(b) The Company’s Chief Financial Officer, Anthony Laura, will
retire on April 30, 2017. Mr. Laura will remain a member of the
Board of Directors, but will not be considered an independent
director under Nasdaq listing standards due to his past
employment with the Company.

(c)(1) The Company has appointed Gianni DelSignore as its Chief
Financial Officer, effective May 1, 2017.

(c)(2) Mr. DelSignore started his career at Ernst Young LLP where
he worked for five years. He was appointed Controller of Pangaea
Logistics Solutions Ltd. in August 2010. Mr. DelSignore holds an
MBA from Bryant University and a BS in Accounting from Providence
College.

(c)(3) Consistent with Company policy, Mr. DelSignore will not be
under contract in his position as Chief Financial Officer.

The press release contains summary information regarding the
Company. Statements in this Current Report on Form 8-K, may
contain certain statements about the Company and its consolidated
subsidiaries that do not directly or exclusively relate to
historical facts. The statements are forward-looking statements
within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements are
necessarily estimates reflecting the best judgment and current
expectations, plans, assumptions and beliefs about future events
(in each case subject to change) of the Companys senior
management and management of its subsidiaries and involve a
number of risks, uncertainties and other factors, some of which
may be beyond the Companys control that could cause actual
results to differ materially from those expressed or implied in
such forward-looking statements. Without limitation, any
statements preceded or followed by or that include the words
targets, plans, believes, expects, intends, will, likely, may,
anticipates, estimates, projects, should, would, expect,
positioned, strategy, future, potential, plan, forecast, or
words, phrases or terms of similar substance or the negative
thereof, are forward-looking statements. Factors that could cause
actual results to differ materially from those expressed or
implied by the forward-looking statements are discussed under the
heading Risk Factors and Forward-Looking Statements in the
companys most recent annual report on Form 10-K filed with the
Securities and Exchange Commission (SEC), as they may be updated
in any future reports filed with the SEC. If one or more of these
factors materialize, or if any underlying assumptions prove
incorrect, the Companys actual results, performance, or
achievements may vary materially from any future results,
performance or achievements expressed or implied by these
forward-looking statements. Forward-looking statements included
herein are made as of the date hereof, and the Company undertakes
no obligation to update publicly such statements to reflect
subsequent events or circumstances. The information in this
Current Report, including the exhibit attached hereto, is being
furnished and shall not be deemed filed for the purposes of
Section 18 of the Securities Exchange Act of 1934 or otherwise
subject to the liabilities of that Section. The information in
this Current Report shall not be incorporated by reference into
any registration statement to the Securities Act of 1933.