Express-1 Expedited Solutions, Inc. (
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.