Target Logistics, Inc. (AMEX:TLG), a domestic and international freight forwarder and logistics provider, today announced that its wholly owned subsidiary Target Logistics Services, Inc. ("TLSI") has acquired certain assets of Discovery Air Cargo, Inc., a freight forwarder providing a full range of services to the New York City and Long Island area. Terms of the acquisition were not disclosed. The acquisition is expected to add $7 million in annual revenues to Target.
"This transaction is a continuation of our acquisition strategy," Stuart Hettleman, Chief Executive Officer of Target Logistics said. "We are pleased to be adding a very experienced group of industry veterans to our team and believe that this will significantly enhance our existing presence in the New York market. This acquisition complements our existing New York station and will allow us to realize synergies through the savings of redundant expenses and the further leveraging our existing freight volume."
Target Logistics, Inc. provides domestic and international time definite freight forwarding and logistics services through its wholly owned subsidiary, Target Logistic Services, Inc. Target has a network of offices in 34 cities throughout the United States and a worldwide agent network with coverage in over 70 countries. Its freight forwarding services include arranging for the total transport of customers' freight, including providing door to door service, distributions and reverse logistics.
Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Although Target Logistics believes that the expectations reflected in such forward-looking statements are reasonable, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projections.