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Diana Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2018

ATHENS, Greece, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today reported net income of $2.9 million and net income attributed to common stockholders of $1.5 million for the fourth quarter of 2018, compared to a net loss of $436.9 million and a net loss attributed to common stockholders of $438.4 million, including a $422.5 million impairment loss, reported in the fourth quarter of 2017.

Time charter revenues were $62.9 million for the fourth quarter of 2018, compared to $48.9 million for the same quarter of 2017. The increase in time charter revenues was due to increased average time charter rates that the Company achieved for its vessels during the quarter and was partly offset by decreased ownership days resulting from the sale of two vessels in December 2018.

Net income and net income attributed to common stockholders for the year ended December 31, 2018 amounted to $16.6 million and $10.8 million, respectively. This compares to a net loss and net loss attributed to common stockholders of $511.7 million and $517.5 million, respectively, including a $422.5 million impairment loss, for the same period of 2017. Time charter revenues were $226.2 million for the year ended December 31, 2018, compared to $161.9 million for the same period of 2017.

  Fleet Employment Profile (As of February 25, 2019)
  Diana Shipping Inc.’s fleet is employed as follows:
                 
  Vessel
BUILT DWT
Sister
Ships*
Gross Rate
(USD Per
Day)
Com** Charterers Delivery Date
to
Charterers***
Redelivery Date to Owners**** Notes
  20 Panamax Bulk Carriers
1 DANAE A $10,000 5.00 % Phaethon International Company AG 22-Dec-17 7-Feb-19 1
      $8,100 5.00 % 7-Feb-19 7-Jan-20 - 7-Apr-20 2
  2001  75,106              
2 DIONE A $10,350 5.00 % Ausca Shipping Limited, Hong Kong 23-Jan-18 23-Mar-19 - 8-Jul-19 3,4
  2001  75,172              
3 NIREFS A $10,750 3.75 % Hudson Shipping Lines Incorporated 11-Aug-18 11-Jul-19 - 11-Oct-19  
  2001  75,311              
4 ALCYON A $8,800 5.00 % Hudson Shipping Lines Incorporated 20-Jul-17 5-Dec-18 5
  2001  75,247              
5 TRITON A $6,500 5.00 % Ausca Shipping Limited, Hong Kong 8-Jun-17 15-Oct-18 6
      $11,000 5.00 % Tongli Shipping Pte. Ltd. 4-Nov-18 8-Dec-18 7
  2001  75,336              
6 OCEANIS A $7,000 5.00 % Ausca Shipping Limited, Hong Kong 30-May-17 16-Nov-18  
      $10,350 5.00 % 16-Nov-18 1-Jan-20 - 31-Mar-20  
  2001  75,211              
7 THETIS B $8,350 5.00 % Ausca Shipping Limited, Hong Kong 14-Jul-17 19-Oct-18 8,9
      $10,650 3.75 % Hudson Shipping Lines Incorporated 16-Nov-18 16-Jan-20 - 16-Apr-20  
  2004  73,583              
8 PROTEFS B $11,000 3.75 % Hudson Shipping Lines Incorporated 19-Sep-18 4-Sep-19 - 19-Dec-19  
  2004  73,630              
9 CALIPSO B $12,200 5.00 % Glencore Agriculture B.V., Rotterdam 12-Mar-18 28-May-19 - 12-Sep-19  
  2005  73,691              
10 CLIO B $8,550 5.00 % Phaethon International Company AG 9-Jul-17 10-Nov-18  
      $10,600 5.00 % Ausca Shipping Limited, Hong Kong 10-Nov-18 10-Sep-19 - 10-Dec-19  
  2005  73,691              
11 NAIAS B $10,000 5.00 % Phaethon International Company AG 26-Nov-17 26-Jan-19  
      $10,000 5.00 % 26-Jan-19 26-Dec-20 - 10-Apr-21  
  2006  73,546              
12 ARETHUSA B $12,600 5.00 % Glencore Agriculture B.V., Rotterdam 27-Apr-18 27-Apr-19 - 27-Jul-19  
  2007  73,593              
13 ERATO C $10,500 5.00 % Phaethon International Company AG 30-Dec-17 2-Mar-19 - 30-May-19  
  2004  74,444              
14 CORONIS C $8,300 5.00 % CJ International Italy Societa Per Azioni 11-Aug-18 10-Oct-18  
      $11,300 5.00 % 10-Oct-18 11-Aug-19 - 11-Nov-19  
  2006  74,381              
15 MELIA   $12,000 5.00 % United Bulk Carriers International S.A., Luxembourg 28-Apr-18 28-Sep-19 - 28-Dec-19 10
  2005  76,225              
16 ARTEMIS   $12,600 5.00 % Ausca Shipping Limited, Hong Kong 17-Sep-18 17-Sep-19  17-Dec-19  
  2006  76,942              
17 LETO   $12,500 5.00 % Glencore Agriculture B.V., Rotterdam 10-Jan-18 10-May-19 - 25-Aug-19  
  2010  81,297              
18 SELINA D $12,250 5.00 % BG Shipping Co., Limited, Hong Kong 6-Feb-18 6-Jun-19 - 6-Sep-19  
  2010  75,700              
19 MAERA D $11,750 5.00 % ST Shipping and Transport Pte. Ltd., Singapore 4-Jul-18 10-Feb-19  
      $7,000 5.00 % Glencore Agriculture B.V., Rotterdam 10-Feb-19 27-Mar-19  
      $9,450 5.00 % 27-Mar-19 10-Apr-20 - 10-Jul-20  
  2013  75,403              
20 ISMENE   $12,000 5.00 % DHL Project & Chartering Limited, Hong Kong 16-Sep-17 24-Nov-18 11
      $12,125 5.00 % Koch Shipping Pte. Ltd., Singapore 12-Dec-18 1-Jan-20 - 31-Mar-20  
  2013  77,901              
21 CRYSTALIA E $11,100 5.00 % Glencore Agriculture B.V., Rotterdam 3-Oct-17 28-Jan-19 12,13
      $10,500 5.00 % 27-Feb-19 27-Apr-20 - 27-Jul-20 14
  2014  77,525              
22 ATALANDI E $13,500 5.00 % Uniper Global Commodities SE, Düsseldorf 27-Apr-18 27-Jun-19 - 27-Sep-19  
  2014  77,529              
  5 Kamsarmax Bulk Carriers
23 MAIA F $10,125 5.00 % Glencore Agriculture B.V., Rotterdam 27-Jul-17 5-Nov-18 15
      $13,300 5.00 % 12-Nov-18 1-Jan-20 - 31-Mar-20  
  2009  82,193              
24 MYRSINI F $8,650 5.00 % RWE Supply & Trading GmbH, Essen 8-Jun-17 22-Dec-18  
      $12,750 5.00 % Glencore Agriculture B.V., Rotterdam 22-Dec-18 22-Oct-19 - 22-Dec-19  
  2010  82,117              
25 MEDUSA F $14,000 4.75 % Cargill International S.A., Geneva 3-Sep-18 3-Oct-19 - 3-Dec-19  
  2010  82,194              
26 MYRTO F $14,000 4.75 % Cargill International S.A., Geneva 25-Apr-18 25-May-19 - 25-Jul-19  
  2013  82,131              
27 ASTARTE   $9,000 5.00 % Glencore Agriculture B.V., Rotterdam 12-Jun-17 16-Oct-18  
      $14,250 5.00 % 16-Oct-18 16-Dec-19 - 16-Mar-20  
  2013  81,513              
  5 Post-Panamax Bulk Carriers
28 ALCMENE   $8,000 4.75 % Cargill International S.A., Geneva 8-Jun-17 6-Oct-18  
      $14,000 5.00 % Smart Gain Shipping Co., Limited, Hong Kong 6-Oct-18 9-Nov-18  
      $11,500 5.00 % BG Shipping Co., Limited, Hong Kong 21-Nov-18 21-Oct-19 - 21-Jan-20  
  2010  93,193              
29 AMPHITRITE G $11,150 4.75 % Cargill International S.A., Geneva 28-Sep-17 27-Jan-19  
      $12,750 5.00 % Uniper Global Commodities SE, Düsseldorf 27-Jan-19 27-Mar-20 - 27-Jun-20 16
  2012  98,697              
30 POLYMNIA G $16,000 4.75 % Cargill International S.A., Geneva 9-Jul-18 9-Sep-19 - 9-Dec-19  
  2012  98,704              
31 ELECTRA H $8,000 5.00 % Uniper Global Commodities SE, Düsseldorf 11-Jun-17 19-Oct-18  
      $13,500 5.00 % 19-Oct-18 15-Sep-19 - 15-Dec-19  
  2013  87,150              
32 PHAIDRA H $12,700 5.00 % Uniper Global Commodities SE, Düsseldorf 13-Jan-18 28-Feb-19 - 13-Apr-19 17
  2013  87,146              
  14 Capesize Bulk Carriers
33 NORFOLK   $13,250 5.00 % SwissMarine Services S.A., Geneva 1-Dec-17 1-Sep-19 - 1-Dec-19  
  2002  164,218              
34 ALIKI   $18,000 5.00 % SwissMarine Services S.A., Geneva 9-Apr-18 9-Dec-19 - 9-Feb-20  
  2005   180,235              
35 BALTIMORE   $18,050 5.00 % Koch Shipping Pte. Ltd., Singapore 6-Jun-18 22-May-19 - 21-Aug-19  
  2005  177,243              
36 SALT LAKE CITY   $16,250 4.75 % Cargill International S.A., Geneva 1-May-18 1-Mar-19 17
  2005   171,810              
37 SIDERIS GS I $13,000 5.00 % Rio Tinto Shipping (Asia) Pte., Ltd., Singapore 21-Jun-17 15-Nov-18  
      $8,500 5.00 % Berge Bulk Shipping Pte. Ltd., Singapore 15-Nov-18 15-Dec-18  
      $15,350 5.00 % 15-Dec-18 15-Dec-19 - 30-Mar-20  
  2006  174,186              
38 SEMIRIO I $20,050 5.00 % Pacific Bulk Cape Company Limited, Hong Kong 1-Sep-18 1-Jul-19 - 16-Sep-19  
  2007  174,261              
39 BOSTON I $17,000 5.00 % EGPN Bulk Carrier Co., Limited, Hong Kong 6-Dec-17 6-Apr-19 - 6-Jul-19  
  2007  177,828              
40 HOUSTON I $19,000 5.00 % SwissMarine Services S.A., Geneva 9-May-18 17-Feb-19  
      $10,125 5.00 % Koch Shipping Pte. Ltd., Singapore 17-Feb-19 17-Apr-20 - 1-Aug-20  
  2009  177,729              
41 NEW YORK I $16,000 5.00 % DHL Project & Chartering Limited, Hong Kong 2-Feb-18 2-Jun-19 - 2-Sep-19  
  2010  177,773              
42 SEATTLE J $24,000 5.00 % Koch Shipping Pte. Ltd., Singapore 30-Jul-18 24-Dec-18  
      $16,000 5.00 % SwissMarine Services S.A., Geneva 24-Dec-18 24-Apr-20 - 24-Jul-20  
  2011  179,362              
43 P. S. PALIOS J $17,350 5.00 % Koch Shipping Pte. Ltd., Singapore 24-May-18 9-Jun-19 - 24-Aug-19  
  2013  179,134              
44 G. P. ZAFIRAKIS K $15,000 5.00 % RWE Supply & Trading GmbH, Essen 14-Aug-17 31-Dec-18  
      $17,000 5.00 % SwissMarine Services S.A., Geneva 31-Dec-18 31-May-20 - 31-Aug-20  
  2014  179,492              
45 SANTA BARBARA K $20,250 4.75 % Cargill International S.A., Geneva 24-Apr-18 9-Oct-19 - 9-Dec-19  
  2015  179,426              
46 NEW ORLEANS   $21,000 5.00 % SwissMarine Services S.A., Geneva 24-Mar-18 26-Feb-19 - 24-Apr-19 17
  2015  180,960              
  4 Newcastlemax Bulk Carriers
47 LOS ANGELES L $19,150 5.00 % SwissMarine Services S.A., Geneva 16-Apr-18 3-Mar-19 18
      $13,250 5.00 % 3-Mar-19 3-Jun-20 - 3-Sep-20 14
  2012  206,104              
48 PHILADELPHIA L $20,000 5.00 % Koch Shipping Pte. Ltd., Singapore 18-Jun-18 3-Feb-20 - 18-May-20  
  2012  206,040              
49 SAN FRANCISCO M $24,000 5.00 % Koch Shipping Pte. Ltd., Singapore 14-May-18 4-Mar-19 - 24-May-19  
  2017  208,006              
50 NEWPORT NEWS M BCI_2014 5TCs AVG + 24% 5.00 % SwissMarine Services S.A., Geneva 10-Jan-17 25-Feb-19 18
      $16,500 5.00 % 25-Feb-19 25-Jun-20 - 25-Sep-20 14
  2017  208,021              
* Each dry bulk carrier is a "sister ship", or closely similar, to other dry bulk carriers that have the same letter.
** Total commission percentage paid to third parties.
*** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company.
**** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions, and exceptions of the particular charterparty.
 
1 Vessel off hire for drydocking from November 26, 2018 to December 22, 2018.
2 Vessel sold and expected to be delivered to her new Owners at the latest by June 28, 2019.
3 Vessel off hire for drydocking from December 17, 2018 to January 12, 2019.
4 Vessel sold and expected to be delivered to her new Owners at the latest by April 15, 2019.
5 ''Alcyon'' sold and delivered to her new Owners on December 7, 2018.
6 Vessel on scheduled drydocking from October 17, 2018 to November 1, 2018.
7 ''Triton'' sold and delivered to her new Owners on December 10, 2018.
8 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on October 15, 2018, for the excess period commencing from October 14, 2018.
9 Vessel on scheduled drydocking from October 22, 2018 to November 16, 2018.
10 Vessel off hire from October 22, 2018 to October 25, 2018.
11 Vessel on scheduled drydocking from November 26, 2018 to December 12, 2018.
12 Charterers have agreed to pay the average value between ''P2A_03 Skaw - Gibraltar trip to Taiwan - Japan'' and ''P3A_03 Japan - South Korea transpacific round voyage'', as published by the Baltic Exchange on January 18, 2019, for the excess period commencing from January 18, 2019.
13 Vessel on scheduled drydocking.
14 Estimated delivery date to the charterers.
15 Charterers have agreed to pay the weighted average of the Baltic Panamax 4 T/C routes, as published by the Baltic Exchange on October 26, 2018 plus 18%, only in case it is higher than the existing rate of US$10,125 which otherwise will continue to apply, for the excess period commencing from October 27, 2018.
16 The charter rate was US$5,000 per day for the first 5 days of the charter period.
17 Based on latest information.
18 Estimated redelivery date from the charterers.


Summary of Selected Financial & Other Data (unaudited)
      Three months ended December 31,   Year ended December 31,
      2018
  2017
  2018   2017
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars)
  Time charter revenues   $ 62,874     $ 48,936     $ 226,189     $ 161,897  
  Voyage expenses     2,747       3,020       7,405       8,617  
  Vessel operating expenses     25,210       24,021       95,510       90,358  
  Net income/(loss)     2,908       (436,932 )     16,580       (511,714 )
  Net income/(loss) attributed to common stockholders     1,466       (438,374 )     10,811       (517,483 )
FLEET DATA
  Average number of vessels     49.5       50.3       49.9       49.6  
  Number of vessels     48.0       50.0       48.0       50.0  
  Weighted average age of vessels     9.1       8.4       9.1       8.4  
  Ownership days     4,554       4,624       18,204       18,119  
  Available days     4,445       4,615       17,964       17,890  
  Operating days     4,405       4,562       17,799       17,566  
  Fleet utilization     99.1 %     98.9 %     99.1 %     98.2 %
AVERAGE DAILY RESULTS
  Time charter equivalent (TCE) rate (1)   $ 13,527     $ 9,949     $ 12,179     $ 8,568  
  Daily vessel operating expenses (2)   $ 5,536     $ 5,195     $ 5,247     $ 4,987  


    ______________
(1)   Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards.  Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions.  TCE is a non-GAAP measure.  TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.
     
(2)   Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.

Conference Call and Webcast Information

The Company’s management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Tuesday, February 26, 2019.

Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers), and asking the operator for the Diana Shipping Inc. conference call.

A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Replay ID number 13687408.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

(See financial tables attached)

DIANA SHIPPING INC.
FINANCIAL TABLES
Expressed in thousands of U.S. Dollars, except share and per share data
                   
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
 
      Three months ended December 31,   Year ended December 31,
      2018   2017   2018   2017
                  (audited)
REVENUES:                
  Time charter revenues $ 62,874   $ 48,936   $ 226,189   $ 161,897  
  Voyage expenses   2,747     3,020     7,405     8,617  
  Vessel operating expenses   25,210     24,021     95,510     90,358  
  Depreciation and amortization of deferred charges   13,001     21,920     52,206     87,003  
  General and administrative expenses    8,995     8,157     29,518     26,332  
  Management fees to related party   594     542     2,394     1,883  
  Impairment loss   -     422,466     -     442,274  
  Loss from sale of vessels   1,448     482     1,448     -  
  Insurance recoveries, net of other loss   -     -     -     (10,879 )
  Other loss/(gain)   (245 )   9     (542 )   296  
  Operating income/(loss) 11,124     (431,681 )   38,250     (483,987 )
                   
OTHER INCOME / (EXPENSES):                
  Interest and finance costs   (9,039 )   (6,754 )   (30,506 )   (26,628 )
  Interest and other income   839     1,480     8,822     4,508  
  Gain/(loss) from equity method investments   (16 )   23     14     (5,607 )
  Total other expenses, net   (8,216 )   (5,251 )   (21,670 )   (27,727 )
                   
Net income / (loss) $ 2,908   $ (436,932 ) $ 16,580   $ (511,714 )
Dividends on series B preferred shares   (1,442 )   (1,442 )   (5,769 )   (5,769 )
Net income / (loss) attributed to common stockholders   1,466     (438,374 )   10,811     (517,483 )
                   
Earnings / (loss) per common share, basic and diluted $ 0.01   $ (4.28 ) $ 0.10   $ (5.41 )
                   
Weighted average number of common shares, basic   103,892,507     102,394,183     103,736,742     95,731,093  
                   
Weighted average number of common shares, diluted   105,150,906     102,394,183     104,715,883     95,731,093  
                   
      Three months ended December 31,   Year ended December 31,
      2018   2017   2018   2017
                  (audited)
Net income/(loss) $ 2,908   $ (436,932 ) $ 16,580   $ (511,714 )
Other comprehensive income/(loss) (Actuarial gain/(loss))   17     130     (7 )   109  
Comprehensive income/(loss) $ 2,925   $ (436,802 ) $ 16,573   $ (511,605 )


CONDENSED CONSOLIDATED BALANCE SHEET DATA    
(in thousands of U.S. Dollars)    
           
      2018   2017 *
ASSETS   (unaudited)    
           
Cash and cash equivalents $ 126,825 $ 40,227
Due from related parties   -   82,660
Other current assets   15,147   15,874
Vessels, net of depreciation   991,403   1,053,578
Other fixed assets, net   22,425   22,650
Restricted cash   24,582   25,582
Investments in related parties   3,263   3,249
Other non-current assets   4,151   2,902
  Total assets $ 1,187,796 $ 1,246,722
           
LIABILITIES AND STOCKHOLDERS' EQUITY        
           
Long-term debt, net of deferred financing costs $ 530,547 $ 601,384
Other liabilities   29,565   20,580
Total stockholders' equity   627,684   624,758
  Total liabilities and stockholders' equity $ 1,187,796 $ 1,246,722
           
* The balance sheet data have been derived from the audited consolidated financial statements at that date.


OTHER FINANCIAL DATA (unaudited)
    Three months ended December 31,   Year ended December 31,
    2018   2017   2018   2017
                (audited)
Net Cash provided by / (used in) operating activities $ 27,959   $ 12,241   $ 79,930   $ 23,413  
Net Cash provided by / (used in) investing activities   13,482     13,351     99,370     (152,333 )
Net Cash provided by / (used in) financing activities $ (92,140 ) $ (22,484 ) $ (93,702 ) $ 73,587  

Corporate Contact:
Ioannis Zafirakis
Director, Chief Strategy Officer and Secretary
Telephone: + 30-210-9470100
Email: izafirakis@dianashippinginc.com
Website: www.dianashippinginc.com

Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net