million, which was deposited in a trust account, and $11.3 million in a private placement to certain officers and directors and dedicated its time since the initial public offering to seeking and evaluating business combination opportunities.