PTA Holdings Inc. Executes LOI to Purchase Iowa based Marketing & Transportation Company
PHOENIX, Nov. 6, 2012 /PRNewswire/ -- PTA Holdings, Inc. (Pink Sheets: PTAH) announced today that it has entered into an LOI for the purchase of Nortford, LLC an Iowa based marketing and transportation company. While the exact terms were not announced, the transaction will include both a cash and stock component. The companies expect to complete the transaction prior to year end, subject to completion of due diligence and financing required for the transaction.
Leonard J. Lewensohn, Chief Executive Officer stated, "we are making real progress as the company pursues its acquisition roll-up strategy. The Nortford deal will bring an immediate revenue base of approximately 5 million dollars annually to our company along with a blue-chip customer base." He further stated, "PTA Holdings, Inc. will now continue its focus on expanding the business by initiating its roll-up strategy of transportation companies, during the 4th quarter of this year, this initial transaction further indicates our commitment to grow the company."
Mathew Spafford, CEO of Nortford LLC states; "We are pleased to become a part of the PTA Holdings team, and our commitment is to participate in the successful growth of the combined companies." Nortford provides its marketing and transportation services primarily to food related industries.
About Nortford, LLC.
While our tradition of service began with our produce marketing and truckload services, we've evolved into a first rate 3PL and trucking operation with a comprehensive portfolio of sourcing, transportation, and logistics services. Our people, processes, and technology improve our customers' transportation and supply chains, as we deliver exceptional value to our customers and suppliers. Flexible, consistent, unbeatable service is our pledge as we sort out exactly what a customer's requirements are. We cut straight to what you need—flexibility, consistency, and on time deliveries and we are not content to simply meet our customer's expectations—we are committed to exceeding them every single day.
About PTA Holdings, Inc.:
PTA Holdings, Inc. is a holding company with a core focus in the automotive and for-hire transportation industry. The Company acquired ProFlow Inc. in April 2007.Kingsley Logistics Group, acquired in June of 2012, is a multi-faceted transportation group providing a broad array of traditional transportation and management services including LTL & Truckload, Inter-modal, Rail, Warehousing & Distribution, Equipment Leasing, Brokerage and 3PL, plus Retail & Special Projects Business Groups. 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.