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Thursday, July 11, 2013

FreeSeas Announces Debt Purchase and Settlement Agreement with $20 Million Loan Forgiveness

(July 10, 2013)

Athens, Greece, July 10, 2013 (GLOBE NEWSWIRE) -- FreeSeas Announces Debt Purchase and
Settlement Agreement with $20 Million Loan Forgiveness

Athens, Greece, July 10, 2013 --
FreeSeas Inc. (Nasdaq CM: FREE) ("FreeSeas'' or the
"Company''), a transporter of dry-bulk cargoes through the
ownership and operation of a fleet of six Handysize vessels and one
Handymax vessel, announced today that it has entered into a
agreement (the "Agreement") among Deutsche Bank Nederland N.V. (
"Deutsche Bank"), the Company, various wholly-owned subsidiaries of
the Company and with a Magna Group affiliate fund, Hanover Holdings
I, LLC (the "Investor"), headquartered in New York, NY.

Pursuant to the terms of the Agreement, the
Investor has agreed to purchase USD 10,500,000 of outstanding
indebtedness owed by the Company to Deutsche Bank, out of a total
outstanding amount owed of USD 29,958,205.28, subject to the
satisfaction of a number of conditions set forth in the Agreement.
Upon payment in full of the purchase amount of $10,500,000 by the
Investor to Deutsche Bank in accordance with the terms and
conditions of the Agreement, the remaining outstanding indebtedness
of the Company and its subsidiaries to Deutsche Bank shall be
forgiven, and the mortgages of both of its two security vessels
shall be discharged.

The Agreement does not become effective until
the Investor deposits in escrow an amount of USD 2,500,000 plus all
reasonably incurred legal fees and expenses and the parties enter
into an escrow agreement.? In the event that the funds are not
deposited or the escrow agreement is not entered into within 20
trading days, the Agreement dissolves immediately.? In
addition, the Agreement will automatically terminate upon the
occurrence of certain events set forth in the Agreement.

Mr. Ion G. Varouxakis, Chairman, President and
Chief Executive Officer of the Company made the following comments:
"After a prolonged period of tortured uncertainty, we are
particularly pleased to enter into this Agreement, which will
remove approximately USD 30 million of secured debt from our books.
In conjunction with action taken since the beginning of the year,
the majority of our trade debt and a third of our bank debt will
have been exchanged for equity upon completion of this Agreement.
This development shall, we hope, accelerate our discussions with
our other Lenders for a similar realistic relief and a continued
support of our efforts. Most importantly, under the extremely
adverse circumstances we have been facing, we firmly believe this
development is optimal for our shareholders for whom we are
striving to extract maximum value; it also is the least onerous for
our lending partners." Mr. Varouxakis added: "We would like to
thank Deutsche Bank for their frank cooperation and realistic
vision, our remaining banking partners, as well as our numerous
trade and business partners who have provided us with their
invaluable support and their dedicated patience throughout this
long period."

Mr. Alexandros Mylonas, Chief Financial Officer
of the Company, added: "Since the beginning of the year we have
already swapped USD 4.8 million of trade debt into equity. This
time, the significance of this transaction on our balance sheet is
substantial. Upon completion of this Agreement, our total bank debt
is expected to be reduced from approximately USD 89.2 million on
December 31, 2012 to USD 59.7 million, two of our vessels will be
debt free, and USD 1 million in interest charges are expected to be
reduced per year. We also expect to post significant one-off gains
from the USD 19.5 million debt forgiveness. Based upon our improved
balance sheet after this transaction, we intend to seek funding for
additional working capital in order to weather the adverse
conditions still present in our industry."

Mr. Joshua Sason, Founder and Chief Executive
Officer of Magna Group, noted:? "We approach this transaction
and the work we've done with the management of FreeSeas with great
pride, and view the agreement with Deutsche Bank as a significant
milestone in the restructuring and advancement of the
company.? The expected material reduction in debt, release of
two vessels from mortgage encumbrance upon full payment of the
settlement amount and annual interest expense savings should enable
FreeSeas to be in a substantially stronger business position."

About FreeSeas Inc.

FreeSeas Inc. is a Marshall Islands corporation
with principal offices in Athens, Greece. FreeSeas is engaged in
the transportation of drybulk cargoes through the ownership and
operation of drybulk carriers. Currently, it has a fleet of
Handysize and Handymax vessels. FreeSeas' common stock trades on
the NASDAQ Capital Market under the symbol FREE. Risks and
uncertainties are described in reports filed by FreeSeas Inc. with
the U.S. Securities and Exchange Commission, which can be obtained
free of charge on the SEC's website at http://www.sec.gov. For more
information about FreeSeas Inc., please visit the corporate
website, www.freeseas.gr.

About Magna Group

Magna Group is a leading alternative investment
firm that makes innovative structured investments and provides
financial partnership to its portfolio companies; public and
private, domestic and international. With a focus on the small and
lower-middle markets, Magna Group maintains an active long
portfolio of over 40 emerging growth and development stage
companies at any given time. As a financial partner, Magna Group
prioritizes relationship and works closely with portfolio companies
to develop customized equity, debt and hybrid investment solutions.
Please visit www.magnagroupcapital.com for more information.

Forward-Looking Statements

This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events and the Company's growth
strategy and measures to implement such strategy. Words such as
''expects,'' ''intends,'' ''plans,'' ''believes,'' ''anticipates,''
''hopes,'' ''estimates,'' and variations of such words and similar
expressions are intended to identify forward-looking statements.
Although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to be correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, changes in the demand
for dry bulk vessels; competitive factors in the market in which
the Company operates; risks associated with operations outside the
United States; and other factors listed from time to time in the
Company's filings with the Securities and Exchange Commission. The
Company expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.

Contact Information:?

FreeSeas Inc.

Alexandros Mylonas

Chief Financial Officer

011-30-210-45-28-770

Fax: 011-30-210-429-10-10

info@freeseas.gr

www.freeseas.gr

Page: 1

Related Keywords: FINANCING AGREEMENTS, MARITIME, TRANSPORTATIONUSA, Marshall Islands, Inc., Financial, Business, Other,
Related Sites: DMN Newswire
Related Newsletter: Tutorial Finder , ? Review Seeker , ? IBN - IT Weekly Newsletter

Source: http://dmnnewswire.digitalmedianet.com/articles/viewarticle.jsp?id=2698892

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US Navy to Begin Production of Lego Robot Army

A few days ago the Department of the Navy solicited procurement for Lego Mindstorm NXT Robotics Kits, for use at the United States Naval Academy in Annapolis. These programmable kits allow users to not only build robots, but also provide software to test and modify real-life robotic behaviors. Hello Skynet!

Headlines: Figuring Out Astrodome Funding; Buying Back the ...

Photo of ISKCON Temple on W. 34th St. near Ella Blvd.: Russell Hancock via Swamplot Flickr Pool

By Meredith Deliso | 8:30 am | |Read more about Headlines

Washington vilified on both sides of Egypt's divide

By Maggie Fick and Tom Finn

CAIRO (Reuters) - Pictures of Barack Obama have popped up all over Cairo. Some have his faced crossed out in paint. Heavy black beards are daubed onto others.

No matter which side you talk to in Egypt, where people have been polarized by a violent political crisis, the U.S. president is cast as the villain.

Islamists who support Mohamed Mursi, Egypt's first freely elected president, who was overthrown by the military a week ago, are angry at the United States because they believe it allowed, and even plotted, what they call a military coup.

The fact that Washington declines to call it that has merely reinforced suspicion among Mursi's Muslim Brotherhood.

Many non-Islamists glad to see the back of Mursi are also upset. They believe the United States has cozied up to the Brotherhood since it was elected into office, turning U.S. ambassador Anne Patterson into a hate figure for many.

Egyptians have long been hostile to U.S. foreign policy, seeing it as pro-Israeli, hypocritical and self-serving despite billions of dollars in U.S. aid to Cairo since Egypt signed a U.S.-brokered peace treaty with Israel in 1979.

But antipathy has grown stronger in the last two-and-a-half years of turmoil since autocratic leader Hosni Mubarak, a longtime ally of Washington, was toppled in a 2011 uprising.

Four years ago, cheers greeted Obama's speech at Cairo University, amid brief hopes of closer ties between the United States and the Muslim world. For most Egyptians, those hopes had faded long ago. In the latest political drama, a darker anti-American mood has enveloped rival groups in a divided country.

The United States, which has a keen interest in having a stable ally in Egypt, the most populous Arab nation and a neighbor of Israel, denies taking sides in the latest crisis.

U.S. officials have struggled to explain how Washington can avoid calling Mursi's ouster a military coup.

Under a 1980s law, to do so would force it to cut off the $1.55 billion in aid it sends Egypt each year, $1.3 billion of it to the military - a potential source of leverage, but one it has never publicly used, either in Mubarak's era or since.

"This is an incredibly complex and difficult situation," White House spokesman Jay Carney said this week.

Just over a year earlier, after Mursi's election, he said: "We congratulate the Egyptian people for this milestone in their transition to democracy," and called on Mursi to ensure Egypt remains "a pillar of regional peace, security and stability".

FESTERING RESENTMENT

At the Republic Guard compound in northeastern Cairo, where soldiers fired on Mursi supporters on Monday, killing at least 55, Hassan Ismael seemed to speak for many Islamist protesters.

"America needs to wake up and realize we are a Muslim country," said the 52-year-old motorcycle mechanic, wearing a long white tunic and clutching a pocket-sized Koran.

"We had a democratically elected Muslim government, and America let it fall to the bloodthirsty army."

At the nearby Rabaa Adawiya mosque, where thousands of Brotherhood supporters have staged a vigil for the last 13 days, the heavily-bearded El-Sayyed Abdel Rabennabi was more succinct.

"Obama supports democracy, but only if it goes to those who aren't Islamists," the 41-year-old said.

The United States might expect to get a more sympathetic hearing among Mursi's opponents.

But on Tahrir Square, the cradle of the youth-led movement that mobilized millions of Egyptians to rise up against Mursi, animosity appears, if anything, to be greater.

"America made an alliance with the Brotherhood against the Egyptian people," said Tawfiq Munir, waving a placard reading "We are the coup" at one recent rally in Tahrir.

"Now the Brotherhood are fighting us in the streets, fighting to take back power, and America is sitting on the fence," said the aircraft mechanic. "We ask for one thing from America: support the people, not the army, not the Brotherhood."

"Obama Hands Off" reads a red poster featuring a portrait of the U.S. leader photoshopped with the style of heavy beard favored by ultra-conservative Islamists. "Obama supports the terrorists," declares a banner strung between lamp posts.

THEN AND NOW

It all seemed so different in 2009. Then, early in his first term, Obama gave a speech in Cairo aimed at changing Middle Eastern perceptions of the United States shaped by wars in Iraq and Afghanistan launched by his predecessor, George W. Bush.

He was greeted by calls of "We love you", but optimism that relations with Washington might change faded fast. Egyptians, reflecting the view of people across the Arab world, complained that Obama's policies remained skewed towards Israel.

Obama drew criticism for being slow to drop support for Mubarak during a revolt that was part of an explosion of unrest against entrenched rulers across the Arab world.

In 2012 people scaled the walls of the U.S. embassy during demonstrations sparked by a film that insulted the Prophet Mohammad, and tore down the American flag and burned it.

Last month, U.S. ambassador Patterson upset some Egyptians for criticizing planned mass protests that helped oust Mursi, saying that people should, instead, "get organized".

A banner hanging at a traffic roundabout in downtown Cairo shows her photograph and the words: "Witch, go home!"

The Obama administration will not want to see ties with Egypt soured further. While its influence is limited, ties with the military are important given Egypt's peace treaty with Israel and the security cooperation Cairo provides.

Egypt, an Arab heavyweight with 84 million people, also borders the Gaza Strip and controls the Suez Canal, conduit for at least eight percent of the world's seaborne trade.

GETTING PERSONAL?

Egyptians have traditionally distinguished between American policies and American citizens.

On Sunday, some flag-waving supporters of the army takeover bore a banner with a red "X" next to the words "Administration OBAMA" and green tick next to "U.S. People" and a red heart.

Americans said they still felt generally safe on the streets of Cairo, but that there were areas where attitudes appeared to have hardened, at least temporarily.

A U.S. journalist was stopped on Monday, when tensions were running high, by civilians at a makeshift checkpoint near the Egyptian Museum that adjoins Tahrir and is a tourist magnet.

The men demanded to know the nationality of the reporter, whom they assumed was foreign.

"Canadian," he replied, and was let through.

(Additional reporting by Alexander Dziadosz and Mike Collett-White; Writing by Mike Collett-White; Editing by Alistair Lyon)

Source: http://news.yahoo.com/washington-vilified-both-sides-egypts-divide-174446715.html

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Wednesday, July 10, 2013

De la Renta joins Clintons and pantsuit in Ark.

AAA??Jul. 8, 2013?8:50 PM ET
De la Renta joins Clintons and pantsuit in Ark.
By JEANNIE NUSSBy JEANNIE NUSS, Associated Press? THE ASSOCIATED PRESS STATEMENT OF NEWS VALUES AND PRINCIPLES

THE ASSOCIATED PRESS STATEMENT OF NEWS VALUES AND PRINCIPLES

An Oscar de la Renta pantsuit, center, worn by Former first lady Hillary Rodham Clinton, is displayed next to other creations by the designer at the Clinton Presidential Library in Little Rock, Ark., Monday, July 8, 2013. The "Oscar de la Renta: American Icon" exhibit is on display at the Clinton library until Dec. 1. (AP Photo/Danny Johnston)

An Oscar de la Renta pantsuit worn by former first lady Hillary Rodham Clinton, right, is displayed next to de la Renta dresses worn by Nancy Regan, center, and Laura Bush at the Clinton Presidential Library in Little Rock, Ark., Monday, July 8, 2013. The "Oscar de la Renta: American Icon" exhibit is on display at the Clinton library until Dec. 1. (AP Photo/Danny Johnston)

An Oscar de la Renta pantsuit, left, worn by former first lady Hillary Rodham Clinton, is displayed next to other creations by the designer at the Clinton Presidential Library in Little Rock, Ark., Monday, July8, 2013. The "Oscar de la Renta: American Icon" exhibit is on display at the Clinton library until Dec. 1. (AP Photo/Danny Johnston)

Security guards patrol a gallery at the Clinton Presidential Library in Little Rock, Ark., Monday, July8, 2013. An exhibit features more than 30 of Oscar de la Renta's creations, including pieces worn by Hollywood stars and first ladies. (AP Photo/Danny Johnston)

Evening ensemble creations by fashion designer Oscar de la Renta are displayed at the Clinton Presidential Library in Little Rock, Ark., Monday, July 8, 2013. The "Oscar de la Renta: American Icon" exhibit is on display at the Clinton Presidential Library until Dec. 1. (AP Photo/Danny Johnston)

LITTLE ROCK, Ark. (AP) ? One of Hillary Rodham Clinton's pantsuits is on display at a museum in Arkansas.

Posed near a red, cashmere outfit Laura Bush wore in 2008 and a beige ensemble Nancy Reagan donned a decade earlier, the teal, silk pantsuit almost doesn't need a marker to identify the former first lady who sported it.

On Monday, the pantsuit's designer, Oscar de la Renta, met with the self-professed pantsuit aficionado and her husband in Little Rock, where they celebrated some of de la Renta's work on display at the William J. Clinton Presidential Center.

The temporary exhibit, "Oscar de la Renta: American Icon," runs through Dec. 1. It showcases outfits worn by first ladies and Hollywood stars, from the former secretary of state to actress Anne Hathaway.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/4e67281c3f754d0696fbfdee0f3f1469/Article_2013-07-08-Oscar%20de%20la%20Renta-Clintons/id-49e396808072482d886861419b33955a

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Low levels of air pollution increase lung cancer and heart failure risk

Sorry, Readability was unable to parse this page for content.

Source: http://www.airpollutionnews.com/low-levels-of-air-pollution-increase-lung-cancer-and-heart-failure-risk/

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Tuesday, July 9, 2013

07/08/2013 - Alpha and Omega Announce Tour Dates in Japan this August and September; UK Shows Happening Now! (by Bridge Nine)

Alpha & Omega are still across the pond (UK shows happening now!) and are excited to announce they'll continue to canvas the globe, this time heading to Japan in late August and September! Check out tour dates below and say hi to the band on the road!!

'Alpha & Omega's B9 debut No Rest, No Peace' is an incredible album; heavy yet melodic, catchy with lots of riffs and the recording is impeccable (Kyle Black and Chad Gilbert of NFG at the helm). Do yourself a favor and snag a copy of the album now in the B9Store.

'No Rest, No Peace', hits stores in just over three weeks. We've debuted a couple of songs - "Sink" on Altpress.com and "No Rest, No Peace" on Lambgoat - and now we have a studio sneak peek video that surfaced and you can check that out HERE or below. And while you're there, scope some of our NRNP pre-order packages, A&O t-shirts, and more.

ALPHA & OMEGA - ON TOUR

09.07. Canterbury, UK @ The Beer Cart Arms

10.07. Birmingham, UK @ The Rainbow

11.07. Leeds, UK @ THe Packhouse

12.07. Glasgow, UK @ Audio

13.07. Manchester, UK @ NQ Live

14.07. London UK @ The Black Heart

ALPHA & OMEGA - ON TOUR IN JAPAN
8/31 Tokyo Shibuya at Club Asia"Bloodaxe Festival 2013"
9/1 Nagoya at Reflect Studio
9/3 Saitama Kawagoe at Studio i.M.O
9/4 Tokyo Shibuya at Gateway Studio-dogenzaka-
9/5 Yokohama at Orangecounty Brothers
9/6 Shizuoka Numazu at SpeakEZ
9/7 Kyoto at Studio 246
9/8 Tokyo Shinjuku at Nine Spices?

Source: http://www.bridge9.com/article/2930

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Thursday, July 11, 2013

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