Boston Carriers Inc. Announces an Exclusive Agreement for purchasing Nuova Abibes SRL (“Nuova”)

Boston Carriers Inc. Announces an Exclusive Agreement for purchasing Nuova Abibes SRL (“Nuova”)

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ATHENS, Greece, May 02, 2018 (GLOBE NEWSWIRE) — Boston Carriers Inc. (OTC:BSTN) (“Boston” or the “Company”) announces that in April 24 2018, the company entered into an exclusivity agreement with Nuova. The agreement provides six months for the acquisition of Nuova and all its assets and liabilities including but not limited to the storage facility in Italy as well as all its business, licenses and trademarks. Our preliminary assessment of Nuova’s property plant and equipment assets only without including any valuation on the business, licenses and trademarks is approximately 21.6 million euro (or approximately 26 million US dollars) and its liabilities approximately 6.5 million euro (or approximately 7.9 million US dollars). Nuova’s storage terminal has been distributing on average since 2000 152,333 metric tons of Liquified petroleum gas (“LPG”) for every year of its operation. With LPG prices as of today this yearly LPG distribution would project into approximately 85 million US dollars of revenues. This agreement will allow Boston to allocate time and resources to conduct further due diligence.

Nuova is a leading LPG storage company which owns the largest LPG storage terminal in northern Italy. This is a first step for Boston and Nuova on their plan to explore synergies, identify acquisition opportunities for LPG carrier vessels and inland storage facilities, exchange market expertise and creating an integrated platform that will transport, import and distribute LPG in Italy.

Mr. Antonios Bertsos, Chairman and Chief Executive Officer, stated, “This is the perfect moment to enter the LPG transportation and distribution business. LPG is a product with increasing demand which will only grow stronger as the world is shifting towards clean energy.”

About Boston Carriers Inc.

Boston Carriers Inc. is an international shipping company providing ideal solutions for seaborne transportation through owned vessels.  Read more about Boston Carriers Inc. – http://www.bostoncarriers.com, Twitter: @BostonCarriers

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Boston may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Boston’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks will be included in our annual report on Form 20-F and other documents filed with the SEC. All information provided in this press release is as of the date of this press release, and Boston does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

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