StealthGas To Buy Eleven LPG Carriers; Appoints Harry Charogiannis As CFO

(RTTNews) - StealthGas Inc. (GASS) said it has entered into agreements to acquire eleven LPG carriers. The company announced the resignation of Konstantinos Sistovaris from his position of Chief Financial Officer. It also announced the results of the 2013 annual general meeting of its shareholders held on Monday, September 23, 2013.

As part of its fleet expansion program, the company said it has entered into agreements to acquire eleven LPG carriers. The acquisition of these vessels represent an investment by the company of approximately $200 million of which about $50 million have already been paid for the delivery of the two vessels and deposits for the vessels under construction. Together with previously announced acquisitions this brings the total investments of the Company to approximately $400 million of which $125 million have already been paid. The remaining capital expenditure represents 15 newbuilding vessels scheduled to be added to the fleet by the end of 2015.

The company said it intends to fund the remaining capital expenditure with bank finance and available cash. The company noted that it will pursue additional vessel acquisitions in order to expand its LPG fleet further. Of the nine additional Newbuildings purchased six have been ordered by the Company directly while three have been acquired as resale contracts from third parties.

In addition, the company said that Konstantinos Sistovaris has stepped down from his position of Chief Financial Officer to pursue new challenges and opportunities at Stealth Maritime. Harry Charogiannis has been appointed as the new CFO.

Charogiannis is a finance professional with over 9 years experience in the banking industry at various levels at Morgan Stanley, Eurobank EFG and the Hellenic Postal Savings Bank. He has also been employed as an economic advisor at the Greek Ministry of Merchant Marine and the Hellenic Parliament.

The company stated that its shareholders approved the re-election of Michael Jolliffe and John Kostoyannis as Class II Directors of the Company to serve until the 2016 annual meeting of shareholders; and the appointment of Deloitte Hadjipavlou Sofianos & Cambanis Certified Auditors Accountants S.A. as the Company's independent auditors for the fiscal year ending December 31, 2013.