BOCA RATON, Fla., Dec. 15, 2006 (PRIME NEWSWIRE) -- Fittipaldi Logistics, Inc. (OTCBB:FPLD) announces the appointments of Orin S. Neiman as C.E.O. of Commodity Express Transportation, a wholly owned subsidiary, and Frank P. Reilly as Executive Vice President for Strategy and Market Development.
Mr. Neiman has vast experience in transportation and logistics having served as CEO and Chairman of Transcon Inc., previously listed on the NYSE. He also held the same positions for Transcon's subsidiary, Transcon Lines, the nation's fifteenth largest trucking firm at the time. He subsequently served as CEO and Chairman of Polar Express Inc., a NASDAQ-traded motor carrier specializing in the transportation of time-sensitive and temperature-controlled freight. Mr. Neiman was a former Vice President of the American Trucking Association, and currently serves on the board of several charitable organizations. He earned a B.A. from Tulane University and a J.D. from Tulane Law School.
After 20 highly successful years in the field of international fashion, representing names such as Hugo Boss and Giorgio Armani, Mr. Reilly branched out into real estate and the promotion of sports and entertainment figures. He counts among his clients, Emerson Fittipaldi whom he was instrumental in introducing to the Company. Mr. Reilly's numerous international contacts will prove highly beneficial to the company as it grows globally.
David Brooks, CEO of Fittipaldi Logistics, said, "We are delighted to have two gentlemen with the combined skill sets they have and their years of experience in their respective fields join our team. They both clearly understand the market we are focused on and I'm confident both will develop the right mix of resources and clients to support our strategic growth plans."
About Fittipaldi Logistics, Inc.
"improving transportation through intelligent information management"
Fittipaldi Logistics, Inc. is a technology company that specializes in providing pertinent, real-time information to the worldwide transportation and security industries. Our telematics solutions collect vehicle and container-based data and integrate it with information gathered from various disparate legacy systems across the supply chain. The data is then synthesized and reformatted into valuable, actionable information, and delivered to appropriate end-users across the logistics value chain through secure web-based applications. Specific offerings include: vehicle tracking, inventory/asset visibility, secure trucking, matching available freight with available trucks, and many others. Additionally, Fittipaldi Logistics, through Fittipaldi Carriers, is an expanding freight transportation operation currently serving the southeastern United States.
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: we have a history of losses and an accumulated deficit, expect losses to continue for the foreseeable future and will need to raise additional working capital in order to implement our business model and sustain our operations; the loss of one or more of our major customers could materially and adversely effect our future revenue and business operations; as well as those factors discussed under "Risk Factors" in our Annual Report on form 10-KSB filed on October 13, 2006 and various disclosures in other reports filed from time to time with the United States Securities and Exchange Commission.