In The News
Express-1 announces the acquisition of First Class Expediting Services
SAINT JOSEPH, Mich.--(Business Wire)--
Express-1 Expedited Solutions, Inc. (AMEX:XPO)(the "Company"), through its
wholly owned subsidiary, Express-1, Inc. (Express-1), today announced the
purchase of certain assets of First Class Expediting Services, Inc. (FCES) of
Rochester Hills, Michigan.
FCES is a provider of expedited transportation services and generated
approximately $4.0 million of expediting revenue during the year ended December
31, 2008. The transaction took the form of an asset purchase, and the operations
of FCES will be rolled into the Company`s Express-1 operations.
Commenting on the acquisition, the Company`s CEO, Michael Welch, said, "We are
very excited about the acquisition of a company with the reputation of First
Class Expediting. Their operations are a very good fit and further enhance our
expedited footprint."
Jeff Curry, President of Express-1 added, "We are excited to have First Class
Expediting become a part of Express-1. They have a focused business model that
services the regional expedited transportation needs of a critical region in the
Midwest. Their focus on regional business and our attention to national and
international services makes for a good fit. They use the same operating system
and the same model of owner operators as ours, so we foresee a very smooth
transition."
On behalf of FCES, the President, Bill Champe commented, "Express-1 is a leader
in the expediting industry and will enhance the strength of our business. As
part of the Express-1 operations, we will now be in a position to provide our
valued customers with more service offerings over an even greater geographic
area. We are excited to become part of the Express-1 family."
Financial terms of the transaction were not separately disclosed, but will be
provided within the Company`s next quarterly report. The transaction proceeds
and acquired assets fall below the threshold for separate disclosure, as
outlined by the Securities and Exchange Commission.
About Express-1 Expedited Solutions, Inc.
Express-1 Expedited Solutions, Inc. is a non-asset based premium transportation
organization that operates through the following business segments: Express-1,
Inc. (Buchanan, Michigan), Concert Group Logistics, Inc. (Downers Grove,
Illinois), Express-1 Dedicated, Inc. (Evansville, Indiana), and Bounce
Logistics, Inc. (South Bend, Indiana). The Company serves more than 2,000
customers through operation centers staffed with experienced inside sales staff
using the latest operational software. These business units are focused on
premium services that include: same-day delivery, time-sensitive shipping,
premium freight brokerage and dedicated transportation throughout North America,
as well as domestic and international freight forwarding. The Company`s
operating model can be described as non-asset or asset light, with independent
contractors fulfilling the transportation services for most of its shipments and
independently owned stations managing the services of its freight-forwarding
network. Express-1 Expedited Solutions, Inc. is publicly traded on the American
Stock Exchange under the symbol XPO. For more information about the Company,
visit www.express-1.com.