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02/20/2014Press Releases

SEANERGY MARITIME HOLDINGS CORP. REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2013

“I am pleased to announce a number of notable developments for Seanergy:

“In the third quarter of 2013, our operational performance and the implementation of our restructuring plan lead to positive financial results.

“As regards to the successful completion of our financial restructuring plan, on February 12, 2014 we entered into a definitive agreement with our remaining lender to unwind our final credit facility. Under the terms of this agreement, Seanergy will sell the underlying four vessels to a nominee of the bank with full satisfaction of the outstanding indebtedness of approximately $145 million, along with the extinguishment of the corporate guarantee.

“Moreover, on January 9, we received the decision of the NASDAQ Hearings Panel granting the Company’s request for continued listing on the NASDAQ Stock Market, by extending its listing through April 28, 2014, to allow it to demonstrate compliance with NASDAQ’s minimum shareholders’ equity requirement. We expect to be in position to meet this requirement.

“The above positive developments are the results of our vigorous efforts to resolve our previously severe financial situation by eliminating an unsustainable debt burden. Having achieved a clean capital structure, we expect to enter into accretive transactions that will create significant value for our shareholders.

“Finally, market conditions in the third quarter of 2013 were better than what they were in the same period last year. As a result, the time charter equivalent earnings for our fleet rose by 42% compared to the third quarter of 2012.”
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