International Shipping Enterprises Announces Completion of Acquisition of Navios Maritime Holdings Inc.

NEW YORK, Aug. 25  /PRNewswire/ -- International Shipping Enterprises, Inc. (the "Company") (OTC:ISHPU.OBOTC:ISHP.OBOTC:ISHPW.OB) (BULLETIN BOARD: ISHPU.OB, ISHP.OB, ISHPW.OB)  announced today that it had closed the acquisition of Navios Maritime Holdings Inc. ("Navios") and completed the reincorporation of the Company from the State of Delaware to the Republic of Marshall Islands.  Although the Company will continue to trade over the counter, its ticker symbols will change, starting on August 26, 2005, to its new ticker symbols "NMHUF.OB" (Units), "NMHIF.OB" (Common Stock) and "NMHWF.OB" (Warrants), and the Company will conduct business as Navios Maritime Holdings Inc.

Ms. Angeliki Frangou, Chairman and CEO of Navios said, "The successful consummation of this transaction marks the beginning of an exciting new stage in the development of Navios as a leading public dry bulk shipping company. We are excited about working with Navios's employees whom we believe will be instrumental in Navios's continued growth and further success as a public company.  We are committed to working together with our business partners and customers to create value for our shareholders.

Ms. Frangou continued, "We wish to thank several stakeholders who have made this historic transaction possible. Foremost are the shareholders of the Company, who shared our vision of a platform for growth in the dry bulk sector. Also, we greatly appreciate the support we received from our strategic financial partner, HSH Nordbank AG, who understood the value of Navios and enabled us to consummate the acquisition.  Finally, we thank our financial advisors, Sunrise Securities Corp., HSH Gudme Corporate Finance GmbH, and Investment and Finance Ltd., whose expert guidance greatly assisted us in structuring and successfully closing this transaction."

About Navios Maritime Holdings Inc.

Navios Maritime Holdings Inc. is one of the leading global brands in seaborne dry bulk shipping and is a trusted partner for industrial end users, shipowners, financial business partners, agents and brokers. As a public company, Navios is committed to providing best-in-class service to both customers and business partners. Navios maintains offices in South Norwalk, Connecticut; Piraeus, Greece, and Montevideo, Uruguay.  Navios's stock is listed on the OTCBB where it trades under the symbols "NMHUF.OB," "NMHIF.OB," and "NMHWF.OB."  Risks and uncertainties are described in reports filed by Navios Maritime Holdings Inc. with the United States Securities and Exchange Commission.

Safe Harbor

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Maritime Holdings Inc. (Navios).  Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of Navios's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The information set forth herein should be read in light of such risks. Navios does not assume any obligation to update the information contained in this press release.

  Public & Investor Relations Contact:
  Navios Maritime Holdings Inc.
  Investor Relations
  212-279-8820
  

DATASOURCE: Navios Maritime Holdings Inc.



CONTACT:  Public & Investor Relations Contact, Navios Maritime Holdings

Inc. Investor Relations, [phone],  

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