Radiant Logistics Completes Its Acquisition of Distribution By Air
BELLEVUE, WA April 7, 2011 – Radiant Logistics, Inc. (OTC QB: RLGT), a domestic and international logistics services company, today announced it has completed its acquisition of New Jersey-based DBA Distribution Services, Inc., a privately held company that commonly operates under the trade name Distribution By Air (“DBA”) and provides a full range of domestic and international transportation and logistics services across North America.
The transaction was originally announced on March 29, 2011 and is valued at $12.0 million consisting of $5.4 million paid at closing, $4.8 million in seller notes payable over the next three years and $1.8 million to be paid in connection with the achievement of certain integration milestones. The Company may, at its sole option, on or before the three month anniversary of the closing, elect to satisfy up to $2.4 million of the seller notes through the issuance of the Company’s common stock to be valued based upon a 30-day volume weighted average price to be calculated preceding the delivery of the shares.
“We are happy to have been able to move so quickly to a smooth closing” said Radiant’s Chairman and CEO, Bohn Crain. “We look forward to working with DBA Founders Jim Eagen, Paul Pollara and our expanding base of business partners to deliver value for our customers and ultimately our shareholders.”