ATHENS, Greece, March 24, 2015 /PRNewswire/ -- Paragon Shipping Inc. (NASDAQ: PRGN) ("Paragon Shipping" or the "Company"), a global shipping transportation company specializing in drybulk cargoes, announced today its Board of Directors has appointed Mr. Michael Bodouroglou, Chairman, President and Chief Executive Officer of Paragon Shipping, to act as Interim Chief Financial Officer of the Company. This follows the departure of Mr. Robert Perri, Chief Financial Officer, from the Company, effective today. The Company will look for a permanent replacement.

"After five years at the Company, I have decided to pursue a different career path more in line with my past experience. I truly appreciate my time at Paragon, and the strong cooperation we had with everyone involved with the Company. More importantly, I would like to thank Mr. Bodouroglou, our Chairman and CEO, along with the Board of Directors for their trust and support over the years." Mr. Perri stated.

Mr. Michael Bodouroglou, Chairman, President and Chief Executive Officer of the Company, commented: "We want to thank Mr. Perri for his hard work, dedication and many contributions over these past five years, and we wish him luck in his new career pursuits."

Paragon Shipping also announced today that it will release its results for the fourth quarter and twelve months ended December 31, 2014, after the market closes in New York on Tuesday, March 31, 2015. Paragon's management team will host a conference call to discuss the Company's financial results on Wednesday, April 1, 2015, at 9:00 am ET.

Conference Call and Webcast details:
Participants should dial into the call ten minutes before the scheduled time using the following numbers 1-888-348-8931 (USA) or +1-412-902-4248 (international) to access the call. A replay of the conference call will be available for seven days and can be accessed by dialing 1-877-870-5176 (USA) or +1-858-384-5517 (international) and using passcode 10061729.

Slides and audio webcast:
There will also be a simultaneous live webcast through the Company's website, www.paragonship.com. Participants should register on the website approximately ten minutes prior to the start of the webcast.

About Paragon Shipping Inc.
Paragon Shipping is an international shipping company incorporated under the laws of the Republic of the Marshall Islands with executive offices in Athens, Greece, specializing in the transportation of drybulk cargoes. Paragon Shipping's current fleet consists of sixteen drybulk vessels with a total carrying capacity of 980,399 dwt. In addition, Paragon Shipping's current newbuilding program consists of two Ultramax drybulk carriers and three Kamsarmax drybulk carriers that are scheduled to be delivered in 2015. The Company's common shares and senior notes trade on NASDAQ under the symbols "PRGN" and "PRGNL," respectively. For more information, visit: www.paragonship.com. The information contained on the Paragon Shipping's website does not constitute part of this press release.

Contacts
Paragon Shipping Inc.
ir@paragonshipping.gr

Allen & Caron Inc.
Rudy Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087

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SOURCE Paragon Shipping Inc.