INWOOD, NY, Mar 06 (MARKET WIRE) --
Cargo Connection Logistics Holding, Inc. (OTCBB: CRGO) (BERLIN: CD6)
(FRANKFURT: CD6) (FRANKFURT: 217026) today announced that its Cargo Connection
Logistics Corp. subsidiary successfully renegotiated its lease with LIT/Hodges
Industrial Trust for its 27,520 sq. ft. Atlanta facility. As a result of the
negotiations, the Company extended its current lease, which runs through June
30,
2008, for ten years. In addition, it has successfully lowered its monthly
rentalpayments effective immediately.
"As part of our continuing efforts to improve the Company's financial
condition, we
have negotiated a very favorable agreement with LIT/Hodges Industrial and look
forward to continuing our relationship with them," said Jesse Dobrinsky, CEO
of Cargo Connection Logistics Holding, Inc.
"By agreeing to this ten-year lease extension, the Company is committed to
the Atlanta marketplace and will continue to operate in its current facility
without disruption," said Christopher Madden, Cargo Connection Logistics Corp.'s
director of operations. "Our Atlanta hub has become a valuable part of our
Company and we are seeking to expand operations and services offered to our
customers from this facility."
About Cargo Connection Logistics Holding, Inc.
The Company, through its subsidiaries Cargo Connection Logistics Corp. and
Cargo Connection Logistics - International, Inc., is a leader in world trade
logistics. The Company headquarters is in Inwood, NY, and it also has offices
in Atlanta, GA; Charlotte, NC; Chicago, IL; Columbus, OH; Miami, FL; New York,
NY; and Pittsburgh, PA.
Headquartered adjacent to JFK International Airport, the Company is a
transportation logistics provider for shipments imported into and exported out
of
the United States, with service areas throughout the United States and North
America. The Company currently provides a comprehensive variety of
transportation
and warehouse capacity services to shippers throughout the nation. It also
operates
a bonded General Order warehouse in New York and Container Freight Station
operations, which are specifically designed to handle internationally arriving
freight for major retail suppliers through its facilities in Florida, Georgia,
Illinois, New York and Ohio.
Cargo Connection Logistics' website is www.cargocon.com.
Future-Looking Statements Safe Harbor
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, including, without limitation:
-- the Company's ability to increase its revenues, including by obtaining
contacts with foreign shippers and by acquisition of competing businesses
such as Fleet Global Services, Inc.;
-- the Company's financial condition, including its ability to continue
as a going concern;
-- the Company's ability to operate in compliance with the terms of its
financing facilities (particularly the financial covenants);
-- the Company's ability to maintain adequate liquidity and produce
sufficient cash flow to meet the Company's capital expenditure plans;
-- the number and magnitude of customers;
-- changes in, or the failure to comply with, government and regulatory
policies;
-- the Company's ability to obtain regulatory approvals and to maintain
approvals previously granted;
-- uncertainty relating to economic conditions generally and particularly
affecting the markets in which the Company operates;
-- the effect of the Company being in default on its indebtedness;
-- the Company's ability to raise additional capital, including to the
extent necessary to consummate its acquisition of Fleet Global Services,
Inc.;
-- the Company's reliance on key personnel and independent agents;
-- the Company's vulnerability to economic and industry conditions;
-- changes in the Company's business strategy, development plans or cost
savings plans;
-- the Company's ability to complete acquisitions or divestitures and to
integrate any business or operation acquired;
-- the Company's ability to enter into strategic alliances or other
business relationships;
-- the Company's ability to overcome significant operating losses;
-- the frequency and severity of accidents, particularly involving the
Company's trucking operations;
-- the Company's ability to reduce costs;
-- technological developments and changes in the industry;
-- the Company's ability to develop products and services and to
penetrate existing and new markets; and
-- changes in the competitive environment in which the Company operates.
Contact:
Peter Nasca
Peter Nasca Associates, Inc.
954-473-0677 Ft. Lauderdale
312-527-1044 Chicago
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