PIRAEUS, Greece, Oct. 14, 2009 (GLOBE NEWSWIRE) -- FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ) ("FreeSeas"or the "Company"), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of eight Handysize and two Handymax vessels, announced today the appointment of Alexandros Mylonas as the Company's new Chief Financial Officer, effective immediately.

Mr. Mylonas has over 10 years experience in banking, finance, capital markets and working with growth companies. He will be responsible for FreeSeas' overall financial planning and control, U.S. GAAP compliant financial reporting, SEC filings, and general corporate finance activities. Prior to joining FreeSeas, he was the Banking Executive of Cardiff Marine Inc., a ship management company operating tankers and dry bulk carriers, including the fleet of Dryships Inc.

Mr. Mylonas previously was an Account Manager with the Global Shipping Group of Fortis Bank and began his career as an Analyst at NBG Venture Capital, a private equity firm with a geographic focus on Greece and Southeast Europe. He holds an MBA from the Michigan State University and a Bachelor degree from the University of Macedonia in Thessaloniki, Greece. Mr. Dimitris Filippas, who was previously acting as CFO on an interim basis, shall continue as a Finance Manager.

Mr. Ion Varouxakis, Chief Executive Officer of FreeSeas, stated, "We are very pleased to welcome Alexandros to FreeSeas and expect his leadership and financial acumen will add increasing depth and diverse skills to our corporate finance team. Alexandros' expertise in the shipping industry, matched with his experience and financial training as a banker for public and private companies in various stages of development will be a valuable asset. I'm confident that Alexandros will help us to keep a stringent focus on the strength of our balance sheet, efficient operating structure, and overall competitiveness."

Mr. Mylonas noted, "I am excited to be joining FreeSeas, and have been impressed by Ion, the financial team, and the cost effectiveness of the Company's operations. I look forward to working with management as we continue to focus on driving results and creating value for our shareholders."

About FreeSeas Inc.

FreeSeas Inc. is a Marshall Islands corporation with principal offices in Piraeus, Greece. FreeSeas is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers. Currently, it has a fleet of eight Handysize vessels and two Handymax vessels. FreeSeas' common stock and warrants trade on the NASDAQ Global Market under the symbols FREE, FREEW and FREEZ, respectively. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the U.S.