Royal Olympic Cruise Lines Announces Itinerary Change PIRAEUS, Greece, Oct. 8 /PRNewswire-FirstCall/ -- Royal Olympic Cruise Lines (OTC:ROCLF), which is currently operating two cruise ships, Triton and World Renaissance, under the protection of Article 45 of law 1892/1990 on the basis of decisions of the Greek courts, announced today that it is altering the sailing itineraries of the ships, effective immediately and until further notice, to limit the vessels to Greek destinations. This decision followed the arrest of the ships by a creditor in Turkish ports on Sunday, October 3rd, from which they were released the next day. The arrest was a result of the failure of the Turkish court to respect the stay issued in the Greek Article 45 proceeding. ROCL is taking all necessary steps to overcome this difficulty in the future, but in the meantime will alter its itineraries as indicated. Discussions with creditors and lenders are continuing, as well as efforts to clear the legal issue in Turkey to conform with European laws. The above are serious material issues for the company. The company continues to seek capital needed to continue operations, but the inability to maintain the protection of the Greek court outside the European Union, if not resolved, is expected to increase the difficulty of arranging an organized financial restructuring. Management is committed to completing its fall schedule with as little alteration as possible and appreciates the continued support of its clients and creditors. This press release contains forward-looking statements. Forward looking statements can be identified in many cases by the use of terms such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "continue," or other terms. These statements are based on assumptions that are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control and may cause our business activities and results, including the results of any discussion between Royal Olympic and creditors of the debtors, to be materially different from those that are implied by the forward-looking statements. Although we believe that the expectation expressed in our forward-looking statement are reasonable, we cannot assure you of any further business activity or result. DATASOURCE: Royal Olympic Cruise Lines CONTACT: Jim Lawrence, +1-203-406-0106, ext. 13, for Royal Olympic Cruise Lines

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