LONDON, Aug. 16, 2011 /PRNewswire/ -- PTS, Inc. (PINK SHEETS:PTSH.pk - News) (www.ptspi.com) is pleased to announce that the merger negotiations with Navistar Logistics (UK) Ltd. (http://www.navistar.co.uk/) progress fast and on schedule.
Due to its International business and agency network, there appears to be a strong interest from Navistar's global contacts. In the company's opinion this could benefit PTSH and Navistar alike.
Incoming CEO John O'Brien delivered following updates on PTSH/Navistar's future, immediate and long-term plans.
Navistar takes no-nonsense position with all of Navistar business, and the management presses on to finalize the merger and deliver results to PTSH shareholders. The company expects to close the merger within next few weeks – aiming at 10 working days deadline.
Following the merger, company plans to elevate PTSH back to OTCBB market or higher, as the company revenues in excess of $10 million USD and accolades are what can be called of "reporting value". This long-term plan should be finalized within 3 to 9 months. The search for a PCBOA auditor http://en.wikipedia.org/wiki/Public_Company_Accounting_Oversight_Board is well under way.
PTSH corporate web site www.ptspi.com has been updated with Navistar information. Additional information about Navistar, its management and operations can be found by visiting http://www.businessrevieweurope.eu/magazines/3325.
Company reports indicate there are many strong business negotiations ongoing, and expects to update shareholders following the merger announcement.
PTSH is in a process of setting up an IR department to handle shareholder enquiries.
The management will provide more details shortly and frequently.
About Navistar Logistics:
Navistar has been established in the UK for over 10 years with a wealth of experience and knowledge in all logistics disciplines, and are members of the British International Freight Association (BIFA), RHA and the Chamber of Commerce. Navistar Logistics (UK) Ltd. is an international logistics freight forwarding company with high quality warehousing in London, Birmingham, West Bromwich, Manchester, Newcastle and at all ports and airports. Navistar specializes in air freight, sea freight and road haulage, transfer customs clearance, storage and fulfillment.
Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of PTS, Inc. that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project," and similar words and phrases are intended to identify such forward-looking statements. PTS, Inc. cautions you that any forward-looking information provided by or on behalf of PTS, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. PTS, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond PTS, Inc.'s control. In addition to those discussed in PTS, Inc.'s press releases, public filings, and statements by PTS, Inc.'s management, including, but not limited to, PTS, Inc.'s estimate of the sufficiency of its existing capital resources, PTS, Inc.'s ability to raise additional capital to fund future operations, PTS, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities and, in identifying contracts which match PTS, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. PTS, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
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