Royal Olympic Cruise Lines Receives Extension From Greek Court to Continue Restructuring Efforts PIRAEUS, Greece, Aug. 31 /PRNewswire-FirstCall/ -- Royal Olympic Cruise Lines (OTC Pink Sheets: ROCLF) announced today that the Greek Court administrating the Section 45 proceeding regarding its subsidiaries has issued a decision to extend the period of time for the company to present a restructuring plan consented to by 51% of its creditors until November 27, 2004. Royal Olympic Cruise Lines is currently operating two cruise ships under the protection of Article 45 of the Greek Courts. Discussions with creditors and lenders continue and the company continues to seek capital needed to continue operations of the company. This press release contains forward-looking statements. Forward-looking statements can be identified in many cases by the use of terms such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "continue," or other terms. These statements are based on assumptions that are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control and may cause our business activities and results, including the results of any discussion between Royal Olympic and creditors of the debtors, to be materially different from those that are implied by the forward-looking statements. Although we believe that the expectation expressed in our forward-looking statement are reasonable, we cannot assure you of any further business activity or result. DATASOURCE: Royal Olympic Cruise Lines CONTACT: Jim Lawrence of Royal Olympic Cruise Lines, +1-203-406-0106, ext. 13

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