FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For
the month of October 2008
Commission
File Number
TOP
SHIPS INC.
(Translation
of registrant’s name into English)
1 VAS.
SOFIAS & MEG.
ALEXANDROU
STREET
151 24,
MAROUSSI
ATHENS,
GREECE
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form
20-F [ X ] Form 40-F
[ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)7: ___
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes
[ ] No [ X ]
If
“Yes” is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): ________.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached
to this Form 6-K as Exhibit 1 is the press release issued by Top Ships Inc. (the
“Company”) on October 23, 2008, announcing the expiration of the Company’s
exclusivity agreement with an affiliate of George Economou.
EXHIBIT
1
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NEWS RELEASE for
October 23, 2008
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Contact:
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Michael
Mason (investors)
Allen
& Caron Inc
212
691 8087
michaelm@allencaron.com
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TOP
SHIPS INC. ANNOUNCES EXPIRATION OF
EXCLUSIVITY
AGREEMENT
ATHENS, GREECE, October 23,
2008. Top Ships Inc. (NasdaqGS:TOPS) (the “Company”) today announced
the expiration of the exclusivity agreement entered into on September 25, 2008,
as subsequently amended, between the Company and an affiliate of George
Economou. Prior to the expiration of the agreement on October 22,
2008, George Economou’s affiliated entity offered to acquire each of the
Company’s issued and outstanding common share for a purchase price of $3.00 per
share, in cash. After consideration of numerous factors, including
the recent volatility in global markets and decline in the Company’s share price
on the Nasdaq Stock Market, the Company’s Board of Directors has determined that
this offer is not in the best interests of shareholders.
About
TOP Ships Inc.
TOP Ships Inc., formerly known as TOP
Tankers Inc., is an international provider of worldwide seaborne crude oil and
petroleum products and drybulk transportation services. The Company operates a
combined tanker and drybulk fleet as follows:
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n
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A
fleet of seven double-hull handymax tankers, with a total carrying
capacity of approximately 0.3 million dwt, of which 58% are sister ships.
All of the Company's handymaxes are on time charter contracts
with an average term of two years with all of the time charters including
profit sharing agreements above their base
rates.
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n
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Six
newbuilding product tankers, which are expected to be delivered in the
first half of 2009. All the expected newbuildings have fixed rate bareboat
employment agreements for periods between seven and ten
years.
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n
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A fleet
of five drybulk vessels with a total carrying capacity of approximately
0.3 million dwt, of which 70% are sister ships. All of the Company's
drybulk vessels have fixed rate employment contracts for an average period
of 30 months.
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Forward
Looking Statement
Certain statements and information
included in this release constitute “forward-looking statements” within the
meaning of the Federal Private Securities Litigation Reform Act of
1995. The Private Securities Litigation Reform Act of 1995 provides
safe harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their
business. Forward-looking statements reflect our current views with
respect to future events and financial performance and may include statements
concerning plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements, which are other than statements
of historical facts.
The Company desires to take advantage
of the safe harbor provisions of the Private Securities Litigation Reform Act of
1995 and is including this cautionary statement in connection with this safe
harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,”
“forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,”
“pending” and similar expressions identify forward-looking statements.
Important factors that, in our view,
could affect the matters discussed in these forward-looking statements include,
general market conditions, including fluctuations in charter rates and vessel
values, changes in the demand for our vessels, offers that may be received from
third parties, potential liability from pending or future litigation, general
domestic and international political conditions, and other factors. Please see
our filings with the Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
TOP
SHIPS INC.
(registrant)
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Dated: October
24, 2008
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By:
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/s/
Evangelos J. Pistiolis
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Evangelos
J. Pistiolis
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Chief
Executive Officer
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SK 23116 0001
931691