 |
Shippers Commonwealth Corporate
Update
January 24, 2008 - Charleston SC: It was
announced today that Caravan Network LLC has acquired balance
of the voting equity interest in Shippers Commonwealth LLC,
as purchased from Advance Trailer Systems Inc. (an affiliate
of Riverside Logistics, Inc.), with the transaction closing
taking place on January 24, 2008. Advance had been original
equityholder and equal partner with Robert Shagawat, CEO of
Shippers Commonwealth (via his Caravan venture) in the Company
since 2000. With this change of control, Caravan is now the
principal and sole controlling equityholder in Shippers Commonwealth,
with Caravan owning all voting units in the Company and holding
approximately 93% of all Company equity (balance in equity
rights/warrants granted to or purchased by current and former
employees/advisors, as redeemable in event of total third
party acquisition of the Company)
The Company continues to have exceptional financial performance
and very strong balance sheet, with exemplary credit standing,
and robust capital expansion capacity (both unused and authorized
bank borrowing capacity and strong interest from the private
equity community) for powering its continuing rapid growth
and ongoing high profitability and return on invested capital.
The Company also recently elected to move to Branch Bank &
Trust (BB&T) as its lead banking institution after a comprehensive
evaluation process, as replacing Wachovia as long-time prior
banking relationship. BB&T also provided financing to
Caravan for the January 2008 equity purchase transaction with
the Company. Nexsen Pruet Adams Kleemeirer, the largest law
firm in the Carolinas, served as closing attorney and counsel
to Caravan and the Company in this transaction. Caravan is
100% owned by Robert Shagawat, as founder and CEO of Shippers
Commonwealth.
Shippers Commonwealth, leader in transportation automation
solutions, is also moving its legal corporate domicile from
Virginia to South Carolina. The Company continues to house
its executive offices (including sales and finance) in Charleston,
SC, with customer support center in Richmond, VA, and field
implementation and support offices throughout the US and Canada.
For further information on Shippers Commonwealth programs
for powering your logistics operations, e-mail the Company
at info@shipperscommonwealth.com
or call the headquarter office at 843-805-6607.
|
|
