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Sitting on 500k shares and at the break even point, hows everyone feel about the position on this one? Can this guy bring it back up to the .05 range? even the .01 range? Many were burnt by this one a couple months ago. Hope I 'm not bringing up bad memories!
INWOOD, N.Y., Nov 07, 2005 (BUSINESS WIRE) -- Cargo Connection Logistics Holding, Inc. (OTCBB: CRGO), today announced that distinguished Asian Business Executive, David Quach, has been named Vice President of Business Development - Pacific Rim for its wholly owned subsidiary, Cargo Connection Logistics Corp.
Mr. Quach has a long and prestigious history working with emerging growth companies to develop relationships throughout the Pacific Rim. He is an Honorable Chairman and Highest Advisor of the General Assembly of Chinese Organizations from Vietnam, Cambodia & Laos. In addition, he is also an Honorable Chairman and Highest Advisor of The Teochew International Convention, which will be held in mid-November in Macau. These conventions have previously been held in Paris, Hong Kong, Thailand, Malaysia, Singapore, Beijing and San Jose and is scheduled for its next convention in Australia in 2007. Quach, who resides in California, speaks many languages and is involved in electronics, real estate development and international trading.
"We are extremely excited about David's involvement as part of our senior management team," said Cargo Connection Logistics Corp. President Jesse Dobrinsky. "He will be instrumental in developing a customer base for us in the Pacific Rim. His primary focus will be to help us obtain business from the Pacific Rim, the result of which will increase the utilization of our current facilities and infrastructure.
According to Dobrinsky, to accommodate the anticipated new business, the Company will look to open offices on the West Coast, beginning with one in the region where David currently resides.
"Cargo is an extremely well run corporation and has the ability to become a global player in the logistics business, said Mr. Quach. "The negotiations have been long and fruitful, and I am glad to say that I believe Cargo Connection Logistics will be a major player in China and the Pacific Rim."
"We have been negotiating with David for quite some time and we're honored that he has accepted his new position," said Dobrinsky. "Because of David's vast network as well as his experience and expertise in international business affairs, we believe it is quite feasible that this relationship could represent as much as $10 million in additional business in 2006. This would be a result of business services offered through a combination of Logistics Management Services, Warehouse Management Services and Transportation Services. We also expect that this will do more than just help fill the facilities we currently have, but in addition, it will help us expand into areas that we do not yet service. Frankly, the addition of David puts Cargo Connection Logistics into a whole new league."
Cargo Connection Logistics Holding, Inc. consists of Cargo Connection Logistics Corp. and Mid-Coast Management, Inc., which are both headquartered in Inwood, NY. The Company also has offices in Atlanta, Charlotte, Chicago, Columbus, Miami, New York and Pittsburgh. The companies provide a comprehensive variety of transportation and warehouse capacity services to shippers throughout the nation. Currently the two companies have a total of 90 employees.
About Cargo Connection Logistics Corp./Mid-Coast Management, Inc.
Cargo Connection Logistics Corp. is a leader in world trade logistics. Headquartered adjacent to JFK International Airport, the company is a transportation logistics provider for shipments importing into and exporting out of the United States, especially through the Gateways of Chicago, Illinois; JFK, New York; Miami, Florida or Atlanta, Georgia, with service areas throughout the Unites States and North America. Mid-Coast Management, Inc. operates container freight stations specifically designed to handle internationally arriving freight for the major retail suppliers through its CFS facilities in Florida, Georgia, Illinois, New York and Ohio. Since its inception, Mid-Coast Management, Inc. has developed relationships with many retailers and also works with freight forwarders from around the world.
Additional information about Cargo Connection can be obtained at its website http://www.cargocon.com
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
SOURCE: Cargo Connection Logistics Holding, Inc.
CONTACT: For Cargo Connection Logistics Holding, Inc., Inwood Peter Nasca, 305-937-1711 pnasca*pnapr.com
Copyright Business Wire 2005
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