Air Express International Announces the Acquisition of Radix Group, Inc.DARIEN, Conn.--(BUSINESS WIRE)--May 3, 1995-- Air Express International Corporation ("AEI AEI American Enterprise Institute AEI Archive of European Integration AEI Australian Education International AEI Automotive Engineering International AEI Australian Education Index AEI Albert Einstein Institute ") today signed an agreement for the acquisition of Radix The base value in a numbering system. For example, in the decimal numbering system, the radix is 10. (mathematics) radix - The ratio, R, between the weights of adjacent digits in positional representation of numbers. Group, Inc. ("Radix"). Radix is one of the leading companies in providing customs brokerage services in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with a network of 23 U.S. offices. Radix also provides airfreight air·freight n. 1. A system of transporting freight by air. 2. The amount charged for transporting freight by air. air and ocean freight forwarding services and had net revenues for the fiscal year ended July 31, 1994 of $30 million and gross revenues of approximately $65 million. AEI will acquire 100% of the outstanding stock of Radix for a maximum of one million shares of AEI Common Stock. This transaction will be accounted for as a purchase. The closing of the acquisition, which is conditioned upon Hart-Scott-Rodino clearance and approval by a majority of Radix shareholders, is scheduled for on or about June 10, 1995. Guenter Rohrmann, President and Chief Executive Officer of AEI, stated, "Radix is one of the nation's largest customs brokers Customs Broker An individual or firm licensed by customs authorities to enter and clear imported goods through customs. The broker represents the importer in dealings with the customs authorities. . The combination of the two companies will benefit AEI by providing more extensive customs brokerage capabilities to AEI customers and simultaneously offering Radix customers access to AEI's global network and "LOGIS", AEI's transportation and logistic information system." AEI is the oldest U.S. based international airfreight forwarder Forwarder Acts as a travel agent for cargo. A forwarder specializes in arranging the transport and completing required shipping documentation. Some are affiliated with NVOCC services. In the United States they are licensed by the Federal Maritime Commission. , with 1994 revenues of approximately $1 billion and over 4,700 employees worldwide. CONTACT: Dennis M. Dolan, Vice President and Chief Financial Officer 203/655-5713 |
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