Oceanaut (OKN) Announces Termination of Agreement to Purchase Dry Bulk Vessels

February 20, 2008 8:48 AM EST

Oceanaut, Inc. (AMEX: OKN) announced that it has mutually agreed with companies associated with members of the Restis family to terminate the definitive agreements pursuant to which it would have purchased nine dry bulk carriers for an aggregate purchase price of $700 million and issued shares of its common stock in exchange for an aggregate investment of $82.5 million by companies associated with members of the Restis family.

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