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
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.