TOP Ships Agrees Promissory Note

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TOP Ships, an international owner and operator of modern, fuel efficient “ECO” MR tanker vessels focusing on the transportation of petroleum products, announced that it has agreed to enter into a Note Purchase Agreement with Xanthe Holdings Ltd. (“Xanthe”), an unaffiliated party, pursuant to which the Company will issue an unsecured promissory note in the original principal amount of $5,000,000 to Xanthe.

Proceeds from the note will be used by the Company for general corporate purposes including further asset acquisitions.

The transaction is subject to customary closing conditions.

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