HOUSTON, April 1 /PRNewswire-FirstCall/ -- EGL, Inc. (Nasdaq: EAGL)
announced that it has acquired Miami International Forwarders (MIF) companies,
a privately held international freight forwarder and customs broker based in
Miami, Florida. MIF is among the market leaders in logistics in Florida with
a specialty in apparel and a strong presence in the Caribbean and Central and
South American markets. MIF is also very active in customs brokerage, ocean
forwarding, warehousing and local pick-up and delivery services. With over
50 years of international freight forwarding experience, MIF is also one of
Florida's largest customs brokers. Net revenue for MIF totaled $23.6 million
in the twelve-month period ended December 31, 2002.
"Joining the EGL organization will bring major benefits to our customers
and our employees," said Leonard Roberts, MIF's President. "We expect to tap
into EGL's global forwarding and logistics network to provide expanded
services to our customers. We believe our employees will have broader job
advancement and professional growth opportunities at a dynamic multinational
organization. We are very excited about our prospects for the future."
EGL Chief Executive Officer, Jim Crane commented, "This acquisition is a
great fit for us. We are focused on expanding our customer base in the
apparel industry and increasing our presence in the Latin America market. The
acquisition allows MIF to leverage EGL's global network and expand the service
offerings to MIF and EGL's customers. In addition, we are very pleased to be
able to have the MIF management team of Leonard C. Roberts, Bruce D. Roberts
and Jose I. Aguirre join EGL in key management positions."
Crane further added, "Our balance sheet allows us to continue to evaluate
strategic acquisitions that leverage our global network and accelerate our
revenue opportunities."
Under the terms of the purchase agreement, EGL, Inc., has acquired
substantially all of the operating assets of the Miami International
Forwarders companies and has agreed to hire the employees of MIF. EGL will
pay an undisclosed sum in cash in addition to a two-year earn-out also payable
in cash if certain performance benchmarks are achieved.
Houston-based EGL, Inc. operates under the name EGL Eagle Global
Logistics. EGL is a leading global transportation, supply chain management
and information services company dedicated to providing superior flexibility
and fewer shipping restrictions on a price competitive basis. With 2002
revenues exceeding $1.9 billion, EGL's services include air and ocean freight
forwarding, customs brokerage, local pickup and delivery service, materials
management, warehousing, trade facilitation and procurement, and integrated
logistics and supply chain management services. The Company's shares are
traded on the Nasdaq National Market under the symbol "EAGL".
CAUTIONARY STATEMENTS
The statements in this press release regarding opportunities, goals and
results and future results of operations, and any other statements, which are
not historical facts, are forward looking statements. Such statements involve
risks and uncertainties, including, but not limited to, general economic
conditions, costs and difficulties relating to the acquisition of MIF and the
integration of MIF, whether or not the Company will expand its customer base
in the apparel industry, whether or not the Company will increase its presence
in the Latin America market, competition, the ability to manage and continue
growth, and other factors detailed in the Company's 2002 Form 10-K, proxy
statement/prospectus and other filings with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties materialize
(or the consequences of such a development worsen), or should underlying
assumptions prove incorrect, actual outcomes may vary materially from those
forecasted or expected. The Company disclaims any intention or obligation to
update publicly or revise such statements, whether as a result of new
information, future events or otherwise.
SOURCE EGL, Inc.
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Related links:
http://www.eaglegl.com
CONTACT:
Elijio Serrano, Chief Financial Officer of
EGL, Inc., +1-281-618-3665
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