NEW YORK, Oct. 6, 2004 (PRIMEZONE) -- Transportation Logistics Int'l, Inc. (OTCBB:TRPL) announced today that on Friday October 1, in Paris, France, it completed the acquisition of 60%, the controlling interest in Compagnie Logistique De Transports Automobiles (CLTA).
Three seats on CLTA's five-person board will be appointed by TRPL. They are Michael Margolies, Kevin Waltzer, a major TRPL shareholder, and Michael Gilbert, President of TRPL's Advanced Medical Diagnostics subsidiary.
On Saturday October 2, 2004, CLTA moved its corporate headquarters and primary dispatching functions to Chambry, France, a small town about 35 miles north of Paris. This will enable CLTA to increase its Peugeot parking facilities from 8,000 to 10,000 vehicles.
Michael Margolies, TRPL's Chairman and CEO commented, "I just returned from five days in France overseeing the transition to TRPL management of CLTA, and I am convinced that we have made a dramatic move in rebuilding our company." "The revenue figures, while large, are only a small part of the picture. We expect to do over 20 million dollars in our first year of operations under TRPL.
"In addition to one new signed contract which starts January 1, we are bidding on others. We are actively working on an acquisition opportunity previously announced. We believe that our CLTA management team led by Michel Marstal and Dominique De Maio are capable of running an organization much, much larger than CLTA's present size, and it's our intent to give them that opportunity, to the ultimate benefit of TRPL and its shareholders."
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.