Amertranz Worldwide Holding to restructure operations.LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--June 24, 1997--Amertranz Worldwide Holding Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMTZ AMTZ Amtrak (railroad marking) ), a provider of freight services, announced today a restructuring of its operations with the closing of its Amertranz Worldwide Inc. subsidiary which has continued to incur significant operating losses that will exceed $6 million in the fiscal year ending June 30, 1997. The company will continue to operate through its other profitable subsidiaries. The company said that it would cease operations of its Amertranz Worldwide Inc. subsidiary effective June 23, 1997. The subsidiary, a domestic air freight 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. , has offices in 15 domestic locations. The company said that its Target Air Freight subsidiary will deliver all outstanding shipments and provide services to former customers of Amertranz Worldwide so that they are not negatively impacted by the closure. In announcing the news, the company's President and Chief Executive Officer, Stuart Hettleman, said, "It is in the best interest of our stockholders, creditors, customers, and employees to take this decisive action because the other two operating subsidiaries--Caribbean Air Services and Target Air Freight--are profitable and will continue to operate as free-standing companies. We believe this action will allow us to achieve our stated goal of becoming profitable and position the company for future growth." Amertranz Worldwide Holding Corp. provides freight forwarding services through its wholly-owned subsidiaries, Caribbean Air Services Inc., Target Air Freight Inc., and Consolidated Air Services Inc. Caribbean Air Services is a leading freight forwarder An individual who, as a regular business, assembles and combines small shipments into one lot and takes the responsibility for the transportation of such property from the place of receipt to the place of destination. between the U.S. and Puerto Rico. Target Air Freight, a Los Angeles-based freight forwarding company in business since 1970, has built an international, as well as domestic infrastructure. -0- Statements contained in this press release that are not historical facts are 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. Although Amertranz Worldwide believes that the expectations reflected in such forward-looking statements are reasonable, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projections. This release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most website at www.kcsa.com. CONTACT: Amertranz Worldwide Holding, Lake Success Stuart Hettleman, 516/326-9000 ext.200 or KCSA, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Adam I. Friedman/Joseph A. Mansi, 212/682-6300, ext. 215/205 |
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