Stonepath Group and Czech Republic-Based Wakestone Logistics to Enter Joint Venture
March 06 2006 - 9:52AM
PR Newswire (US)
Firms to Capitalize on Strong Demand for Logistics Services in
Eastern Europe SEATTLE, March 6 /PRNewswire-FirstCall/ -- Stonepath
Group (AMEX:STG), the global logistics services organization, today
announced continued strengthening of its global network in key
logistics markets, agreeing to enter into a joint venture with
Czech Republic-based transportation firm Wakestone Logistics. The
joint venture will market a full range of transportation services
to multinational companies increasingly utilizing Eastern Europe as
an integral part of their global distribution strategies. The joint
venture will be based in the Czech Republic and structured to serve
the key tradelanes of Asia, North America and Europe and will
provide a full range of flexible tailored transportation and
distribution solutions to the automotive, technology, retail, and
consumer sectors. Dennis L. Pelino, Chairman of Stonepath Group,
remarked, "With this joint venture in place, Stonepath will have
access to resources, capabilities, and depth to take advantage of
significant opportunities in this highly strategic region. The
collaboration considerably increases the volume we are handling in
the region." Pelino added, "We are joining up with a deeply
experienced management team, who have established and run very
successful Eastern European logistics operations for global
third-party logistics (3PL) providers in the past." Mr. Jara
Schoen, Managing Director of Wakestone Logistics, commented, "We're
very pleased to join forces with Stonepath in the Czech Republic
and we expect that our collaboration has the potential to add 3,000
TEUs to STG's international network annually. Corporations continue
to expand their global reach for sourcing, manufacturing, and
distributing their products, and innovative 3PL's like Stonepath
are wise to position themselves to take advantage of these
opportunities. We look forward to working with Stonepath and to
becoming a leading player in the region." About Wakestone Logistics
Wakestone, (http://www.wakestone.cz/), based in Prague with two
affiliates in the Czech Republic, provides a range of
transportation and logistics services to major international and
local companies, including air and ocean frieght forwarding,
surface, multi-modal transport, and contract logistics and
projects. About Stonepath Group (AMEX:STG) Stonepath
(www.stonepath.com) is a global third-party logistics organization
providing a full range of transportation and distribution solutions
to multinational and local businesses. Through a strategic
acquisition program and strong organic growth, the Company has
expanded rapidly, establishing a network of owned operations
throughout North America, the Asia Pacific region and Latin
America. For more information about the Company, please contact
John Brine at (212) 254-8280. This press release includes
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, regarding the
restatement of our financial statements for past periods, as well
as regarding future results, levels of activity, events, trends or
plans. We have based these forward-looking statements on our
current expectations and projections about the outcome of our
continuing analysis with respect to the restatement of our
financial statements, as well as about such future results, levels
of activity, events, trends or plans. These forward-looking
statements are not guarantees and are subject to known and unknown
risks, uncertainties and assumptions about us that may cause our
actual results, levels of activity, events, trends or plans to be
materially different from any future results, levels of activity,
events, trends or plans expressed or implied by such
forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as "guidance,"
"may," "will," "should," "could," "would," "expect," "plan,"
"anticipate," "believe," "estimate," "continue," or the negative of
such terms or other similar expressions. While it is impossible to
identify all of the factors that may cause our actual results,
levels of activity, events, trends or plans to differ materially
from those set forth in such forward-looking statements, such
factors include the inherent risks associated with: (i) our ability
to sustain an annual growth rate in revenues consistent with recent
results, (ii) our dependence on certain large customers, (iii) our
dependence upon certain key personnel, (iv) competition in the
freight forwarding, logistics and supply chain management industry,
(v) the impact of current and future laws affecting the Company's
operations, (vi) adverse changes in general economic conditions as
well as economic conditions affecting the specific industries and
customers we serve, (vii) regional disruptions in transportation,
and (viii) other factors which are or may be identified from time
to time in our Securities and Exchange Commission filings and other
public announcements, including our most recent Annual Report on
Form 10-K for the year ended December 31, 2004. There can be no
assurance that these and other factors will not affect the accuracy
of such forward-looking statements. Readers are cautioned not to
place undue reliance on forward-looking statements, which speak
only as of the date made. We undertake no obligation to publicly
release the result of any revision of these forward-looking
statements to reflect events or circumstances after the date they
are made or to reflect the occurrence of unanticipated events.
DATASOURCE: Stonepath Group CONTACT: John Brine, Stonepath Group,
+1-212-254-8280 Web site: http://www.stonepath.com/
http://www.wakestone.cz/
Copyright
Stonepath (AMEX:STG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Stonepath (AMEX:STG)
Historical Stock Chart
From Jul 2023 to Jul 2024