LIMASSOL, Cyprus, June 11, 2025 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ: TORO) ("Toro", or the "Company"), a global energy transportation services provider, announces it has entered into an agreement, through a wholly owned subsidiary, to acquire a 2021-built MR tanker vessel from an unaffiliated third-party for a purchase price of $36.25 million. The Company expects to fund the acquisition with cash on hand.
The acquisition is expected to conclude by taking delivery of the vessel during Q2-Q3 2025 and is subject to the satisfaction of certain customary closing conditions.
About Toro Corp.
Toro Corp. is a global energy transportation services provider, operating a modern fleet of oceangoing vessels. Upon completion of the above-mentioned acquisition, the Company's fleet will comprise of four LPG carriers and one MR tanker vessel, transporting petrochemical gases and refined petroleum products worldwide.
Toro is incorporated under the laws of the Republic of the Marshall Islands. The Company's common shares trade on the Nasdaq Capital Market under the symbol "TORO".
For more information, please visit the Company's website at www.torocorp.com. Information on our website does not constitute a part of this press release.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including those related to the anticipated completion of the vessel acquisition and the timing of delivery of the vessel. We are including this cautionary statement in connection with this safe harbor legislation. The words "believe", "anticipate", "intend", "estimate", "forecast", "project", "plan", "potential", "will", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements.
Forward-looking statements are subject to risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and/or are beyond our control or precise estimate. Such risks, uncertainties and other factors include, but are not limited to, uncertainties related to the Company's and its counterparty's ability to consummate the transactions discussed herein, as well as those factors discussed under "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2024 and our other filings with the SEC, which can be obtained free of charge on the SEC's website at http://www.sec.gov. Except to the extent required by applicable law, we disclaim any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT DETAILS
For further information please contact:
Petros Panagiotidis
Toro Corp.
Email: ir@torocorp.com
