Message #14 From:
NewsBot Date: September 19, 2005 07:03:00 AM
CRGO News Cargo Connection Logistics Corp. Says Delta and Northwest Chapter 11 Filings Will Have Minimal Impact on Company
INWOOD, N.Y.--(BUSINESS WIRE)--Sept. 19, 2005--
Reorganization Efforts Could Have Positive Impact on Operations Going Forward
Cargo Connection Logistics Holding, Inc. (OTCBB:CRGO), today announced that recent bankruptcy filings by Delta and Northwest Airlines will have negligible impact on the operations of its wholly owned subsidiary, Cargo Connection Logistics Corp.
Cargo COO/CFO, Scott Goodman, said that the company was owed a minimal amount of money from each airline and that they will continue to perform business on behalf of the cargo divisions of each airline.
"The good news is that we were owed a minimal amount of money for outstanding invoices and both organizations are making payments within terms," said Goodman. "Moving forward as both companies are in reorganization, we will be paid promptly for any services rendered. Additionally, while Northwest has not named a critical vendor list, we will continue to work with them and prior to its filing we were named a major provider out of New York to their cargo destinations. Presently, we service Delta throughout our transportation network. There definitely appears to be significant opportunity to expand our business with both carriers."
Cargo Connection Logistics Holding, Inc. consists of Cargo Connection Logistics Corp. and Mid-Coast Management, Inc., which are both headquartered in Inwood, NY. The Company also has offices in Atlanta, Charlotte, Chicago, Columbus, Miami, New York 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 88 employees.
About Cargo Connection Logistics Corp./Mid-Coast Management, Inc.
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, Inc. is a container freight station specifically designed to handle internationally arriving freight for the major retail suppliers through its CFS facilities in Florida, Georgia, Illinois, New York and Ohio. Since its inception, Mid-Coast Management, Inc. has developed relationships with many retailers and also 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 of 1995 provides a "safe harbor" 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.
