A.C.L.N. Ltd. Announces Two New African Ports; A.C.L.N. to Ship to Banghazi and Tripoli, Libya.NICOSIA, Cyprus--(BUSINESS WIRE)--Dec. 1, 1999-- A.C.L.N. Ltd. (www.aclnltd.com) (Nasdaq:ACLNF) today announced the initiation of service to two new ports of destination in Libya -- Banghazi and Tripoli Tripoli, city, Lebanon Tripoli (trĭp`əlē) or Tarabulus (täräb`  l . Most of the cars to be shipped from these ports will be shipped with their freight prepaid, unlike the majority of the cars currently shipped by the company, for which freight fees are collected upon delivery in Africa. A.C.L.N. had discontinued service to Libya as a result of the economic sanctions Economic sanctions are economic penalties applied by one country (or group of countries) on another for a variety of reasons. Economic sanctions include, but are not limited to, tariffs, trade barriers, import duties, and import or export quotas. placed upon the country. Many of these sanctions have recently been lifted as a result of Libya's cooperation with international authorities related to the Lockerbie, Scotland, bombing and other issues. "We are pleased to recommence Re`com`mence´ v. i. 1. To commence or begin again. 2. To begin anew to be; to act again as. He seems desirous enough of recommencing courtier. - Johnson. v. t. 1. To commence again or anew. shipments to Libya. Libya has historically been a strong market for A.C.L.N., and in fact over the recent years during trade sanctions Trade sanctions are trade penalties imposed by one or more countries on one or more other countries. Typically the sanctions take the form of import tariffs (duties), licensing schemes or other administrative hurdles. with Libya, the company saw large numbers of cars shipped to its Tunisian ports which were ultimately headed for Libya," commented Joseph Bisschops, chairman of A.C.L.N. "The opening of these markets substantially increases the size of the markets we serve. This new market growth is one of the catalysts that we hope will continue to drive the growth of A.C.L.N. More than ever, we are well positioned to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the growth in demand for cars from growing African nations," continued Bisschops. "A.C.L.N. expects that this market will be very important for its continued growth. We look to the fact that Libya, which is one of the world's largest producers of oil, has been under economic sanctions for several years now. We believe that this has led to a considerable level of pent-up demand, which we hope will drive consumption of consumer durables Consumer durables Consumer products that are expected to last three years or more, such as an automobile or a home appliance. consumer durables See durable goods. such as cars." About A.C.L.N. A.C.L.N. arranges for the shipment of 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. This news release contains 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. 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 that 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 automobile transport vessels; working-capital risks associated with growth of the company's operations; and competition with other automobile transporters. |
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