Nicor Subsidiary to Acquire Shipping Business - Deluxe Freight, Inc.

Fri Nov 6, 2009 4:44pm EST
 
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NAPERVILLE, Ill.--(Business Wire)--
Nicor Inc. (NYSE: GAS) announced today that its subsidiary, Birdsall, Inc., has
signed a definitive agreement to acquire Miami-based Deluxe Freight, Inc. Terms
of the agreement were not announced. Birdsall, Inc. is the parent company of
Tropical Shipping, a leading carrier of containerized freight in the Bahamas and
Caribbean. 

Deluxe Freight is the leading non-vessel operating common carrier (NVOCC) into
the Cayman Islands, the primary market it has served since 1996. It has built a
strong and loyal customer base in the less-than-container load (LCL) and
full-container load consolidation segment of the market. Deluxe Freight will
remain headquartered in Miami and will operate as a separate brand. 

"We have always viewed Deluxe as a premier provider of LCL services with an
unmatched commitment to superior and personalized customer service," said Rick
Murrell, Tropical Shipping`s Chairman and President. "Cayman is a key market for
Tropical and our most significant in terms of LCL revenue. While the acquisition
is small in relation to our total volumes, the Deluxe brand addition expands our
service offerings in a market that is important to our long-term success." 

Willie Munoz, President of Deluxe Freight, will remain in his current position.
Michael Pellicci, Chief Financial Officer of Tropical Shipping, who is
responsible for managing the separate brands, stated, "We are very excited to
have Willie committed to lead Deluxe Freight in the same manner he has for over
13 years. Rick and I look forward to partnering with him to grow the Deluxe
Freight brand." Mr. Pellicci added, "After acquiring Caribtrans last year, we
believe Deluxe represents a great fit in continuing Tropical`s strategic
expansion of our logistic services to benefit our Caribbean customers." 

Nicor Inc. (NYSE: GAS) is a holding company and is a member of the Standard &
Poor`s 500 Index. Its primary business is Nicor Gas, one of the nation`s largest
natural gas distribution companies. Nicor owns Tropical Shipping, a
containerized shipping business serving the Caribbean region and the Bahamas. In
addition, the company owns and/or has an equity interest in several
energy-related businesses. For more information, visit the Nicor website at
www.nicor.com. 

Caution Concerning Forward-Looking Statements

This document includes certain forward-looking statements about the expectations
of Nicor and its subsidiaries and affiliates. Although Nicor believes these
statements are based on reasonable assumptions, actual results may vary
materially from stated expectations. Such forward-looking statements may be
identified by the use of forward-looking words or phrases such as "anticipate,"
"believe," "expect," "intend," "may," "planned," "potential," "should," "will,"
"would," "project," "estimate," "ultimate," or similar phrases. Actual results
may differ materially from those indicated in the company`s forward-looking
statements due to the direct or indirect effects of legal contingencies
(including litigation) and the resolution of those issues, including the effects
of an ICC review, and undue reliance should not be placed on such statements. 

Other factors that could cause materially different results include, but are not
limited to, weather conditions; natural disasters; natural gas and other fuel
prices; fair value accounting adjustments; inventory valuation; health care
costs; insurance costs or recoveries; legal costs; borrowing needs; interest
rates; credit conditions; economic and market conditions; accidents, leaks,
equipment failures, service interruptions, environmental pollution, and other
operating risks; tourism and construction in the Bahamas and Caribbean region;
energy conservation; legislative and regulatory actions; tax rulings or audit
results; asset sales; significant unplanned capital needs; future
mercury-related charges or credits; changes in accounting principles,
interpretations, methods, judgments or estimates; performance of major
customers, transporters, suppliers and contractors; labor relations; and acts of
terrorism. 

Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release. Nicor undertakes no
obligation to publicly release any revision to these forward-looking statements
to reflect events or circumstances after the date of this release.

Nicor Inc.
Kary Brunner, re: N-1020
630 388-2529 

Copyright Business Wire 2009

 

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