First Class Navigation Corporation Corrects Ownership Information

Wednesday, January 16, 2008
On January 9, 2008, First Class Navigation Corporation, a Marshall Islands corporation, filed a registration statement on Form F-1 with the United States Securities and Exchange Commission. On January 11, 2008, it was reported that First Class Navigation's filing with the SEC and inaccurately stated that Elmira Shipping & Trading was the sponsor of First Class Navigation. Although Dimitris Souravlas and Georgios Souravlas are currently executive officers of Elmira Shipping & Trading, Elmira has no connection with, sponsorship of, or investment in First Class Navigation. First Class Navigation is owned in its entirety by Dimitris Souravlas, Georgios Souravlas and Alexandros Politis- Kalenteris. Mr. Politis-Kalenteris was formerly Treasurer of Elmira Shipping & Trading, but resigned his post in October 2007. He is currently the chief financial officer of First Class Navigation. None of Dimitris Souravlas, Georgios Souravlas or Mr. Politis- Kalenteris has any ownership interest in Elmira Shipping & Trading.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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