Target Logistics Acquires Assets of New York based Freight Forwarder
13 July 2006 - 11:11PM
Business Wire
Target Logistics, Inc. (AMEX:TLG), a domestic and international
freight forwarder and logistics provider, today announced that its
wholly owned subsidiary Target Logistics Services, Inc. ("TLSI")
has acquired certain assets of Discovery Air Cargo, Inc., a freight
forwarder providing a full range of services to the New York City
and Long Island area. Terms of the acquisition were not disclosed.
The acquisition is expected to add $7 million in annual revenues to
Target. "This transaction is a continuation of our acquisition
strategy," Stuart Hettleman, Chief Executive Officer of Target
Logistics said. "We are pleased to be adding a very experienced
group of industry veterans to our team and believe that this will
significantly enhance our existing presence in the New York market.
This acquisition complements our existing New York station and will
allow us to realize synergies through the savings of redundant
expenses and the further leveraging our existing freight volume."
Target Logistics, Inc. provides domestic and international time
definite freight forwarding and logistics services through its
wholly owned subsidiary, Target Logistic Services, Inc. Target has
a network of offices in 34 cities throughout the United States and
a worldwide agent network with coverage in over 70 countries. Its
freight forwarding services include arranging for the total
transport of customers' freight, including providing door to door
service, distributions and reverse logistics. Statements contained
in this press release that are not historical facts are
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Although Target Logistics
believes that the expectations reflected in such forward-looking
statements are reasonable, the forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from those projections.
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