NEW YORK, Aug. 23 /PRNewswire-FirstCall/ -- International Shipping Enterprises, Inc. ("ISE") (OTC:ISHPU.OBOTC:ISHP.OBOTC:ISHPW.OB) (BULLETIN BOARD: ISHPU.OB, ISHP.OB, ISHPW.OB) announced today that its stockholders had overwhelmingly approved the contemplated acquisition by ISE of Navios Maritime Holdings Inc. and the reincorporation of ISE from Delaware to the Republic of Marshall Islands. A total of 31,167,297 of the issued and outstanding shares of the company voted, out of which 99.99% voted in favor of the acquisition and 97.31% voted in favor of the reincorporation. The closing of the transaction and the related bank financing is scheduled for August 25, 2005. About International Shipping Enterprises, Inc. ISE is a Delaware corporation formed to serve as a vehicle for the acquisition of an operating business or vessels in the dry bulk sector of the shipping industry. ISE's initial business combination must be with a target whose fair market value is at least equal to 80% of net assets at the time of such acquisition. Safe Harbor This press release could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, about ISE. Forward looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of ISE'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. ISE does not assume any obligation to update the information contained in this press release. Public & Investor Relations Contact: International Shipping Enterprises, Inc. Investor Relations 212-279-8820 DATASOURCE: International Shipping Enterprises, Inc. CONTACT: International Shipping Enterprises, Inc., Investor Relations, +1-212-279-8820,

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