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 September 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 report on Form 6-K as Exhibit 1 is the press release issued by Top Ships
Inc. on September 25, 2008, announcing a short-term exclusivity agreement to
explore an acquisition by an affiliate of George Economou. The
exclusivity agreement expires October 8, 2008. This agreement is
related to the exploration by such affiliate of the possible acquisition of the
Company.
EXHIBIT
1
NEWS RELEASE for September 25, 2008
Contact: Michael
Mason (investors)
Allen & Caron Inc
212 691 8087
michaelm@allencaron.com
TOP SHIPS
ANNOUNCES SHORT-TERM EXCLUSIVITY AGREEMENT
ATHENS,
GREECE, September 25, 2008. TOP Ships Inc (NasdaqGS:TOPS)
announced today that it has entered into an exclusivity agreement with an
affiliate of George Economou, the Greek shipowner, providing for the exploration
by such affiliate of the possible acquisition of the Company at a potential
price of $6.00 per share. The exclusivity agreement expires on
October 8, 2008. The exclusivity agreement also provides that the
Company has agreed to reimburse such affiliate’s out of pocket expenses, up to
$1.0 million, in certain circumstances.
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. Upon delivery of the remaining suezmaxes to their new owners, the
Company will operate 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 will be 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
|
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. Neither party is under any obligation to
negotiate either a binding or nonbinding agreement, and there is no guarantee
that if negotiated, the transaction covered by a definitive agreement would
close.
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: September
25, 2008
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By:
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/s/ Evangelos J.
Pistiolis
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Evangelos
J. Pistiolis
Chief
Executive Officer
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SK 23116 0001
921760