TBS International PLC Announces Revised Rights Offering Record Date
News Release
TBS International plc (TBS Ireland)
April 29, 2011
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<P>TBS International plc (NASDAQ: TBSI) (the "Company") announced today that the
revised record date for its rights offering will be Saturday, May 7, 2011. The
Company has filed a registration statement with the Securities and Exchange
Commission under which it expects to conduct an offering of subscription rights
that will enable all holders of the Company's ordinary shares at the close of
business on the record date to purchase Series A preference shares of the
Company. You must be a holder of ordinary shares on the record date in order to
participate in the rights offering. We expect that the initial conversion rate
at which Series A preference shares will be convertible into Class A ordinary
shares will be determined on the record date with reference to the recent
trading prices of the Class A ordinary shares at that time. </P>
<P></P>
<P>A registration statement relating to the subscription rights and the Series A
preference shares of the Company has been filed with the Securities and Exchange
Commission but has not yet become effective. These securities may not be sold
nor may offers to buy be accepted prior to the time the registration statement
becomes effective. A written prospectus for the subscription rights offering may
be obtained by contacting Phoenix Advisory Partners, the information agent for
the rights offering, toll-free at (800) 576-4314. </P>
<P>Forward-Looking Statements "Safe Harbor" Statement under the Private
Securities Litigation Reform Act of 1995 </P>
<P>This press release contains forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's current expectations
and observations. </P>
<P>Included among the factors that, in the Company's view, could cause actual
results to differ materially from the forward looking statements contained in
this press release are the following: </P><PRE>-- the effects of severe and rapid declines in industry conditions that
have required the Company to restructure its outstanding indebtedness;
-- the Company's ability to maintain financial ratios and comply with the
financial covenants in its credit facilities;
-- the Company's ability to effectively operate its business and manage
its growth while complying with operating covenants in its credit
facilities;
-- the Company's ability to generate the significant amounts of cash
necessary to service its debt obligations;
-- very high volatility in the Company's revenues and costs, including
volatility caused by increasing oil prices;
-- excess supplies of dry bulk vessels in all classes and resulting heavy
pressure on freight rates;
-- adverse weather conditions that may significantly decrease the volume
of many dry bulk cargoes;
-- the stability and continued growth of the Asian and Latin American
economies and rising inflation in China;
-- the Company's vessels exceeding their economic useful life and the
risks associated with operating older vessels;
-- the Company's ability to grow its vessel fleet and effectively manage
its growth;
-- impairments of the Company's long lived assets or goodwill;
-- compliance with environmental laws and regulations and the
implementation of new environmental laws and regulations; and
-- other factors that are described in the "Risk Factors" sections of the
Company's reports filed with the Securities and Exchange Commission;
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<HTML><HEAD><TITLE></TITLE>
<META content="text/html; charset=unicode" http-equiv=Content-Type>
<META name=GENERATOR content="MSHTML 8.00.6001.18904"></HEAD>
<BODY>
<DIV>
<P>TBS International plc (NASDAQ: TBSI) (the "Company") announced today that the
revised record date for its rights offering will be Saturday, May 7, 2011. The
Company has filed a registration statement with the Securities and Exchange
Commission under which it expects to conduct an offering of subscription rights
that will enable all holders of the Company's ordinary shares at the close of
business on the record date to purchase Series A preference shares of the
Company. You must be a holder of ordinary shares on the record date in order to
participate in the rights offering. We expect that the initial conversion rate
at which Series A preference shares will be convertible into Class A ordinary
shares will be determined on the record date with reference to the recent
trading prices of the Class A ordinary shares at that time. </P>
<P></P>
<P>A registration statement relating to the subscription rights and the Series A
preference shares of the Company has been filed with the Securities and Exchange
Commission but has not yet become effective. These securities may not be sold
nor may offers to buy be accepted prior to the time the registration statement
becomes effective. A written prospectus for the subscription rights offering may
be obtained by contacting Phoenix Advisory Partners, the information agent for
the rights offering, toll-free at (800) 576-4314. </P>
<P>Forward-Looking Statements "Safe Harbor" Statement under the Private
Securities Litigation Reform Act of 1995 </P>
<P>This press release contains forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's current expectations
and observations. </P>
<P>Included among the factors that, in the Company's view, could cause actual
results to differ materially from the forward looking statements contained in
this press release are the following: </P><PRE>-- the effects of severe and rapid declines in industry conditions that
have required the Company to restructure its outstanding indebtedness;
-- the Company's ability to maintain financial ratios and comply with the
financial covenants in its credit facilities;
-- the Company's ability to effectively operate its business and manage
its growth while complying with operating covenants in its credit
facilities;
-- the Company's ability to generate the significant amounts of cash
necessary to service its debt obligations;
-- very high volatility in the Company's revenues and costs, including
volatility caused by increasing oil prices;
-- excess supplies of dry bulk vessels in all classes and resulting heavy
pressure on freight rates;
-- adverse weather conditions that may significantly decrease the volume
of many dry bulk cargoes;
-- the stability and continued growth of the Asian and Latin American
economies and rising inflation in China;
-- the Company's vessels exceeding their economic useful life and the
risks associated with operating older vessels;
-- the Company's ability to grow its vessel fleet and effectively manage
its growth;
-- impairments of the Company's long lived assets or goodwill;
-- compliance with environmental laws and regulations and the
implementation of new environmental laws and regulations; and
-- other factors that are described in the "Risk Factors" sections of the
Company's reports filed with the Securities and Exchange Commission;
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