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Power3 Medical Announces Execution of Definitive Agreement to Acquire Rozetta-Cell Life Sciences

Marketwire    "Press Releases "
HOUSTON, TX -- (MARKET WIRE) -- 09/08/10 --
Power3 Medical Products, Inc. (OTCBB: PWRM), a leading proteomics company focused on the development of innovative diagnostic tests in the fields of cancer and neurodegenerative diseases, announced today that it has signed a definitive agreement to acquire all of the stock of Rozetta-Cell Life Sciences, Inc. Power3 plans to effectuate the acquisition of Rozetta-Cell by merging Rozetta-Cell with and into Power3, with Power3 remaining as the surviving company in the merger. The acquisition of Rozetta-Cell is expected to be completed in October or November 2010.


Rozetta-Cell is a medical biotechnology company that focuses on the delivery and imaging of stem cells during therapy. The company has a robust intellectual property portfolio and has created numerous products for adult stem cell therapy that are ready for market globally. Rozetta-Cell also has several collaborations in process through which it is partnering with industry-leading adult stem cell research companies and adult stem cell vendors.


"We are very excited to be acquiring Rozetta-Cell Life Sciences," stated Ira L. Goldknopf, President and Chief Scientific Officer of Power3 Medical Products, Inc. "Rozetta-Cell brings us a tremendous amount of complementary adult stem cell therapy technology, know-how and experience. With the addition of Rozetta-Cell, Power3 will significantly strengthen its IP portfolio in a major growth market by merging regenerative medicine with the technologies that we are using to identify disease-specific protein biomarkers and develop them into screening and diagnostic tests to address unmet medical needs."


Completion of the merger is subject to customary closing conditions, including receipt by the parties of all necessary board and shareholder approvals and third party consents. There can be no assurance that these conditions will be met or that the merger will be completed.


Power3 Medical Products


Power3 Medical Products, Inc. is a leading bio-technology company focused on the development of innovative diagnostic tests in the fields of cancer and neurodegenerative diseases such as Alzheimer's disease, Parkinson's disease and amyotrophic lateral sclerosis (commonly known as ALS or Lou Gehrig's disease). Power3 applies proprietary methodologies to discover and identify protein biomarkers associated with diseases. Through these processes, Power3 has developed a portfolio of products including BC-SeraPro™, a proteomic blood serum test for the early detection of breast cancer for which it has completed Phase I clinical trials, and NuroPro®, a proteomic blood serum test for the detection of neurodegenerative diseases, including Alzheimer's, Parkinson's and ALS diseases, for which it is currently engaged in Phase II clinical trials. These tests are designed to analyze an individual's proteins to detect the presence of disease, a patient's disease progression, a patient's response to a particular drug, and the mechanisms of disease present in the patient for optimal targeted therapy.


For more information, please visit http://www.power3medical.com.


Safe Harbor Provision


This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding the company's future financial position, business strategy, budgets, projected revenues and costs, and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the company's expectations include, but are not limited to, those factors set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2009 and its other filings and submissions with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the company assumes no obligation to update or revise any of the information contained in this press release.

<b>Contact:</b>
Ken Bosket
Crown Equity Holdings, Inc.
(877) 854-6797
(702) 448-1543

 GSLO: Turn Your Apple iPod Touch into a Smartphone
GoSolarUSA Brings Revolutionary Apple politico 520 to the U.S.

NEW ORLEANS—Sept. 8, 2010—Does your iPod Touch undergo from iPhone Envy? Not for long: GoSolarUSA Inc. (PinkSheets: GSLO) declared a care today with original Asiatic developer Yosion to alter that company’s cutting-edge Apple politico 520 creation to the United States.

Both companies subscribed a resource choice commendation terminal week. Under the agreement, GoSolarUSA module impact with Yosion to amend the Apple politico 520, dispense it in the U.S. and bonded highbrowed concept rights for the figure worldwide.

When utilised with Apple’s (NASDAQ: AAPL) iPod Touch, the Apple politico 520 functions as a conserving wound that adds ambulatory vocalise and book messaging capabilities to the touch-screen media player. The startling newborn profession represents a more inexpensive deciding to purchase Apple’s pricier iPhone, and with 275 meg iPods already on the market, the Apple politico could be an fast hit. Yosion declared terminal hebdomad that September’s initial manufacturing separate is already oversubscribed out.

“We are so entertained to impact reached this commendation with Yosion,” said gladiator Rohde, President of GSLO. “We wager the Apple politico 520 as a stunning insight in ambulatory technology, and we’re chesty to impact with Yosion to amend this creation for the U.S. market.”

The Apple politico 520 is the creation of 22-year-old Asiatic technologist Pan Yong. The gadget slips over the iPod Touch’s housing and includes a battery, cut connector and SIM card. Once the comely code is installed, the Apple politico adds the knowledge to attain vocalise calls and book messages using the iPod Touch. When full charged, the Apple Peel’s 800mAh shelling offers nearly fivesome hours of speech instance and 120 hours of histrion use.

The Apple politico 520 prototypal prefabricated waves online in the U.S. terminal period when it was featured on CNN.com [http://articles.cnn.com/2010-08-16/tech/china.apple.peel_1_apple-smart-phone-iphone-ipod?_s=PM:TECH] and attained constructive sound from Engadget.com [http://www.engadget.com/2010/07/28/ipod-touch-turned-into-a-phone-using-yosions-apple-peel-520/], among another Web sites.
“For correct around $60, this figure rattling does alter the iPod Touch into a smartphone,” Rohde said. “If there is a hotter iPod clothing anywhere in the world, we sure haven’t seen it.”
The choice commendation subscribed by both companies on weekday requires that both parties discuss in beatific establishment to accomplish cost on a profit-sharing agreement. It has been filed as a touchable lessen with GSLO’s open filings.

GoSolarUSA is sacred to aggressively acquiring, nonindustrial and marketing auspicious and potentially juicy technology. The iPod Touch and the iPhone are products of Apple Inc., which competes in the orbicular smartphone mart against the Google (NASDAQ: GOOG) Android and Research in Motion’s (NASDAQ: RIMM) BlackBerry line.
For more information, gratify meet www.GoSolarUSA.com.

About GoSolarUSA, Inc. (OTC: GSLO)
GoSolarUSA identifies and develops newborn solar forcefulness technologies in the United Sates. Our saying is “Invent it here, Build it here and Sell it to the World!” While naif technologies same twine and solar concoct their products in China and aggregation and goods them to the U.S., we are convergent on nonindustrial and manufacturing our products in the United States. We conceive this not exclusive creates high-quality jobs in America, but it insures the calibre and availability of our products. GSLO is endeavoring to front decent dweller solar profession to contend in an forcefulness business that includes stalwarts much as First Solar (NASDAQ: FSLR). GoSolarUSA is a US qualified and programme OTCQB mart worker company.

Safe Harbor Statement low the Private Securities Litigation Reform Act of 1995: This programme promulgation contains forward-looking aggregation within the message of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that allow the text “should,” “believes,” “expects,” “anticipate” or kindred expressions. Such forward-looking statements refer famous and uncharted risks, uncertainties and another factors that haw drive the actualised results, action or achievements of the consort to dissent materially from those spoken or tacit by much forward-looking statements. In addition, statement of anyone’s time success, either business or strategic, is no indorse of forthcoming success. This programme promulgation speaks as of the fellow prototypal ordered forward above and the consort assumes no domain to update the aggregation included herein for events occurring after the fellow hereof.

Media Contact:
Tyson Rohde
President, GoSolarUSA
info@gosolarusa.com
(504) 599-5979

Posted by admin @ 14:14

ZBB Energy Reports Increased Annual Revenues

Marketwire    "Press Releases "
MILWAUKEE, WI -- (MARKET WIRE) -- 09/07/10 --
ZBB Energy Corporation (NYSE Amex: ZBB), a
leading developer of intelligent, renewable energy power platforms, today
reported increased annual revenues for the fiscal year ended June 30, 2010.
Net loss on the basis of accounting principles generally accepted in the
United States (GAAP) was $9.6 million or $0.74 per diluted share in the
year ended June 30, 2010, compared with $5.6 million or $0.53 per diluted
share in the year ended June 30, 2009. Net loss in the latest fiscal year
was increased by advanced engineering and development expenses, selling,
general and administrative expenses, and impairment expenses.
Our revenues for the years ended June 30, 2010 and 2009 were $1,545,980 and
$1,156,792, respectively, an increase of $389,188 or 33.6%. This was the
result of an increase in revenues of $899,460 from commercial product sales
and revenues, and a $510,272 decrease in engineering and development
revenues as compared to the year ending June 30, 2009. The increase in
commercial product sales and revenues was primarily the result of the
Company's sale of a 500 Kwh system shipped to Dundalk Institute of
Technology, Ireland in the first quarter of 2010. The decrease in
engineering and development revenues is due to the substantial completion
of the Advanced Electricity Storage Technologies project ("AEST") with the
Commonwealth of Australia in June 2010. Revenues include estimates of
earned revenue based on the Company's performance on its engineering and
development contracts.
Total costs and expenses for the year ended June 30, 2010 and 2009 were
$11,057,919 and $6,667,934, respectively. This increase of $4,389,985 in
the year ended June 30, 2010 was primarily due to the following:

--  increased costs of $572,891 related to the additional cost of product
sales for the shipment to Dundalk
--  increases in advanced engineering and development expenses of
$1,368,000 due to an increase in the Company's engineering and
development activities for its next generation battery module and the
PECC systems
--  legal and accounting fee increases of $258,249 related to the
termination of the Company's CEO and restatements of the Company's
financial statements
--  severance pay to the Company's former CEO of $390,000
--  increase in stock option expense of $188,575 for options issued to new
employees and for accelerated vesting of directors options
--  increase in non-cash directors fees of $182,500 and cash director's
fees of $38,584 due to an increase in the size of the Board of
Directors.
--  fund raising expenses of $177,918 for government grant proposals,
section 48c tax credit fees, and loan commitment fees
--  The increase in costs and expenses in the year ended June 30, 2010 also
included equipment impairment expenses of $903,305 and an increase in
depreciation of $146,401 over the prior year due to new equipment
purchases in late fiscal year 2010.
Our net loss for the years ended June 30, 2010 and 2009 was $9,606,826 and
$5,561,056, respectively, resulting in a $4,045,770 increase in net loss as
compared to the year ended June 30, 2009. In summary, this increase in
loss was primarily the result of increases in advanced engineering and
development expenses, selling, general and administrative expenses, and
impairment expenses, totaling $4,226,423, as described above.
"Management has adopted a plan with multiple financing upsides and is very
confident that this plan will provide necessary funding for the next year.
Although we have a comprehensive business and financing strategy in place,
there is not absolute certainty, however, that the company can continue to
finance its growth strategy. Therefore, we plan to include the going
concern disclosure that was added in last quarter in our June 30, 2010 Form
10k filing until a greater margin of error can be realized in the balance
sheet and burn rate of the company," said Eric Apfelbach, President and
CEO.
"I'm more bullish on ZBB's future than ever. We've experienced a number of
changes this past year that have been challenging. I believe, however,
that we've now created a solid foundation on which to build the Company.
We have funding vehicles in place to fund the Company for the next year.
We have products under development that position ZBB uniquely in the energy
storage and renewables markets. We are executing on a sales and marketing
strategy that will allow us to realize the enormous market potential of the
energy storage and renewables markets."
Investor Conference Call -- 4:00 p.m. Central time, Tuesday, September 7,
2010
A conference call to discuss the financial and operating results and
company's outlook will be held on Tuesday, September 7, 2010, at 4:00 p.m.
US Central (5:00 p.m. Eastern). The conference call will be hosted by Eric
Apfelbach, President and CEO. A brief presentation by Mr. Apfelbach will be
followed by a question and answer period. To participate in the conference
call, callers from within the United States and Canada, dial the toll free
number 888-428-7458 and then reference "ZBB Earnings Call" (no pin number
required). For all international callers, dial 201-604-517.
The presentation materials will be posted on the Company's web site at
www.zbbenergy.com following the conference call.

ZBB ENERGY CORPORATION
Consolidated Balance Sheets (Unaudited)
June 30, 2010   June 30, 2009
--------------  --------------
Assets
Current assets:
Cash and cash equivalents                 $    1,235,635  $    2,970,009
Bank certificate of deposit                            -       1,000,000
Accounts receivable                                7,553         614,154
Interest receivable                                    -          19,746
Inventories-net of $304,200 and $145,301
allowance                                       702,536       1,587,113
Prepaids and other current assets                149,098         143,173
--------------  --------------
Total current assets                         2,094,822       6,334,195
--------------  --------------
Long-term assets:
Property, plant and equipment, net             3,568,823       4,578,180
Goodwill                                         803,079         803,079
--------------  --------------
Total assets                            $    6,466,724  $   11,715,454
==============  ==============
Liabilities and Shareholders' Equity
Current liabilities:
Bank loans                                       395,849         416,558
Accounts payable                                 869,179         827,001
Accrued expenses                                 539,100          25,765
Deferred revenues                                325,792       1,128,539
Accrued compensation and benefits                765,106         151,841
--------------  --------------
Total current liabilities                    2,895,025       2,549,704
==============  ==============
Long-term liabilities:
Bank loans                                     2,120,421       2,399,915
--------------  --------------
Total liabilities                       $    5,015,446  $    4,949,619
==============  ==============
Shareholders' equity
Common stock ($0.01 par value);
150,000,000 authorized 14,915,389 and
10,618,297 shares issued and outstanding         149,155         106,183
Additional paid-in capital                    49,770,988      45,549,079
Treasury stock - 13,833 shares                   (11,136)              -
Accumulated other comprehensive (loss)        (1,563,052)     (1,601,576)
Accumulated (deficit)                        (46,894,678)    (37,287,851)
--------------  --------------
Total shareholders' equity              $    1,451,277  $    6,765,835
--------------  --------------
Total liabilities and shareholders'
equity                                 $    6,466,722  $   11,715,454
==============  ==============
See accompanying notes to consolidated financial statements
ZBB ENERGY CORPORATION
Consolidated Statements of Operations (Unaudited)
Year ended June 30,
------------------------------
2010            2009
--------------  --------------
Revenues
Product sales and revenues                $      967,455  $       67,995
Engineering and development revenues             578,525       1,088,797
--------------  --------------
Total Revenues                               1,545,980       1,156,792
Costs and Expenses
Cost of product sales                            899,287          56,468
Cost of engineering and development
revenues                                      1,836,299       2,051,803
Advanced engineering and development           2,239,139         807,291
Selling, general, and administrative           4,755,592       3,474,476
Depreciation                                     424,297         277,896
Impairment and other equipment charges           903,305               -
--------------  --------------
Total Costs and Expenses                    11,057,920       6,667,934
--------------  --------------
Loss from Operations                            (9,511,940)     (5,511,142)
Other Income (Expense)
Interest income                                   60,193         145,088
Interest (expense)                              (149,521)       (182,074)
Other income (expense)                            (5,559)        (12,928)
--------------  --------------
Total Other Income (Expense)                   (94,887)        (49,914)
--------------  --------------
Loss before provision for Income Taxes          (9,606,826)     (5,561,056)
Provision for Income Taxes                               -               -
--------------  --------------
Net Loss                                    $   (9,606,826) $   (5,561,056)
--------------  --------------
Net Loss per share-
--------------  --------------
Basic and diluted                         $        (0.74) $        (0.53)
--------------  --------------
Weighted average shares-basic and diluted:
Basic                                         12,924,362      10,547,621
--------------  --------------
Diluted                                       12,924,362      10,547,621
ZBB Energy Corporation                              Year ended June 30,
--------------------------
Consolidated Statements of Cash Flows
(Unaudited)                                        2010          2009
------------  ------------
Cash flows from operating activities
Net loss                                        $ (9,606,826) $ (5,561,056)
Adjustments to reconcile net loss to net cash
(used) in operating activities:
Depreciation                                       424,297       277,896
Change in inventory allowance                      158,899       (88,699)
Equipment costs reclassified to expenses                 -       372,855
Impairment and other equipment charges             903,305             -
Payments applied to note receivable for
consulting fees                                         -       200,000
Stock based compensation                           527,439       338,864
(Increase) decrease in operating assets:
Accounts receivable                                606,601      (609,987)
Inventories                                        725,678      (185,530)
Prepaids and other current assets                   (5,925)      (41,799)
Other receivables-interest                          19,746        61,083
Increase (decrease) in operating liabilities:
Accounts payable                                    42,178       247,500
Accrued compensation and benefits                  613,265        22,092
Accrued expenses                                   544,551        25,765
Deferred revenues                                 (802,747)      717,539
------------  ------------
Net cash (used) in operating activities         (5,849,541)   (4,223,477)
------------  ------------
Cash flows from investing activities
Capital expenditures                              (318,246)     (889,658)
Bank certificate of deposit                      1,000,000    (1,000,000)
------------  ------------
Net cash provided (used) in investing
activities                                        681,754    (1,889,658)
------------  ------------
Cash flows from financing activities
Proceeds from bank loan                            156,000     1,070,000
Repayments of bank loans                          (456,203)     (306,984)
Proceeds from stock issuance - net of fees
and costs                                       3,737,442             -
Purchase of treasury stock                         (11,136)            -
------------  ------------
Net cash provided by financing activities        3,426,103       763,016
------------  ------------
Effect of exchange rate changes on cash and
cash equivalents                                      7,307      (131,192)
------------  ------------
Net (decrease) in cash and cash equivalents       (1,734,376)   (5,481,311)
Cash and cash equivalents - beginning of year      2,970,009     8,451,320
------------  ------------
Cash and cash equivalents - end of year         $  1,235,633  $  2,970,009
============  ============


Contact Information:
Helen Brown
Investor Relations
ZBB Energy Corporation
T: 262.253.9800
Email: Email Contact

  YRC WORLDWIDE INC. FILES (8-K) Disclosing Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Other Events  Edgar Online    "Glimpses "
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
 
Standard; Transfer of Listing.
 
As previously disclosed, on  March 3, 2010 ,  YRC Worldwide Inc.  (the "Company") received a letter from  The NASDAQ Stock Market  ("NASDAQ") stating that, based on the closing bid price of the Company's common stock for the last 30 consecutive business days, a deficiency exists with regard to NASDAQ Listing Rule 5450(a)(1), which requires a minimum bid price of  $1.00  per share. Pursuant to the NASDAQ Listing Rules, the Company had a grace period of 180 calendar days from  March 3, 2010 , or until  August 30, 2010 , to regain compliance with the  $1.00  minimum bid price requirement. In order to regain compliance, the closing price of the Company's common stock must be  $1.00  or greater for a minimum of 10 consecutive business days.
 
On  August 31, 2010 , the Company received notification (the "Delisting Notification") from NASDAQ that it had not regained compliance with the minimum  $1.00  per share bid price requirement for continued inclusion on the  NASDAQ Global Market  under NASDAQ Listing Rule 5450(a)(1), and that unless the Company requested an appeal of NASDAQ's determination, trading in the Company's common stock (the "Common Stock") would be suspended, and the Common Stock would be removed from listing and registration on  The NASDAQ Stock Market .
 
The Company has requested a hearing with a  Hearings Panel  (the "Panel") to appeal the proposed de-listing, which stays the suspension of trading in, and delisting of, the Common Stock pending the Panel's decision. A hearing with the Panel is scheduled for  October 7, 2010  and the Panel would be expected to issue a decision within 30-45 days of the date of the hearing.
 
In the Company's appeal to the Panel, it will request an additional period of time to regain compliance with the minimum bid price rule. There is no assurance that the Panel will grant the Company any additional time to regain compliance with the minimum bid price rule. The Company plans to implement a reverse stock split, if necessary, to regain compliance with the minimum bid price rule prior to the Common Stock being removed from listing and registration on  The NASDAQ Stock Market . The Company's board of directors continues to evaluate the timing and ratio of a reverse stock split in connection with the hearing process described above and has the authority to implement the reverse stock split at any time. On  February 17, 2010 , the Company's stockholders at a special meeting approved an amendment to the Company's Certificate of Incorporation to effect a reverse stock split of the Company's common stock at a ratio that will be determined by the Company's board of directors and that will be within a range of one-to-five to one-to-25.
 
 Item 8.01 Other Events.
 
As previously disclosed, the number of shares of Common Stock that may be issued in respect of the Company's 6% Convertible Senior Notes due 2014 (the "Notes") is, among other things, subject to the limitations set forth in Section 10.16 of that certain indenture, dated as of  February 23, 2010 , among the Company, as issuer, its subsidiaries party thereto from time to time, as guarantors, and  U.S. Bank National Association , as trustee (as amended and supplemented, the "Indenture").
 
As of the date of this report, 59,000,000 shares of Common Stock have been issued upon conversion of the Notes and 5,280,704 shares of Common Stock have been issued in respect of Restricted Interest (as such term is defined in paragraph one of the Notes). As of the date of this report,  $69,410,000  in aggregate principal amount of the Notes are outstanding and a maximum of 137,599,296 shares of Common Stock are issuable in respect of the Notes upon conversion, as Restricted Interest, Make Whole Premiums (as such term is defined in the Indenture) or otherwise under the Notes or the Indenture. Such limitation on the number of shares of Common Stock issuable in respect of the Notes applies on a pro rata basis to all outstanding Notes, which in effect limits the number of shares issuable in respect of the Notes to approximately 1,982.4131 shares per  $1,000  in principal amount of the Notes, or an effective conversion price of approximately  $0.50  per share.
 
The Company is required to issue shares of Common Stock in respect of future Restricted Interest while the lenders under the Company's credit agreement continue to defer interest and fees under the credit agreement. Any shares of Common Stock issued in respect of future Restricted Interest will reduce the aggregate number of shares of Common Stock available for issuance in respect of the Notes and reduces the number of shares of Common Stock issuable per  $1,000  in principal amount of the Notes upon conversion.
 
                                       2
 
--------------------------------------------------------------------------------
 
Forward Looking Statements
 
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "plans," "will," "expected" and similar expressions are intended to identify forward-looking statements. The Company's expectations regarding the hearing process and its timing are only its expectations regarding these matters.
 
The Company's expectations regarding its ability to satisfy NASDAQ listing requirements for minimum bid price of the Company's common stock are only its expectations regarding this matter. The closing bid price of the Company's common stock depends on many factors, including without limitation, actual or expected fluctuations in the Company's operating results, changes in general economic condition or conditions in the Company's industry generally, changes in conditions in the financial markets, the effect of any issuance of additional shares of the Company's common stock and whether the Company's board of directors effects a reverse stock split and the timing of, and the reverse stock split ratio for, any reverse stock split approved by the Company's board of directors.
 

OceanFreight Inc. Reports Financial Results for the Second Quarter 2010

Marketwire    "Press Releases "
ATHENS, GREECE -- (MARKET WIRE) -- 09/03/10 --
OceanFreight Inc. (NASDAQ: OCNF), a global
provider of marine transportation services, today announced its financial
results for the quarter ended June 30, 2010.
Financial Highlights
For the three-month period ended June 30, 2010, the Company reported a Net
Loss of $0.81 million or basic and diluted loss per share of $0.01.
Included in these results are:

--  A non-cash loss of $1.4 million associated with the change in the fair
value of interest rate swaps.
--  An expense of $1.3 million associated with the drydocking of two
vessels.
--  A gain of $1.5 million associated with the sale of a vessel.

Excluding the above items Net Income for the second quarter of 2010 would
amount to $0.39 million or $0.01 basic and diluted earnings per share.

Recent Developments

--  On June 17, 2010, the Company effected a 3:1 reverse stock split in
order to regain compliance with NASDAQ's minimum bid price. As a result
our then issued and outstanding 231,800,001 common shares were
converted to 77,266,655 common shares. On August 6, 2010, the Company
received notice from NASDAQ that it has regained compliance with the
Listing Rule in connection with the minimum bid price requirement of
$1.00.
--  On September 30, 2009, we agreed to acquire the M/V Montecristo from a
third party for a gross sale price of $49.5 million. The vessel was
delivered to the Company on June 28, 2010 and entered a time charter
employment for a minimum duration of 4 years at a gross daily rate of
$23,500.
Anthony Kandylidis, the Company's Chief Executive Officer, commented: "We
continue to execute our stated business plan. Operating income for the
second quarter of 2010 was in line with expectations and moving forward we
will continue our fleet renewal and expansion program that will improve our
operational efficiency, enhance our profitability and increase shareholder
value."

Second Quarter 2010 Results
For the second quarter ended June 30, 2010, Voyage Revenues amounted to
$24.0 million and Operating Income amounted to $3.8 million. Net Loss
amounted to $0.81 million or $0.01 basic and diluted loss per share.
Adjusted EBITDA(*) for the second quarter of 2010 was $6.7 million.
An average of 11.6 vessels were owned and operated during the second
quarter of 2010, earning an average Time Charter Equivalent, or TCE rate,
of $23,812 per day.

Capitalization
On June 30, 2010, the debt (debt, net of deferred financing fees) to total
capitalization (debt and stockholders' equity) ratio was 44.1% and the net
debt (debt less cash, cash equivalents and restricted cash) to total
capitalization ratio was 40.6%.

Equity Infusion
On May 28, 2010, Basset Holding Inc, a company affiliated with our Chief
Executive Officer, made an equity infusion of $20.0 million in exchange for
50,000,000 common shares (before the reverse stock split took effect). The
funds were used to partially finance the acquisition of the M/V
Montecristo.
As of the date of this release the Company has 77,266,655 shares
outstanding.

Liquidity
As of June 30, 2010, the Company had total liquidity of approximately $18.3
million.

Fleet Data


(Dollars in thousands, except Average Daily           Three Months Ended
results - unaudited)                                      June 30,
----------------------
2009        2010
----------  ----------
Average number of vessels (1)                               13        11.6
----------  ----------
Total voyage days for fleet (2)                          1,065         952
----------  ----------
Total calendar days for fleet (3)                        1,183       1,050
----------  ----------
Time charter equivalent (TCE) daily rate (4)        $   28,071  $   23,812
----------  ----------
Fleet utilization (5)                                     90.0%       90.7%
----------  ----------
(*) Please see later in this release for a reconciliation of adjusted
EBITDA to net cash provided by Operating activities.

(1) Average number of vessels is the number of vessels that constituted our
fleet for the relevant period, as measured by the sum of the number of days
each vessel was a part of our fleet during the period divided by the number
of calendar days in that period.
(2) Total voyage days for fleet are the total days the vessels were in our
possession for the relevant period net of off hire.
(3) Calendar days are the total days the vessels were in our possession for
the relevant period including off hire days.
(4) Time charter equivalent rate, or TCE, is a measure of the average daily
revenue performance of a vessel on a per voyage basis. Our method of
calculating TCE is consistent with industry standards and is determined by
dividing gross revenues (net of voyage expenses) by voyage days for the
relevant time period. Voyage expenses primarily consist of port, canal and
fuel costs that are unique to a particular voyage, which would otherwise be
paid by the charterer under a time charter contract, as well as
commissions. TCE is a standard shipping industry performance measure used
primarily to compare period-to-period changes in a shipping company's
performance despite changes in the mix of charter types (i.e., spot
charters, time charters and bareboat charters) under which the vessels may
be employed between the periods.
(5) Fleet utilization is the percentage of time that our vessels were
available for revenue generating voyage days, and is determined by dividing
voyage days by fleet calendar days for the relevant period.

The following table reflects the calculation of our TCE daily rates for the
periods then ended:




(Dollars in thousands, except Average Daily           Three Months Ended
results - unaudited)                                       June 30,
----------------------
2009        2010
----------  ----------
Revenues                                                31,688      24,043
----------  ----------
Voyage expenses                                         (1,792)     (1,374)
----------  ----------
Revenue on a time charter basis                         29,896      22,669
----------  ----------
----------  ----------
Total voyage days for fleet                              1,065         952
----------  ----------
Time charter equivalent (TCE) daily rate            $   28,071  $   23,812
----------  ----------


Financial Statements
The following are OceanFreight Inc.'s Consolidated Statements of Operations
for the three-month periods ended June 30, 2009 and 2010:


(Dollars in thousands, except for share and  per     Three Months Ended
share data)                                               June 30,
2009         2010
-----------  -----------
STATEMENT OF OPERATIONS DATA                      (unaudited)  (unaudited)
Voyage revenues                                   $    29,123  $    24,014
Gain on forward freight agreements                        591          261
Imputed revenue                                         2,565           29
-----------  -----------
Gross revenue                                          32,279       24,304
Voyage expenses                                        (1,792)      (1,374)
Vessels operating expenses                            (12,800)     (10,983)
Depreciation                                          (12,921)      (6,833)
General and administrative expenses                    (1,817)      (1,490)
Dry docking costs                                      (4,691)      (1,336)
(Impairment loss) on  vessels  held for sale and
gain on vessel sold                                  (31,281)       1,491
-----------  -----------
Operating income/(loss)                               (33,023)       3,779
===========  ===========
Interest income                                           148           41
Interest expense and finance costs                     (4,896)      (3,238)
Gain/(loss) on derivative instruments                   4,934       (1,395)
-----------  -----------
Net Loss                                          $   (32,837) $      (813)
===========  ===========
Earnings per common share, basic and diluted      $     (1.54) $     (0.01)
Weighted average number of common shares, basic
and diluted (1)                                   21,359,153   66,827,101



(1) The weighted average number of common shares gives effect to the 3:1
reverse stock split which took place on June 17, 2010.


The following are OceanFreight Inc.'s Consolidated Balance Sheets as of
December 31, 2009 and June 30, 2010




(Dollars in thousands, except per share data)
2009         2010
------------ ------------
ASSETS                                             (audited)   (unaudited)
CURRENT ASSETS:
Cash and cash equivalents                       $     37,272 $     11,895
Restricted cash                                        2,500          406
Vessels held for sale                                 51,080       19,000
Other current assets                                   9,447       14,700
------------ ------------
Total current assets                              100,299       46,001
------------ ------------
FIXED ASSETS, NET:
Advances for vessel acquisition                        9,900            -
Vessels under construction                                 -       46,623
Vessels, net of accumulated depreciation of
$43,486 and $56,939, respectively                   423,242      459,855
Other, net of accumulated depreciation of $123
and $251, respectively                                  856          728
------------ ------------
Total fixed assets, net                           433,998      507,206
------------ ------------
OTHER NON-CURRENT ASSETS
Restricted cash                                        6,511        6,011
Other non-current assets                               8,464        9,324
------------ ------------
Total assets                                      549,272      568,542
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt                     49,947       39,112
Other current liabilities                             23,381       28,679
------------ ------------
Total current liabilities                          73,328       67,791
============ ============
NON-CURRENT LIABILITIES:
Derivative liability, net of current portion           3,606        6,731
Long-term debt, net of current portion               215,727      196,649
------------ ------------
Total non-current liabilities                     219,333      203,380
============ ============
STOCKHOLDERS' EQUITY:                                  256,611      297,371
------------ ------------
Total liabilities and stockholders' equity        549,272      568,542
============ ============

Adjusted EBITDA Reconciliation

OceanFreight Inc. considers EBITDA to represent net income before interest,
taxes, depreciation and amortization. Adjusted EBITDA excludes loss on sale
of vessels and impairment on vessels. EBITDA and Adjusted EBITDA do not
represent and should not be considered as an alternative to net income or
cash flow from operations, as determined by U.S. GAAP and our calculation
of EBITDA may not be comparable to that reported by other companies.
Adjusted EBITDA is included in this earnings release because it is a basis
upon which we assess our liquidity position, because it is used by our
lenders as a measure of our compliance with certain loan covenants and
because we believe that it presents useful information to investors
regarding our ability to service and/or incur indebtedness.

The following table reconciles Net cash provided by operating activities to
EBITDA as adjusted for the effect of the loss from the sale of vessels and
impairment loss:




Three Months Ended
June 30,
2009         2010
-----------  -----------
Net cash provided by operating activities               6,660        5,129
Net increase in operating assets                        1,731        6,057
Net (increase) in operating liabilities                (4,330)      (7,575)
Net interest expense                                    4,749        3,197
Amortization of deferred financing costs included
in interest expense                                     (196)        (140)
-----------  -----------
Adjusted EBITDA                                         8,614        6,668
===========  ===========



Fleet List


The table below describes our fleet and current employment profile as of
September 3, 2010:





Gross
Rate
Year                   Current   per  Earliest   Latest
Vessel Name    Built   DWT    Type   Employment  Day  Redelivery Redelivery
----- ------- -------- ------- -------- --------- --------
Drybulk Vessels
M/V Robusto     2006 173,949 Capesize      TC   26,000    Aug-14   Dec-14
M/V Cohiba      2006 174,200 Capesize      TC   26,250    Oct-14   Feb-15
M/V Montecristo 2005 180,263 Capesize      TC   23,500    May-14   Oct-14
M/V Partagas    2004 173,880 Capesize      TC   27,500    Jul-12   Dec-12
M/V Topeka      2000  74,710  Panamax      TC   18,000    Jan-11   Mar-11
M/V Helena      1999  73,744  Panamax      TC   32,000    May-12   Jan-13
M/V Augusta     1996  69,053  Panamax      TC   16,000    Nov-11   Mar-12
M/V Austin      1995  75,229  Panamax      TC       (1)   Aug-12   Aug-12
M/V Trenton     1995  75,229  Panamax      TC       (1)   Aug-12   Aug-12
Tanker Vessels
M/T Pink Sands  1993  93,723  Aframax      TC   27,450    Oct-10   Jan-11
M/T Tamara      1990  95,793  Aframax      TC   27,000    Dec-10   Mar-11
Tanker to be
Sold
M/T Olinda      1996 149,085  Suezmax    POOL        -         -        -
Drybulk Vessels
to be Acquired
Newbuilding
VLOC #1        2012 206,000 Capesize      TC   25,000    Jun-15   Jun-15
Newbuilding
VLOC #2        2012 206,000 Capesize      TC 23,000(2)   Oct-17   Oct-17
Newbuilding
VLOC #3        2013 206,000 Capesize      TC 21,500(3)   Jan-20   Jan-20



(1) The hire rate per vessel will be calculated based on a formula linked
to the average of the Baltic Panamax Index for the preceding 30 days.


(2) The charter agreement includes a 50/50 percent profit sharing
arrangement with the charterer for charterhire above the basic rate, up to
$40,000.


(3) The charter agreement includes a 50/50 percent profit sharing
arrangement with the charterer for charterhire above the basic rate, up to
$38,000.


Conference Call and Webcast: Monday, September 6, 2010 at 08:30 A.M. EDT


OceanFreight management team will host a conference call on Monday,
September 6, 2010, at 08:30 A.M. Eastern Daylight Time (EDT) to discuss the
Company's financial results for the Quarter ended June 30, 2010.