In This Article:
ATHENS, Greece, April 30, 2025 (GLOBE NEWSWIRE) -- EuroHoldings Ltd. (NASDAQ: EHLD) (“EuroHoldings” or the “Company”) an owner and operator of ocean-going vessels and provider of seaborne transportation, announced today that, following its spin-off from Euroseas Ltd. on March 18th of this year, its Board of Directors has initiated a comprehensive review of strategic alternatives to maximize shareholder value. These alternatives include, among other possibilities, a potential sale of all or part of the Company, a corporate acquisition, a merger or other business combination with another party or a partnership, or other strategic or financial transactions. Seaborne Capital Advisors has been retained as financial advisor to the Board to assist in the evaluation process.
The Company's Board of Directors has not set a timetable for the conclusion of this review, nor has it made any decisions related to any further actions or potential strategic alternatives at this time. There can be no assurance that any transaction or other strategic outcome will be approved by the Board or otherwise consummated. The Company does not intend to disclose developments relating to this process until it determines that further disclosure is appropriate or required by law.
Aristides Pittas, Chairman and CEO of EuroHoldings commented: “The company has a cash balance of approximately $13 million, no debt and two vessels employed under lucrative charters through most of their remaining useful life. The Board and management team have been actively evaluating the business and strategy to ensure the Company pursues the best path forward to enhance shareholder value. To be comprehensive in its assessment of value creation opportunities, the Board has initiated this exploration of strategic alternatives and will evaluate them relative to the long-term value potential of the Company on a stand-alone basis.”
About EuroHoldings Ltd.
EuroHoldings Ltd. was incorporated on March 20, 2024 under the laws of the Republic of the Marshall Islands. The Company was incorporated by Euroseas Ltd. (NASDAQ: ESEA) to serve as the holding company of three of its vessel-owning subsidiaries. Shares of EuroHoldings Ltd. were distributed to Euroseas Ltd. shareholders on March 17, 2025.
EuroHoldings Ltd. is a provider of worldwide ocean-going transportation services. The Company’s operations are managed by Eurobulk Ltd. an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. The Company has a fleet of two feeder containership vessels with a cargo capacity of 40,882 dwt, or 3,171 teu.