DAMG Worldwide Announces Teaming Agreement With Northrup Grumman to Develop Logistics Centers Globally.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 21, 2000

DAMG Worldwide (Diversified Asset Management Group Worldwide) and the Automation and Information Systems Division of Northrop Grumman Corporation's Electronic Sensors and Systems Sector (ESSS), have teamed up to develop state-of-the-art air cargo and logistics centers on a global basis.

This new partnership will have the capacity to plan, finance, design and build complete logistics facilities to include the vertical and horizontal construction, and the complex internal sortation systems that are so critical to time sensitive and cost effective goods movement.

"We are extremely pleased to team with Northrop Grumman whose unsurpassed reputation in the aviation industry, combined with their material handling expertise brings a unique discriminator in this fast passed time sensitive delivery market," stated Joseph A. Piscitell, president and CEO of DAMG Worldwide. "The shared vision of our two companies represent the future of goods movement, and the depth and experience of our firms, position us to respond to industry needs faster and more comprehensively than anyone ever contemplated. With a single phone call, an airport, and airline, or a municipality can initiate the development of a 21st century logistics center by a team unsurpassed in its knowledge of the industry and its ability to deliver completed projects on target."

"DAMG has demonstrated its vision and leadership in developing specialized facilities to meet the challenges of the future," said Victor J. Yates, manager of Strategic Marketing for Northrop Grumman's A&IS.

"The issues associated with the time definite delivery of goods resulting from the emergence of e-commerce present some unique challenges. The combination of Northrop Grumman's expertise in the design and installation of state-of-the-art facilities, represent a distinctive industry resource, that functions equally well on or off airport. It is also important to remember that the size and international nature of the members of this new team, add enormous capacity to market facilities on a global basis," Yates said.

Northrop Grumman's Automation & Information Systems, a business unit of the company's Baltimore, Md.-based Electronic Sensors and Systems Sector, provides advanced integrated systems solutions for package and parcel sorting and delivery and material handling applications to U.S. governmental and industrial customers.

DAMG Worldwide is a New York-based financier and owner of aviation assets worldwide with a concentration on air cargo facilities and a preliminary approval applicant in the Federal Aviation Administration's Airport Pilot Privatization Program. DAMG operates three separate businesses, DAMG Infrastructure Group, DAMG Realty Group, and DAMG Ventures.