Consolidated Delivery & Logistics, Inc. Approves Resolutions
29 June 1998
Consolidated Delivery & Logistics, Inc. Approves Three Classes of Directors and Stock Incentive Programs
CLIFTON, N.J., June 29 -- Consolidated Delivery & Logistics,
Inc. At its annual meeting, the shareholders of Consolidated
Delivery & Logistics, Inc. approved resolutions to create staggered three year
terms for the Board of Directors and to permit the Company to increase stock
incentive programs for the Company's employees and outside directors. All
current directors were re-elected for one, two or three year terms.
Additionally resolutions were adopted to ratify the Company's employee stock
purchase plan. Al Van Ness, Chairman and CEO, stated that he was pleased with
the high level of support received for these motions - "It is informed,
dedicated people that make the difference."
At the annual meeting, the Chairman reminded those shareholders present
that in 1997 the Company began a turnaround that resulted in an approximate
four million dollar improvement in operating profit from continuing operations
year over year. The Chairman also reiterated the five point program for
growth that the Company is implementing in 1998. This program focuses on re-
configuring its air courier division, improving the Company's technology
capability, improving the level of service in on-time delivery, mapping out a
strategy to deliver products with the features customers want at a competitive
price and implementing a strategic acquisition program that will augment its
current profitable operations.
Mr. Van Ness repeated that, "potential acquisitions must either provide
synergies in a market in which the Company currently operates or be of
sufficient scale and market share to enable CD&L to compete successfully in a
new market." The Chairman indicated that detailed negotiations and due
diligence were underway with several companies pursuant to signed letters of
intent.
Consolidated Delivery & Logistics, Inc. headquartered in Clifton, New
Jersey is a full service, same day ground and air delivery and logistics
company with 60 offices in 23 states and the District of Columbia. The
Company has nearly 3,000 employees and utilizes over 1,000 independent
contractors in providing time sensitive delivery services to thousands of
businesses.
This press release contains certain forward-looking statements regarding
future events or the future financial performance of the Company. These
forward-looking statements include comments on the Company's future business
development and need to reduce cost of revenue. These forward-looking
statements involve certain risks and uncertainties that may cause the actual
events or results to differ materially from those indicated by such forward-
looking statements. Potential risks and uncertainties include without
limitation the risk that the Company will lack satisfactory merger or
acquisition candidates and/or have an inability to conclude acquisitions or
mergers on satisfactory terms, will be unable to obtain acquisition financing
on satisfactory terms, will be unable to re-configure its air division or
improve its technology or service levels at acceptable costs or achieve cost
savings or additional profits contemplated by the Company's business
management strategy or other risks specified in the Company's SEC filings.