Petrogress, Inc. Terminates Revolving Line of Credit Agreement
October 31, 2018 at 11:47 pm IST
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On October 31, 2018, Christos P. Traios, President, Chief Executive Officer and sole Director of Petrogress, Inc. ('the Company'), notified the company that he was terminating the Revolving Line of Credit Agreement dated July 13, 2017 (the 'Credit Agreement') pursuant to which Mr. Traios provided a revolving line of credit in the principal amount of up to $1,000,000 to the company. As such, no further advances will be made under the Credit Agreement and existing advances in principal amount of $148,900 under the Line of Credit Note will become due upon the current Maturity Date, July 13, 2019.
Petrogress, Inc., formerly 800 Commerce, Inc., is a holding company. The Company, along with its subsidiaries, is engaged in international trading and shipping business. The Company is engaged in exploring the potential for acquiring or purchasing or leasing newly built liquefied natural gas (LNG) vessels in the United States to be used for the supply and sea freight of the United States LNG exports. The Company's subsidiary, Petrogres Co. Ltd. (Petrogres), operates as an oil commodity company in West Africa. Its other subsidiaries are Petronav Carriers LLC (Petronav) and Petrogress Oil & Gas Energy Inc. (Petrogress Energy). Petronav focuses on primarily managing the day-to-day operation and handling of the tanker fleet it manages. Petrogress Energy is primarily focused on investigating the feasibility of acquiring oil fields in Texas so that the Company can expand its operations into the LNG market within the United States market.
PETROGRESS, INC. 
