latest news releases from the newsroom
UTi Worldwide Announces South Africa Operations to be Black Empowered
RANCHO DOMINGUEZ, Calif., July 2, 2004 (PRIMEZONE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today announced a proposed transaction designed to qualify the company's South Africa operations as black empowered under recently enacted legislation in South Africa. This transaction, approved by UTi's Board of Directors, is conditioned upon the negotiation and execution of definitive documents and final certification by Empowerdex, a black empowerment rating agency. This certification is anticipated to be received before August 1, 2004, the expected effective date of the transaction. The transaction will not affect UTi's International Healthcare Distributors (Pty) Limited ("IHD") acquisition which became effective last month and which already provides for a 25.1% shareholder interest by an independent broad based black empowerment organization.
Alfa Laval settles with former owner of bioKinetics, Inc.
STOCKHOLM, Sweden, July 2, 2004 (PRIMEZONE) -- Alfa Laval made public in December 2003 that the company had decided to initiate renewed negotiations with the Kinetics Group, Inc., former owner of bioKinetics, Inc. This decision was based on the fact that Alfa Laval suspected irregularities in the accounting of certain customer projects. The parties were originally unable to resolve this matter, leading Alfa Laval to file a lawsuit against the Kinetics Group, Inc. and certain individuals in March 2004.