Pyxis Tankers will merge its Maritime Technologies Corp subsidiary with Looksmart, a San Francisco web search firm. It aims to place the resulting company on the Nasdaq or New York Stock Exchange.
Before the deal, the Greek owner will buy four medium-range and two short-range products tankers from from the private fleet of Eddie Valentis, Pyxis’s chief executive.
“Pyxis’s principal objective will be to own and operate its fleet in a manner that will enable it to benefit from short- and long-term trends that Pyxis expects in the product tanker sector to maximize its revenues and to enhance returns to its stockholders,”’ said LookSmart.
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