TOP Ships (TOPS) Gets $5M Cash Infusion, Will Reduce Earnings Reports to Semi-Annual, Other Develpments Named

TOP Ships Inc. (Nasdaq: TOPS), an international maritime shipping company that provides transportation services for crude oil, petroleum products, and dry bulk commodities, announced today the following corporate developments:

• In order to help meet its short term liquidity requirements, the Company has issued 11,111,111 common shares to Sovereign Holdings Inc. in exchange for a cash infusion of $5 million under their previously announced equity line financing agreement. Sovereign is wholly-owned by the Company's President, Chief Executive Officer and Director, Evangelos J. Pistiolis.
  
  
• The Company has determined to reduce the frequency of its earning reports from quarterly to semi-annually in order to reduce administrative costs. Accordingly, the Company intends to report its six-month earnings results by way of an earnings release and as otherwise required by the rules of the Securities and Exchange Commission and the Nasdaq Stock Market and its year-end results by way of an annual earnings release and filing of the Company's annual report on Form 20-F with the Securities and Exchange Commission, which will be made available to the Company's shareholders.
  
  
• On October 15, 2011, the Company terminated the bareboat charter for MT Delos and redelivered the vessel to its owners. The termination agreement provides for the payment of an early termination fee of $5.75 million which is payable in five installments up to the end of 2012.

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