PHOENIX, Dec. 10, 2012 /PRNewswire/ -- PTA Holdings, Inc. (Pink Sheets: PTAH) announced today that it has completed its initial due diligence review of materials related to the previously announced Nortford, LLC letter of intent. Nortford primarily serves the agriculture and food processing sectors with a primary focus in the egg industry. The Egg industry according to a 2010 national report is big business in Iowa, and the state's approximately 57 million layers generate over 14,025 billion eggs each year making Iowa the No. 1 egg-producing state in the nation. The company anticipates the execution of a Definitive Agreement, and transaction closing prior to year end. Earlier the company announced that they had completed an LOI for the purchase of Nortford, a $5,000,000 revenue, Iowa based Transportation Company.
Leonard J. Lewensohn, Chief Executive Officer stated earlier that "we are making real progress as the company pursues its acquisition roll-up strategy. The Nortford transaction brings an annualized revenue base of approximately $5,000,000 to our company." He further stated that, "PTA Holdings, Inc. will continue expanding the business through its roll-up strategy of transportation companies."
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 customer's transportation and supply chains, as we deliver exceptional value to them. Our primary business sector is the agriculture and food processing industry offering a stable and growing source of business.
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. 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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