Pangaea Logistics Solutions, Ltd. Enters into Letter of Intent with ASO 2020 Maritime
October 08 2014 - 5:26PM
Business Wire
Pangaea Logistics Solutions, Ltd. (“Pangaea” or the
“Company”) (NASDAQ:PANL) announced today that it has entered
into an agreement in principle with ASO 2020 Maritime (“ASO 2020”).
Pursuant to the letter of intent and subject to certain conditions,
ASO 2020, an affiliate of the Alexander S. Onassis Foundation, will
acquire a significant stake in Pangaea which was recently listed on
the NASDAQ.
Ed Coll, Pangaea’s chief executive officer, noted, “We are proud
and fortunate to have affiliates of the Onassis Foundation as our
partners. This group has long been associated with best practices
in ocean-going transport and we believe will further strengthen our
positioning.”
Terms of the investment, which is expected to close within 60
days, were not disclosed.
About Pangaea Logistics Solutions, Ltd.
Pangaea Logistics Solutions Ltd. provides logistics services to
a broad base of industrial customers who require the transportation
of a wide variety of dry bulk cargoes, including grains, pig iron,
hot briquetted iron, bauxite, alumina, cement clinker, dolomite,
and limestone. The Company addresses the transportation needs of
its customers with a comprehensive set of services and activities,
including cargo loading, cargo discharge, vessel chartering, and
voyage planning. Learn more at www.pangaeals.com.
Safe Harbor Language
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding future financial
performance, future growth and future acquisitions. These
statements are based on Pangaea’s managements’ current expectations
or beliefs and are subject to uncertainty and changes in
circumstances. Actual results may vary materially from those
expressed or implied by the statements herein due to changes in
economic, business, competitive and/or regulatory factors, and
other risks and uncertainties affecting the operation of Pangaea’s
business. These risks, uncertainties and contingencies include:
business conditions; weather and natural disasters; changing
interpretations of GAAP; outcomes of government reviews; inquiries
and investigations and related litigation; continued compliance
with government regulations; legislation or regulatory
environments; requirements or changes adversely affecting the
business in which Pangaea is engaged; fluctuations in customer
demand; management of rapid growth; intensity of competition from
other providers of logistics and shipping services; general
economic conditions; geopolitical events and regulatory changes;
the possibility that the merger does not close, including due to
the failure of closing conditions; and other factors set forth in
Pangaea’s filings with the Securities and Exchange Commission,
including filings of its predecessor companies. The information set
forth herein should be read in light of such risks. Pangaea is not
under any obligation to, and expressly disclaims any obligation to,
update or alter its forward-looking statements, whether as a result
of new information, future events, changes in assumptions or
otherwise.
INVESTOR RELATIONS:Prosek PartnersThomas Rozycki,
212-279-3115 x208Managing Directortrozycki@prosek.com
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