Arlington Tankers Explores Strategic Alternatives
20 June 2008 - 10:36PM
PR Newswire (US)
HAMILTON, Bermuda, June 20 /PRNewswire-FirstCall/ -- Arlington
Tankers Ltd. (NYSE:ATB) today announced that it is engaged in a
process to review and evaluate strategic alternatives to enhance
shareholder value. These alternatives may include any of the
following transactions: the purchase of another company; the sale
of the Company; a merger of the Company; other strategic
transactions; or the continued execution of the Company's current
operating plan. Arlington has retained Jefferies & Company,
Inc. as its financial advisor in connection with this process. The
Company currently has no commitments or agreements with respect to
any particular transaction and noted that there can be no assurance
that its review of strategic alternatives will result in any
transaction. The Company undertakes no obligation to make any
further announcements regarding its strategic alternatives
analysis. About Arlington Tankers Arlington Tankers Ltd. is an
international seaborne transporter of crude oil and petroleum
products. Arlington's fleet consists exclusively of eight modern
double-hulled vessels and is one of the youngest tanker fleets in
the world, with an average vessel age of approximately 4.5 years.
The fleet consists of two V-MAX tankers, which are specially
designed very large crude carriers, two Panamax tankers and four
Product tankers. All of the Company's vessels are employed on
long-term time charters. The Company was incorporated in Bermuda in
September 2004. The Company completed its initial public offering
on the New York Stock Exchange on November 10, 2004. Safe Harbor
Statement This press release contains certain forward-looking
statements and information relating to the Company that are based
on beliefs of the Company's management as well as assumptions made
by the Company and information currently available to the Company,
in particular the statements regarding the potential outcomes of
the Company's strategic alternatives analysis and the benefits, if
any, that such outcomes may provide to shareholders. When used in
this press release, words such as "believe," "intend,"
"anticipate," "estimate," "project," "forecast," "plan,"
"potential," "will," "if," "may," "should," and "expect" and
similar expressions are intended to identify forward-looking
statements but are not the exclusive means of identifying such
statements. All statements in this document that are not statements
of historical fact are forward-looking statements. The
forward-looking statements contained in this press release reflect
the Company's current views with respect to future events and are
subject to certain risks, uncertainties and assumptions. Many
important factors could cause the Company's actual results,
performance or achievements to be materially different from any
future results, performance or achievements that may be expressed
or implied by such forward-looking statements, including, among
others: the possibility that the Company may not pay dividends, the
possibility that the Company may not enter into a transaction that
is beneficial to its shareholders, the possibility that any
transaction entered into may not be consummated, the highly
cyclical nature of the tanker industry, global demand for oil and
oil products, the number of newbuilding deliveries and the
scrapping rate of older vessels, terrorist attacks and
international hostilities, and compliance costs with environmental
laws and regulations. These and other risks are described in
greater detail in the "Risk Factors" section of the Company's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2008,
filed with the United States Securities and Exchange Commission.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those described in the forward-looking
statements included in this press release. The Company does not
intend, and does not assume any obligation, to update these
forward-looking statements. Contact: Arlington Tankers Ltd. Edward
Terino, Chief Executive Officer and Chief Financial Officer
203-221-2765 DATASOURCE: Arlington Tankers Ltd. CONTACT: Edward
Terino, Chief Executive Officer and Chief Financial Officer of
Arlington Tankers Ltd., +1-203-221-2765
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