ChampionLyte Holdings, Inc. Changes Name to Cargo Connection Logistics Holding, Inc. To Better Reflect New Corporate Direction; New Stock Symbol CRGO.INWOOD, N.Y. -- ChampionLyte Holdings, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CPLY) today announced that it has changed its name to Cargo Connection Logistics Holding, Inc. to better reflect its recent acquisitions and strategic initiative as a pure play transportation/logistics company. The Company will now trade under the symbol CRGO. The stock will temporary trade under the symbol CRGOE until the filing of the Company's 10QSB QSB Fading QSB Qualified Small Business (IRS category) QSB Queen Street Backpackers (Auckland, New Zealand) QSB Quality System Basics QSB Qualified Supplemental Benefit QSB Quantum Singleton Bound at which time the "E" will be removed. The transaction, as part of an all stock acquisition of Cargo Connection Logistics Corp. and Mid-Coast Management, Inc. two privately-held, New York-based transportation/logistics companies was completed two weeks ago. The combined entities had 2004 revenues of $18 million and are currently on a run-rate of more than $20 million for 2005. As part of the original transaction, an institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. raised $1 million for the Company. The funds are being used for working capital for Cargo Connection Logistics Corp. and to assist in the orderly liquidation of part of ChampionLyte Holdings' current outstanding debt. Miami-based Knightsbridge Capital acted as exclusive financial advisor to ChampionLyte Holdings. "This is one of the first steps in redefining the new public entity," said Jesse Dobrinsky, president of Cargo Connection Logistics Holding, Inc. "We want our shareholders and the investment community to know that we intend on being a very serious player in the more than $200 billion domestic transportation/logistics industry." Cargo Connection Logistics Corp. and Mid-Coast Management, Inc. which are both based in Inwood, N.Y. and also have offices in Atlanta, Charlotte, Chicago, Columbus, Miami, 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 and Pittsburgh. The companies provide a comprehensive variety of transportation and warehouse capacity services to shippers throughout the nation. Currently the two companies have a total of 87 full-time employees. Cargo Connection was originally developed as an agency for industry leader, Landstar System Inc. (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 :LSTR LSTR Listener Side Tone Rating ). Dobrinsky said the company is actively pursuing the sale of the primary assets of ChampionLyte Beverages, Inc. which manufactures and markets ChampionLyte(R), the first completely sugar-free entry in the isotonic isotonic /iso·ton·ic/ (-ton´ik) 1. denoting a solution in which body cells can be bathed without net flow of water across the semipermeable cell membrane. 2. sports drink sports drink Performance drink Sports medicine A thirst-quenching beverage used in sports-related activities, which may boost energy and/or help build muscle mass; water, sugar, salt, potassium are common to all SDs. See Hydrotherapy, Water. market. About Cargo Connection Logistics Corp./Mid-Coast Management Cargo Connection Logistics Corp. is a leader in world trade logistics. Headquartered adjacent to JFK International Airport, the company is a transportation logistics provider for shipments importing into and exporting out of the United States, especially through the Gateways of Chicago, Illinois, JFK, New York, Miami, Florida or Atlanta, Georgia with service areas throughout the Unites States and North America. Mid-Coast Management is a container freight station specifically designed to handle internationally arriving freight for Mast Industries the major supplier to Limited Brands -- one of the worlds' largest multi-brand specialty retailers -- as well as many other significant fashion brands. Since its inception Mid-Coast Management, Inc. has developed relationships with many other retailers and works with Freight Forwarders from around the world. Additional information about Cargo Connection can be obtained at its website http://www.cargocon.com 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 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. |
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