Cargo Connection Logistics Corp.'s Miami Facility Receives Approval
as U.S. Customs Bonded Freight Station; Company Anticipates $500,000
of Additional Revenue with Minimal Associated Costs
9/12/2005 8:00:22 AM
INWOOD, N.Y., Sep 12, 2005 (BUSINESS WIRE) -- Cargo Connection Logistics Holding, Inc. (CRGO), today announced that its wholly owned subsidiary, Cargo Connection Logistics Corp., has received notification from U.S. Customs that they have approved its license for its Miami facility to become a bonded container freight station. The license becomes effective Friday, September 16, 2005.
According to Jesse Dobrinsky, president of Cargo Connection Logistics Corp., for the past four years the Miami facility has operated as a bonded receiving station which allowed the company to accept only inbound freight that was not destined for Miami.
"The new license will allow the company to accept freight, clear customs and either deliver the freight in Miami or allow the freight to be transferred beyond Miami to its final destination within the US," said Dobrinsky.
"We believe that this addition to our business will allow us to handle at least 5 million pounds of CFS cargo per year at the beginning in addition to the 40 million pounds of transfer and line-haul freight we are currently handling through this facility," said Scott Goodman, the company's CFO. "This should equate to $500,000 of additional revenue with minimal associated costs.
The Miami facility's designation as a US Customs Bonded Container Freight Station is a "terrific complement to Cargo Connection's other CFS facilities located in Atlanta, Chicago, Columbus and New York," added Goodman."
According to Dobrinsky, the company currently leases office space at its 36,000 square foot Miami facility to New York-based Sovereign Logistics. Dobrinsky said that Sovereign, which has extensive operations in Central and South America, has committed to utilizing Cargo Connection Logistics for all of its Container Freight Station needs in Miami.
"From our perspective, this represents a welcome opportunity to consolidate our CFS operations at one location and in so doing achieve improved economies of scale given the expected transition of an additional 30 percent to 40 percent in increased throughput," said Sovereign President and CEO, Joe Decker.
Cargo Connection Logistics Holding, Inc. consists of Cargo Connection Logistics Corp. and Mid-Coast Management, Inc., which are both headquartered in Inwood, NY. The Company also has offices in Atlanta, Charlotte, Chicago, Columbus, Miami, New York and Pittsburgh. The companies provide a comprehensive variety of transportation and warehouse capacity services to shippers throughout the nation. Currently the two companies have a total of 88 full-time employees.
About Cargo Connection Logistics Corp./Mid-Coast Management, Inc.
Cargo Connection Logistics Corp. is a leader in world trade logistics. Headquartered adjacent to JFK International Airport, the company is a transportation logistics provider for shipments importing into and exporting out of the United States, especially through the Gateways of Chicago, Illinois, JFK, New York, Miami, Florida or Atlanta, Georgia, with service areas throughout the Unites States and North America. Mid-Coast Management, Inc. is a container freight station specifically designed to handle internationally arriving freight for the major retail suppliers. Since its inception, Mid-Coast Management, Inc. has developed relationships with many retailers and also works with Freight Forwarders from around the world.
Additional information about Cargo Connection can be obtained at its website cargocon.com
SOURCE: Cargo Connection Logistics Holding, Inc.
For Cargo Connection Logistics Holding, Inc.
Peter Nasca, 305-937-1711
pnasca@pnapr.com
. |
