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SEAL FLEET, INC. ANNOUNCES RESULTS OF ANNUAL STOCKHOLDERS MEETING

GALVESTON, Texas, July 22 /PRNewswire/ -- Seal Fleet, Inc. announced today that at its Annual Stockholders Meeting the minimum number of shareholders required by Nevada law had voted in favor of the company's sale of its offshore supply vessels and related assets. However, the vote did not meet one of the conditions precedent contained in the company's contract with Hvide Marine Incorporated, the proposed purchaser, that the sale be approved by the vote of a majority of the company's public shareholders.

President John Bissell said that the board of directors had determined that it would not waive the contractual requirement that a majority of the company's public shareholders approve the sale. Consequently, the company will not sell its assets to Hvide.

At the meeting, the shareholders did re-elect John Bissell, Harold C. MacDonald, Gerald J. Smith, Ann McLeod Moody, Robert L. Moody Jr., Russell S. Moody and Louis Pauls Jr., as directors of the company.

The shareholders also ratified the appointment of the company's auditors for the year.

Seal Fleet stock is traded on the National Daily Quotation Service ("Pink Sheets").
 -0- 7/22/96


/CONTACT: John Bissell, or Trina Salinas, both of Seal Fleet, Inc., 800-562-7325/

CO: Seal Fleet, Inc. ST: Texas, Nevada IN: MAR SU:

SR -- NYM143 -- 2744 07/22/96 19:12 EDT
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Copyright 1996 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jul 22, 1996
Words:215
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