Server: Microsoft-IIS/3.0 Date: Thu, 20 Nov 1997 17:06:35 GMT Content-Type: text/html Accept-Ranges: bytes Last-Modified: Fri, 19 Sep 1997 20:24:04 GMT Content-Length: 11084
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HOUSTON, Sept. 19 /PRNewswire/ -- Eagle USA Airfreight, Inc. (Nasdaq:EUSA), one of the nation's largest and fastest growing domestic air freight forwarders, reported today that it has signed a definitive purchase agreement to acquire the operating assets of Michael Burton Enterprises, Inc., a privately held transportation and value-added logistics service provider, based in Columbus, Ohio. The Company also expects to close on the acquisition today. "We are enthusiastic about this acquisition, which fits our core domestic transportation operations and accelerates our growth plans," said James R. Crane, Eagle USA Airfreight Chairman and Chief Executive Officer. "We expect the acquisition to increase fiscal 1998 revenues by $13 to $15 million. Michael Burton, sole shareholder of Michael Burton Enterprises, has been appointed the Director of Columbus Operations for Eagle. The addition of Michael Burton and his experienced operations staff will be of strategic importance in further strengthening our operations in Columbus while adding new business to our Midwest Region." Under the terms of the definitive agreement, Eagle USA has acquired from Michael Burton Enterprises substantially all of the transportation assets related to its business located in Ohio. Eagle USA paid approximately $5.6 million in cash and $1 million of common stock, totaling 33,362 shares. The agreement also provides for three contingent payments of up to $1,750,000 each if certain sales goals are achieved at the Company's Columbus operation. This is the first acquisition the Company has made since its initial public offering in December 1995, in which it raised more than $34 million. Eagle USA Airfreight's dedication to providing superior flexibility and fewer shipping restrictions on a price competitive basis has made it a leading provider of air freight forwarding and other transportation and logistic services. Its network of 59 terminals features state-of-the-art information systems to maximize cargo management efficiency and customer satisfaction. The Company's shares are traded on the Nasdaq National Market under the symbol "EUSA." The statements in this press release regarding expected increases in annual revenues as a result of the acquisition, accelerated growth plans and other statements which are not historical facts are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, acquisitions-related risks, (such as integration of acquired business, retention of prior levels of business, retention of employees, diversion of management attention and unanticipated problems in an acquisition), competition, general economic conditions and ability to manage growth and other factors detailed elsewhere in Company filings with the Securities and Exchange Commission. Should one more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. For more information on Eagle USA Airfreight via facsimile at no cost, simply dial 1-800-PRO-INFO and enter the company ticker EUSA. Return to Press Releases |
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Sherry Amberg
Intercontinental Airport
Voice: (281) 821-4456
© 1997 Eagle USA |