Thursday March 7, 4:00 pm Eastern Time
Press Release
SOURCE: A.C.L.N. Limited
A.C.L.N. Limited Announces Resignation of Three Directors; Establishes Partnership in Logistics Services Business
LOS ANGELES, March 7 /PRNewswire-FirstCall/ -- A.C.L.N. Limited (NYSE: ASW - news) announced today that three members of the Company's Board of Directors resigned effective Monday, March 4, 2002. The Directors who resigned are Charles Brock, Michael Doherty and Earl Gould.
A.C.L.N. Limited also announced that it has entered into a fifty percent joint venture agreement with MTL Limited, a Cyprus company, under the name of Afropa Lines Limited. The joint venture provides automobile logistics services of pre-owned vehicles primarily between Central and Southern Europe and North Africa.
Aldo Labiad, A.C.L.N. President and Chief Executive Officer said, ``This agreement expands our logistics services business into other regions of Europe, and establishes a presence in the pre-owned car markets in Italy. The first vessel, the MV Juris Avots, is scheduled to sail from Savona, Italy to Libya on March 11, 2002.''
About A.C.L.N. Limited
A.C.L.N. Limited ( www.aclnfltd.com ) is a leader in pre-owned automobile and truck logistics, serving six European ports, one Asian port and fourteen ports of destination in Africa. Founded in 1978, A.C.L.N. currently operates three primary business segments: (i) providing new and pre-owned automobile and truck logistics services between Asia, Europe and Africa, (ii) purchasing and selling new and pre-owned automobiles in Africa on a wholesale basis, and (iii) vessel ownership of pure car and truck carriers.
This news release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to statements that relate to the A.C.L.N.'s ability to service the debt of the vessels it has purchased, its intent to build vessels, its sales, profitability and growth, demand for its products or services, growth in the markets it serves or any other statements that relate to the intent, belief, plans or expectations of A.C.L.N. or its management, or that are not a statement of historical fact. Any forward looking statements in this news release are based on current expectations and beliefs and are subject to numerous risks and uncertainties that could cause actual results to differ materially. Other factors that could cause A.C.L.N.'s actual results to differ materially are discussed in the A.C.L.N.'s recent filings with the Securities and Exchange Commission. A.C.L.N. disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
For further information, please contact: Christian Payne, Chief Financial Officer, Christian@aclnltd.com, or Jane Creber, V.P. Investor Relations, jane@aclnltd.com, both of A.C.L.N. Limited, +1-310-268-9288.
SOURCE: A.C.L.N. Limited |
