NASSAU, Bahamas, Oct. 9, 2008 (GLOBE NEWSWIRE) -- Ultrapetrol (Bahamas) Limited (NasdaqGS:ULTR - News), an industrial transportation company serving marine transportation needs in four markets (River Business, Offshore Supply Business, Ocean Business and Passenger Business), today announced the results of the annual general meeting of its shareholders.

At the meeting the following proposals were approved and adopted: 1) the approval of the audited financial statements and the Report of the Auditors thereon for the fiscal year ended December 31, 2007, 2) the re-election of the seven directors of the Company, 3) the ratification of acts, proceedings and transactions of directors, officers and employees of the Company and 4) the indemnification of directors, officers and employees of the Company.

About Ultrapetrol

Ultrapetrol is an industrial transportation company serving the marine transportation needs of its clients in the markets on which it focuses. It serves the shipping markets for grain, forest products, minerals, crude oil, petroleum and refined petroleum products, as well as the offshore oil platform supply market and the leisure passenger cruise market, with its extensive and diverse fleet of vessels. These include river barges and push boats, platform supply vessels, tankers, bulk carriers, oil-bulk-ore vessels and passenger ships. More information on the company can be found at http://www.ultrapetrol.net.

The Ultrapetrol (Bahamas) Limited logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3164

ULTR-G

          The IGB Group
          Leon Berman  
            212-477-8438 
            lberman@igbir.com
          Tyler Wilson
            646-673-9701
            twilson@igbir.com