RANCHO DOMINGUEZ, Calif., Aug. 9, 2004 (PRIMEZONE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today announced that William H. Davidson has resigned from the company's board of directors and will become more actively involved as an advisor to the company's management team. Davidson's resignation brings UTi's board of directors to seven members, four of whom are considered independent.
"Bill Davidson has made valuable contributions to UTi, both through his service on the board and as a consultant in the development and implementation of our NextLeap growth strategy," said Roger I. MacFarlane, UTi's chief executive officer. "We'll miss him from the board. Looking ahead, however, we are pleased to be able to retain Bill's services as an active advisor to management, a role which precludes him from being considered an independent director."
Dr. Davidson, 52, was elected to UTi's board of directors in 2001. His career in international business management spans roles in academia, as an author, consultant and in investment management. He currently is president of MESA Research, a management consultant firm that he founded.
About UTi Worldwide
UTi Worldwide Inc. is an international non-asset based global integrated logistics company, providing air and ocean freight forwarding, contract logistics, customs brokerage and other supply chain management services. The company serves a large and diverse base of global and local companies, including customers operating in industries with unique supply chain requirements such as the pharmaceutical, apparel, chemical, automotive and technology industries. The company seeks to use its global network, proprietary information technology systems, relationships with transportation providers and expertise in outsourced logistics services to deliver competitive advantage to each of its customers' global supply chains.
Safe Harbor Statement
Certain statements in this news release may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company intends that all such statements be subject to the "safe-harbor" provisions contained in those sections. Such statements may include, but are not limited to, the role William Davidson will play as a consultant to the company's management and its growth strategy. Many important factors may cause the company's actual results to differ materially from those discussed in any such forward-looking statements, including increased competition; integration risks associated with acquisitions; the effects of changes in foreign exchange rates; uncertainties and risks associated with the company's operations in South Africa; general economic, political and market conditions, including those in Africa, Asia and Europe; risks of international operations; the success and effects of new strategies; disruptions caused by epidemics, conflicts, wars and terrorism; and the other risks and uncertainties described in the company's filings with the Securities and Exchange Commission. Although UTi believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by UTi or any other person that UTi's objectives or plans will be achieved. The historical results achieved by the company are not necessarily indicative of its future prospects. UTi undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.