Top Ships Inc. Announces Filing of its Annual Report on Form 20-F
News Release
TOP Ships Inc.
June 21, 2010
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<P align=left>ATHENS, GREECE – June 21, 2010 – </B></FONT></FONT><FONT size=3
face="Times New Roman"><FONT size=3 face="Times New Roman">TOP Ships Inc.
(NasdaqGS: TOPS), an international</P>
<P align=left>provider of worldwide seaborne crude oil, petroleum products, and
drybulk transportation</P>
<P align=left>services, announced today that it has filed its Annual Report on
Form 20-F, on June 18, 2010, for</P>
<P align=left>the year ended 2009. The Annual Report is available for download
on the Company’s website,</P>
<P align=left>www.topships.org. Any shareholder may receive a hard copy of the
Company’s complete Annual</P>
<P align=left>Report, which includes the Company’s complete 2009 audited
financial statements, free of charge</P>
<P align=left>upon request. The audit opinion of Deloitte, Hadjipavlou, Sofianos
and Cambanis S.A. regarding</P>
<P align=left>the 2009 financial statements of the Company which were included
in the Company’s Annual</P>
<P align=left>Report on Form 20-F, are unqualified. However, the opinion
includes an explanatory “going</P>
<P align=left>concern” paragraph which states:</P>
<P align=left>“The accompanying consolidated financial statements for the years
ended December 31, 2008</P>
<P align=left>and 2009, have been prepared assuming that the Company will
continue as a going concern. As</P>
<P align=left>discussed in Note 3 to the consolidated financial statements, the
Company's inability to comply</P>
<P align=left>with financial covenants under its current loan agreements as of
December 31, 2009 and 2008 and</P>
<P align=left>its negative working capital position raise substantial doubt
about its ability to continue as a going</P>
<P align=left>concern. Management's plans concerning these matters are discussed
in Note 3 to the</P>
<P align=left>consolidated financial statements. The consolidated financial
statements do not include any</P>
<P align=left>adjustments that might result from the outcome of this
uncertainty.”</P>
<P align=left>Investors are urged to read the full text of the Company’s Report
on Form 20-F, including Note 3</P>
<P>to the consolidated financial statements referred to
above.</P></FONT></FONT></DIV></BODY></HTML>
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<DIV><B><FONT size=3 face="Times New Roman"><FONT size=3 face="Times New Roman">
<P align=left>ATHENS, GREECE – June 21, 2010 – </B></FONT></FONT><FONT size=3
face="Times New Roman"><FONT size=3 face="Times New Roman">TOP Ships Inc.
(NasdaqGS: TOPS), an international</P>
<P align=left>provider of worldwide seaborne crude oil, petroleum products, and
drybulk transportation</P>
<P align=left>services, announced today that it has filed its Annual Report on
Form 20-F, on June 18, 2010, for</P>
<P align=left>the year ended 2009. The Annual Report is available for download
on the Company’s website,</P>
<P align=left>www.topships.org. Any shareholder may receive a hard copy of the
Company’s complete Annual</P>
<P align=left>Report, which includes the Company’s complete 2009 audited
financial statements, free of charge</P>
<P align=left>upon request. The audit opinion of Deloitte, Hadjipavlou, Sofianos
and Cambanis S.A. regarding</P>
<P align=left>the 2009 financial statements of the Company which were included
in the Company’s Annual</P>
<P align=left>Report on Form 20-F, are unqualified. However, the opinion
includes an explanatory “going</P>
<P align=left>concern” paragraph which states:</P>
<P align=left>“The accompanying consolidated financial statements for the years
ended December 31, 2008</P>
<P align=left>and 2009, have been prepared assuming that the Company will
continue as a going concern. As</P>
<P align=left>discussed in Note 3 to the consolidated financial statements, the
Company's inability to comply</P>
<P align=left>with financial covenants under its current loan agreements as of
December 31, 2009 and 2008 and</P>
<P align=left>its negative working capital position raise substantial doubt
about its ability to continue as a going</P>
<P align=left>concern. Management's plans concerning these matters are discussed
in Note 3 to the</P>
<P align=left>consolidated financial statements. The consolidated financial
statements do not include any</P>
<P align=left>adjustments that might result from the outcome of this
uncertainty.”</P>
<P align=left>Investors are urged to read the full text of the Company’s Report
on Form 20-F, including Note 3</P>
<P>to the consolidated financial statements referred to
above.</P></FONT></FONT></DIV></BODY></HTML>