PTA Holdings, Inc. Completes Due Diligence on Eggspress Acquisition & Expects Closing Transaction During Q1 2013
PHOENIX, Feb. 20, 2013 /PRNewswire/ -- PTA Holdings, Inc. (Pink Sheets: PTAH) announced today that it has completed due diligence for the purchase of Eggspress, an Iowa based motor carrier serving the egg and agricultural industry. Eggspress will strengthen the company's service capability as it expands its footprint servicing the distribution of these products throughout the Midwest.
Leonard J. Lewensohn, Chief Executive Officer stated that "we are making real progress as the company pursues its acquisition roll-up strategy. The Eggspress deal will bring an expected revenue base of approximately 3-5 million dollars annually to our company along with a blue-chip customer base." He further stated that, "PTA Holdings, Inc. will continue its focus on expanding the business by implementing its targeted acquisition strategy of transportation companies."
Matthew Spafford, CEO of Eggspress states, "We are pleased to bring Eggspress into PTA Holdings, Inc. along with Nortford, a sister company primarily serving the Egg industry. Iowa has regained the distinction of being the number one egg producing state and the Iowa Egg Council estimates that there are over 40 million layers producing 9.5 billion eggs annually. The multiplier impacts on the Iowa economy are even more impressive with total labor income of $160 million and value added of $224 million attributable to direct and indirect impacts of the egg industry on the Iowa economy. Our combined companies are strategically positioned to capitalize on our expanded service capabilities."
About PTA Holdings, Inc.:
PTA Holdings, Inc. is a holding company with a core focus in the logistics and for-hire transportation industry. Kingsley Logistics Group, acquired in June of 2012, is a multi-faceted transportation group providing a broad array of traditional transportation and management services. The focus of the combined companies is to expand the company via a strategic transportation industry roll-up.
Notice on Forward-Looking Statements:
This news release includes forward-looking statements regarding PTA Holdings, Inc. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties. Forward-looking statements speak only as of the date on which they are made and PTA Holdings, Inc. undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
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SOURCE PTA Holdings, Inc.