Nordic American Tanker AGM Results

Thursday, June 02, 2011

Nordic American Tankers Limited announced the official results of its 2011 Annual General Meeting, held on June 1, 2011 at 10:00 a.m. in Hamilton, Bermuda.  The following resolutions were approved with more than the necessary majority required for each:

1. All of the nominees of the Board of Directors were approved to serve until the next Annual General Meeting of Shareholders;

2. Deloitte AS was approved as the company's independent auditors until the close of the next Annual General Meeting;

 3. The company's Amended and Restated Bye-laws were approved;

 4. The increase in the company's authorized share capital was approved; and

 5. The change of the Company's legal name to "Nordic American Tankers Limited" was approved.

In addition, the Company's audited financial statements for the year ended December 31, 2010 were presented at the Meeting.

The authorized capital has not been increased since the company's founding in 1995, when its fleet consisted of three vessels.  Today, the company's fleet consists of 19 vessels, including newbuildings. The increase in the authorized capital is intended to facilitate the company's continued growth.  The company, however, does not have any immediate plans to conduct an offering of its common shares.
 

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