BOCA RATON, Fla., Aug. 22, 2005 (PRIMEZONE) -- Power2Ship, Inc. (OTCBB:PWRI), the provider of a Logistics, Web-based, Collaborative Marketplace for the freight transportation industry and related Homeland Security programs, reported gross revenue for July, the first month of fiscal year 2006, of approximately $2.5 million, representing an increase of approximately $2.27 million or 887% from $0.26 million in revenue during July 2004. Based on the July gross revenue, the Company's annualized sales are approximately $30 million. Richard Hersh, Chairman and Chief Executive Officer of Power2Ship commented, "We are very pleased with the July 2005 revenue figure, and we expect continued growth in Homeland Security and the MobileMarket(TM) during the remainder of fiscal year 2006."
About Power2Ship, Inc.
Power2Ship (P2S) is an Application Service Provider that specializes in the collection and processing of real-time transportation information using event-driven software that optimizes the utilization of transportation assets and provides the information to trading partners. P2S' services are offered to the supply chain management industry including manufacturers and distributors of goods as well as service providers that transport the goods. P2S has three other divisions established to accelerate the market penetration of its patent-pending P2S MobileMarket(TM): An International Licensing Division markets the P2S MobileMarket(TM) abroad; a Security Division focuses on Homeland Security initiatives primarily related to container security; and a Strategic Transactions Division seeks merger, acquisition, and joint venture opportunities with strategic trucking companies and other transportation-related providers.
This press release includes certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding our current business plans, strategies and objectives that involve risks and uncertainties that could cause actual results to differ materially from anticipated results. The forward-looking statements are based on our current expectations and what we believe are reasonable assumptions; however, our actual performance, results and achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Factors, within and beyond our control, that could cause or contribute to such differences include, among others, the following: the loss of one or more of our major customers, our inability to negotiate mutually acceptable agreements with prospective new customers and a lack of sufficient capital to fund our operations; as well as those factors discussed under "Risk Factors" in our Form SB-2/A dated December 15, 2004 and various disclosures in other reports filed from time to time with the United States Securities and Exchange Commission.
For more information about Power2Ship contact:
Richard Hersh, Chairman & Chief Executive Officer at (561) 998-7557 or (866) 998-7557 or by email: rhersh@power2ship.com
To become a Member Shipper contact:
Arnie Werther, Vice President Sales and Operations at (732) 625-3088 or (561) 262-7015 or by email: awerther@power2ship.com
To become a Member Carrier contact:
Customer Service at (866) 727-4995 or go to www.p2scarrier.com