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CRGO(.004) Reports Record First Quarter Results Quarterly Revenues Increase by More Than 14 Percent -- Bottom Line Improves 61 Percent May 23, 2007 12:05:00 PM INWOOD, NY -- (MARKET WIRE) -- 05/23/07 -- Cargo Connection Logistics Holding, Inc. (OTCBB: CRGO) (BERLIN: CD6) (FRANKFURT: CD6) (FRANKFURT: 217026) today reported that its revenues for the first quarter ended March 31, 2007 increased by 14.1 percent to a new first quarter record of $4,158,826. The Company also reported that its net loss decreased by 61 percent during the quarter compared to the first quarter of last year.
"In the first quarter of 2007 we successfully increased our sales and reduced our overhead," said Jesse Dobrinsky, Chairman and CEO of Cargo Connection Logistics Holding, Inc. "The majority of the first quarter increase in revenue was generated through organic growth. What is of particular interest is that these recent results do not include any revenue which the Company expects to begin receiving through our recently procured contracts with Rexam PLC and AIT Worldwide Logistics. We expect that those contracts will utilize most of the capacity that has been available in our Chicago facility."
According to Dobrinsky, the Company will continue to aggressively seek out new business for all of the Company's facilities, pursue business opportunities in the international arena and continue to seek to develop the business relating to the Rad-Rope� technology it acquired this past December.
"We are actively seeking to refinance our existing convertible debt," said Dobrinsky. "We hope that a simplified capital structure will facilitate our ability to execute our business strategy."
Complete financial results can be found in the Company's most recent 10-QSB filing.
About Cargo Connection Logistics Holding, Inc.
The Company, through its subsidiaries Cargo Connection Logistics Corp. and Cargo Connection Logistics - International, Inc., is a leader in world trade logistics. The Company headquarters is in Inwood, NY, and it also has offices in Atlanta, GA; Charlotte, NC; Chicago, IL; Columbus, OH; Miami, FL; New York, NY; Pittsburgh, PA; and San Jose, CA. Headquartered adjacent to JFK International Airport, the Company is a transportation logistics provider for shipments imported into and exported out of the United States, with service areas throughout the United States and North America. The Company currently provides a comprehensive variety of transportation and warehouse capacity services to shippers throughout the nation. It also operates a bonded General Order Warehouse in New York and Container Freight Station operations, which are specifically designed to handle internationally arriving freight for major retail suppliers through its facilities in Florida, Georgia, Illinois, New York and Ohio.
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, including, without limitation:
-- the Company's ability to increase its revenues, including by obtaining contacts with foreign shippers; -- the Company's financial condition, including its ability to continue as a going concern; -- the effect of the Company being in default on its indebtedness; -- the Company's ability to raise additional capital; -- the Company's reliance on key personnel and independent agents; -- the Company's vulnerability to economic and industry conditions -- changes in our business strategy, development plans or cost savings plans; -- technological developments and changes in the industry; -- the ability to develop products and services and to penetrate existing and new markets, and -- changes in the competitive environment in which Cargo Holdings operates.
Contact: Peter Nasca Peter Nasca Associates, Inc. 954-473-0677 Ft. Lauderdale 312-421-0723 Chicago
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