Strengthens Capabilities in Support of the Oil
and Gas Industry
RENTON,
Wash., Sept. 4, 2024 /PRNewswire/ -- Radiant
Logistics, Inc. (NYSE American: RLGT), a leading provider of
technology-enabled global transportation and value added logistics
solutions, today announced it has acquired Foundation Logistics
& Services, LLC ("Foundation"), a Humble, Texas -based, privately held company
that provides a full range of specialized transportation and
logistics services for companies involved in the exploration,
drilling, and production of oil and gas. The Company
structured the transaction similar to its previous transactions,
with a portion of the expected purchase price payable in subsequent
periods based on the future performance of the acquired
operations.
Founded in 2014, Foundation specializes in servicing the oil and
gas industry with a focus on the transportation of hazardous
materials, including explosives, and urgent oilfield equipment to
points around the world. On a post-closing basis, Foundation
will continue under the leadership of co-founders Larry Earley and Cindy
Jones and continue to operate as Foundation Logistics with
the expectation that the company will ultimately transition to
operate under the Radiant brand in 2025. Post-closing,
both Larry Earley and Cindy Jones will report to Tim O'Brien, SVP and General Manager of
Radiant's U.S. forwarding operations.
Larry Earley of Foundation
commented, "Through years of dedicated service, our customers have
always remained our top priority. We were looking for a long-term
partner with that same passion for servicing the customer and a
shared vision to further advance our business, while also providing
an opportunity for growth for our employees. We found that partner
in Radiant, and Cindy and I are excited to leverage our own
strengths along with the capabilities of the larger Radiant network
to bring additional value to our customers moving forward."
"We are proud to announce our partnership with Larry, Cindy and
the entire Foundation team," remarked Radiant's Founder and CEO,
Bohn Crain. "Having grown up in and
around Humble, Texas and
considering myself a product of the "oil patch", I am particularly
excited to partner with Larry and Cindy to broaden our capabilities
in support of the oil and gas industry while flying the Radiant
flag in my hometown."
About Radiant Logistics (NYSE American: RLGT)
Radiant Logistics, Inc. (www.radiantdelivers.com) is a publicly
traded third party logistics company providing technology-enabled
global transportation and value added logistics solutions primarily
to customers based in the United
States and Canada. Through
its comprehensive service offering, Radiant provides domestic and
international freight forwarding along with truck and rail
brokerage services to a diversified account base including
manufacturers, distributors and retailers which it supports from an
extensive network of Radiant and agent-owned offices throughout
North America and other key
markets around the world. Radiant's value-added logistics services
include warehouse and distribution, customs brokerage, order
fulfillment, inventory management and technology services.
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding future operating performance, events, trends and
plans. All statements other than statements of
historical fact contained herein, including, without limitation,
statements regarding our future financial position, business
strategy, budgets, projected revenues and costs, and plans and
objectives of management for future operations, are forward-looking
statements. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may,"
"will," "expects," "intends," "plans," "projects," "estimates,"
"anticipates," or "believes" or the negative thereof or any
variation thereon or similar terminology or expressions. We have
based these forward-looking statements on our current expectations
and projections about future events. These forward-looking
statements are not guarantees and are subject to known and unknown
risks, uncertainties and assumptions about us that may cause our
actual results, levels of activity, performance or achievements to
be materially different from any future results, levels of
activity, performance or achievements expressed or implied by such
forward-looking statements. Important factors that could cause our
actual results to differ from our expectations, include but are not
limited to, the performance of our historic business at levels
consistent with recent trends and reflective of the synergies we
believe will be available to us as a result of our recent
acquisitions; and those risk factors that apply to our operations
as disclosed in Item 1A of our Report on Form 10-K for the year
ended June 30, 2023 and other filings
with the Securities and Exchange Commission and other public
documents and press releases which can be found on our web-site
(www.radiantdelivers.com). Readers are cautioned not
to place undue reliance on our forward-looking statements, as they
speak only as of the date made. Such statements are not guarantees
of future performance or events and we undertake no obligation to
disclose any revision to these forward-looking statements to
reflect events or circumstances occurring after the date
hereof.
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SOURCE Radiant Logistics, Inc.