Quintana Maritime Limited announced that its Board of Directors has concluded its strategic sale process. On October 16, 2007, the Board had announced the start of a process to evaluate alternatives to enhance value for the Company's shareholders. The Company, with the advice of its investment bankers, decided to conduct a comprehensive and thorough sale process. Over the course of the ensuing twelve weeks, the Company established a competitive process as a result of which several indicative proposals were explored and evaluated. None of these proposals resulted in a final proposal that was financially and contractually attractive. After careful consideration and thorough review with both its financial and legal advisors, the Board has concluded that it is in the best interests of the Company at this time to continue on its present course as an independent publicly traded entity. Significant considerations included the recent considerable deterioration in the drybulk charter market and the resulting volatility and decline in the share values of publicly traded companies in the drybulk sector. In addition, the Board was concerned that several of the indicative proposals were contingent on the availability of third party financing in a challenging credit environment. The Board concluded that it would not be appropriate in these circumstances to continue to pursue a business combination at this time. The Board will continue to focus on strategies that will enhance shareholder value, including accretive acquisitions and increased dividends.
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