A.C.L.N. Limited Reports Acquisition of Used Vessel.Business Editors LIMASOL, Cyprus--(BUSINESS WIRE)--Jan. 19, 2000 Used Vessel is Expected to Transport 36,000 Cars Per Year, Reduce Dependence On Shipping Companies and Improve Operating Efficiencies A.C a.c., adv the abbreviation for ante cibum, a Latin phrase meaning “before eating.” .L.N. Limited (www.aclnltd.com) (Nasdaq:ACLNF) today announced that it has entered into an agreement to acquire a used car transport vessel with the capacity to carry approximately 3,000 cars and potentially make 12 voyages annually from Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). to Africa.
A.C.L.N. believes that the acquisition of the ship will allow it to reduce its dependence on third-party owned car carrier vessels and lower the cost of transporting cars. A leading, independent, European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. ship management company will manage the day-to-day day-to-day adj. 1. Occurring on a routine or daily basis: the day-to-day movements of the stock market. 2. operations of the ship. "This acquisition represents the first step in the company's strategy of becoming an asset-based shipping company. Previously, the company has aggregated used cars in Europe which were headed for Africa and shipped those cars by chartering space upon vessels by third parties as back-haul, which permitted us to secure attractive rates," said Joseph Bisschops, chairman of the board of A.C.L.N. "Although we will continue to use chartered vessels, this used vessel will result in decreased reliance on shipping charters, and we expect that profitability will increase as a result of the purchase," commented Aldo Aldo Comes from old German and means old. Aldo may refer to:
About A.C.L.N. Limited A.C.L.N. Limited is a shipping company that specializes in shipping automobiles from Europe to North and West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. and the Middle East, and provides for related customs-clearance and stevedoring services. For more information, visit the company's Web site at http://www.aclnltd.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are based on the current expectations of management and are subject to a number of risk factors and uncertainties that could cause actual results for performance of the company to differ materially from those described herein. Such risk factors and uncertainties include, without limitation, those which are associated with: recent political uncertainty in certain regions where the company's ports of destination are located; restrictions on the transferability of deposited shipping fees; changes in the demand for used automobiles in the countries of the company's ports of destination; changes in the prices and supply of used automobiles; economic downturns and currency fluctuations in the countries of the company's ports of destination; the availability of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. automobile transport vessels; working capital risks associated with growth of the company's operations; and competition with other automobile transporters. |
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