Stealthgas To Repurchase Up To $10 Mln Stock - Quick Facts

(RTTNews) - Stealthgas Inc. (GASS), a ship-owning company primarily serving the liquefied petroleum gas or LPG sector of the international shipping industry, announced that its Board of Directors has approved a share repurchase program and authorized the officers of the company to repurchase, from time to time, up to $10 million of the company's common stock.

Shares may be purchased in open market or privately negotiated transactions, which may include derivative transactions, at times and prices that are considered to be appropriate by the Company, and the program may be discontinued at any time, the company said.

The company announced that it has entered into a sale and leaseback agreement for one vessel in its fleet, the 7,215cbm, built 2001, LPG carrier, Gas Premiership. The proceeds from the sale of the vessel are $14.2 million and net proceeds after debt repayment are approximately $7 million. The company will continue to operate the vessel and entered into agreement to bareboat charter back the same vessel for four years.