GARRISON, N.Y., Jan. 20, 2005 (PRIMEZONE) -- Global Concepts, Ltd. (OTCBB:GCCP) announced today that its French subsidiary, Campagnie Logistic Transportes Automobiles, S.A. ("CLTA"), expects to complete an acquisition of assets of Trans Cuisinier before the end of January. Trans Cuisinier had been a leading French trucking concern for over 34 years. CLTA anticipates that this new dimension to its operations may add over $30,000,000 to its revenues in 2005.
CLTA has been informed that its bid for the assets has been accepted by the French agency with responsibility for Trans Cuisinier. Therefore, Mike Margolies, GCCP'S Chairman and CEO, is leading a delegation of executives who will fly to France on Thursday, January 27th to negotiate the final terms of the acquisition agreement and prepare for a closing on Monday, January 31. Mr. Margolies and his associates will then oversee the absorption of the Trans Cuisinier operations into CLTA.
The highlights of the transaction are as follows:
-- CLTA will receive 44 trucks free and clear, and assume the
remaining lease payments on another 152 trucks. The present
value of the entire fleet is over $10,000,000.
-- CLTA will offer positions to approximately 180 ex-employees
of Trans Cuisinier.
CLTA's acquisition of the Trans Cuisinier assets and retention of its employees will permit CLTA to offer its services to Trans Cuisinier's customers. Included among those customers are many of the world's largest air freight companies.
Mike Margolies said: "This opportunity, which arose so quickly after our acquisition of CLTA, could not be ignored. The consolidation of various operational functions into CLTA's headquarters in Chambly, France, will also result in savings that translate into our bottom line. This is definitely going to be our year."
For further information contact Mike Margolies at 845-424-4100.
The information in this Press Release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will provide to be correct. Factors that could cause results to differ include, but are not limited to successful performances of internal plans, the impact of competitors, and general economic risks and uncertainties.