Power2Ship, Inc.'s Acquisitions of GFC and Commodity Express Transportation Accomplished BOCA RATON, Fla., Apr 25, 2005 (BUSINESS WIRE) -- Power2Ship, Inc. (OTCBB PWRI), today announced that it has completed the acquisitions of GFC and Commodity Express Transportation. New Jersey-based GFC, Inc. is a non-asset based intermodal drayage company with revenues of approximately $5.7 million in 2004. Newly established Power2Ship Intermodal plans continued growth of the former GFC network of agents which has provided services along the eastern seaboard ports. Continued negotiations with major foreign shippers and the anticipation of additional offices throughout the country provide further business opportunities for Power2Ship.
The acquisition of South Carolina-based Commodity Express Transportation brings additional freight transportation services to Power2Ship. Commodity Express Transportation's successful services throughout the Southeastern United States since 1982 generated revenues of over $16.5 Million in 2004. This acquisition has established a new home for Power2Ship's owner-operators and integrated a 137,000 square foot distribution facility in Blythewood, South Carolina. Commodity Express Transportation consists of an operating truck fleet of 75 tractors and 200 trailers and provides brokerage services to a customer base established over the past 23 years. Since the acquisition, Commodity Express Transportation is running ahead of previous projected revenues by 10%.
"We are certainly pleased to have been able to complete these acquisitions," said Richard Hersh, Power2Ship's CEO. "Management expects these acquisitions will provide Power2Ship significant increases in revenues. Approximately $25 million will be generated within the next year with the finalization of these acquisitions."
Power2Ship is a Web-Based Collaborative Marketplace for freight transportation and the secure trucking industry.
About Power2Ship, Inc.
Power2Ship (P2S) is a Web-based Collaborative Marketplace that provides supply chain, tracking and other logistics information that enables freight carriers (trucking companies), shippers (senders and receivers of freight) and their customers to make better-informed, cost-effective transportation / logistics decisions. This information assists P2S Member Shippers to optimize their supply chain and reduce their transportation, warehousing and inventory carrying costs. P2S Member Carriers receive free, unlimited use of our Asset Management System through their use of the MobileMarket(TM) to track the location, destination and availability of their transportation assets. P2S has formed three new divisions in order to accelerate the market penetration of its patent-pending P2S MobileMarket(TM): An International Licensing Division, headed by Emerson Fittipaldi, markets the P2S MobileMarket(TM) abroad; a Security Division to support Homeland Security objectives primarily related to transportation security; and, the Mergers, Acquisitions, and Joint Ventures Division seeking relationships with strategic, non-asset based, trucking companies and transportation-related providers.
This press release includes certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding our current business plans, strategies and objectives that involve risks and uncertainties that could cause actual results to differ materially from anticipated results. The forward-looking statements are based on our current expectations and what we believe are reasonable assumptions; however, our actual performance, results and achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Factors, within and beyond our control, that could cause or contribute to such differences include, among others, the following: the loss of one or more of our major customers, our inability to negotiate mutually acceptable agreements with prospective new customers and a lack of sufficient capital to fund our operations; as well as those factors discussed under "Risk Factors" in our Form SB-2/A, as filed on December 15, 2004. Readers are urged to carefully review and consider the various disclosures detailed from time to time in our other reports and filings with the United States Securities and Exchange Commission.
SOURCE: Power2Ship, Inc.
Power2Ship, Inc., Boca Raton Richard Hersh, 561-998-7557 or 866-998-7557 e-mail: rhersh@power2ship.com
or For more information about becoming a Member Shipper: Arnie Werther, 732-625-3088 or 561-262-7015 e-mail: awerther@power2ship.com
or For more information about becoming a Member Carrier: Customer Service, 866-727-4955
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