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biz.yahoo.com
Packaging Signs Vallerie Trucking Contract
PLAINVIEW, N.Y., Jan. 30 /PRNewswire/ -- Packaging Plus Services, Inc. (OTC Bulletin Board:
PKGP - news) announced today the execution of a formal purchase agreement for the purchase of all of the assets of Vallerie's Transportation Services, Inc. Vallerie's is a $30,000,000 regional transportation company. It has approximately 300 employees and in excess of $3,000,000 in assets including equipment.
A formal order for the approval of the purchase agreement will be immediately submitted to the U.S. Bankruptcy Court in Connecticut, which is overseeing the Vallerie's reorganization, subject to the Court's rules and procedures.
PKGP's President and CEO, Mr. Richard A. Altomare was quoted as saying, ''The reorganization of Vallerie's will be made easier with the $3,500,000 credit commitment we recently obtained from Allstate Financial of Virginia.''
FQ Transportation, PKGP's wholly owned subsidiary, will purchase the assets and oversee Vallerie's operation and other future transportation acquisitions.
PKGP's other subsidiaries are the Association of Packagers and Carriers, Inc. (APAC), a nationwide association of independent postal centers. The association provides access to business services and logistically convenient and cost effective delivery of goods worldwide. Packaging Plus' other subsidiaries are engaged in advertising, logistical services and concierge services.
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