2008-03-01 21:27:31 -
- Summit Global Logistics, Inc. (OTCBB: SGLT) ("Summit") today announced that the U.S. Bankruptcy Court has granted a motion to deny a discovery request by Hecny Transportation Limited prior to a sale hearing scheduled for March 13, 2008. The Court on February 14, 2008 approved procedures for a sale of the company's assets and certain of Summit's subsidiaries to TriDec
Acquisition Co. Inc. ("TriDec"). TriDec is a company formed by certain founders of Summit's operating companies and members of senior management.
"We are pleased to have received the bankruptcy court's approval for this motion so that the sale of Summit's assets can move forward in a timely and orderly fashion," said Robert A. Agresti, president and chief executive officer of Summit Global Logistics. "We are confident that this claim by one of our competitors was a clear attempt to delay the sale process in order to obtain a competitive advantage. Today's ruling will allow us to remain on track to emerge from Chapter 11 on schedule while we continue to focus on serving our loyal customers."
On January 30, 2008, Summit announced an agreement by TriDec to purchase the company's assets pursuant to Section 363 of U.S. Bankruptcy Code. To facilitate this transaction, the company filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the District of New Jersey. In accordance with the U.S. Bankruptcy Code, this agreement is subject to an auction seeking higher or better offers pursuant to the bid procedures approved by the Court on February 14, 2008.
The sale will be completed via an auction in accordance with section 363 of Chapter 11 of the U.S. Bankruptcy Code.
About Summit Global Logistics
Summit Global is a leading third party logistics company providing a full suite of supply chain management services in the United States, Asia (including China, Taiwan, Thailand and Vietnam), Russia, the Commonwealth of Independent States, Eastern Mediterranean, the Middle East and India. The Company operates both contract logistics and freight forwarding/NVOCC operations in approximately 25 key transportation hubs across the globe. Visit the company at www.summitgl.com.
Forward-Looking Statement
This press release includes "forward looking statements" as defined by the Securities and Exchange Commission (the "SEC"). Forward-looking statements include all statements that do not relate solely to historical or current facts. These forward-looking statements are based on the current plans and expectations of our management and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated. These factors include, but are not limited to: economic conditions affecting the shipping, transportation, and delivery logistics industry; the adverse effect of legislation and other matters affecting the industry; increased competition in the industry; our dependence on certain customers; the risk that we may not be able to retain and attract customers; the risk that we may not be able to retain critical vendors; the availability of and costs associated with potential sources of financing, including interim financing and bankruptcy court approval thereof; consummation of the sale of the company's assets, on the terms and conditions proposed, including bankruptcy court approval of the sale transaction; the loss of key personnel; the risk that we may not be able to attract and retain new qualified personnel; difficulties associated with integrating acquired businesses and customers into our operations; material deviations from expected future workers' compensation claims experience; collectability of accounts receivable; the carrying values of deferred income tax assets and goodwill, which may be affected by future operating results; the availability of capital or letters of credit necessary to meet state-mandated surety deposit requirements; and government regulation.
Edelman Financial for Summit Global Logistics
Somna Maraj, 212-704-8175
somna.maraj@edelman.com
or
John Dillard, 212-704-8174
john.dillard@edelman.com 
