Arcade Acquisition Corp. Announces Termination of Definitive Agreements

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Tuesday, 03 February 2009

Arcade Acquisition Corp. Announces Termination of Definitive Agreements to Purchase Ten Container Vessels Arcade Acquisition Corp. announced that it and Palmosa Shipping Corporation ("Palmosa") have agreed to terminate their agreements pursuant to which Arcade would acquire ten (10) feeder service containerships from Palmosa and certain other entities. Current market conditions in the shipping industry and the financial markets have made the transaction no longer feasible.
Jonathan Furer, Arcade's Chief Executive Officer, stated, "The fundamentals in the shipping industry have changed sharply since we announced our transaction. Despite our best efforts and the cooperation of Palmosa, we have been unable to recraft the transaction into one that fits today's industry fundamentals. We will continue to evaluate all alternatives for Arcade's stockholders."

Source: Arcade Acquisition Corp.