16 February 2017 – Palmetto, Florida
Logistec USA Inc. (“Logistec”), a subsidiary of Logistec Corporation [TSX: LGT.A and LGT.B], has signed a definitive agreement with Gulf Coast Bulk Equipment, Inc. (“GCBE”). Under the terms of the agreement, the companies have formed a new joint venture, Logistec Gulf Coast LLC, to consolidate and expand their bulk cargo handling services in the U.S. Southeast and Gulf region.
“GCBE and Logistec both provide efficient, customized logistics solutions. Joining together will allow us to increase our market coverage and operational resources to better serve our customers throughout Florida and the U.S. Gulf,” said Madeleine Paquin, President and Chief Executive Officer of Logistec. “Logistec and GCBE will provide a seamless transition for clients and partners at all American ports at which we operate, including Port Manatee and the Port Redwing facility at Port Tampa Bay.”
Logistec Gulf Coast LLC will handle bulk cargo at various locations in Florida, Louisiana, and along the Mississippi River.
“This new joint venture is a great opportunity for us and our customers will be the first ones to benefit from our partnership with Logistec,” said Richard D. Tager, President of GCBE. “We are both committed to delivering quality services, building a strong network, and growing our business in the U.S. Southeast and Gulf region.”
Logistec has been operating in the United States for more than 20 years and has been handling containers and break-bulk cargo in Port Manatee since 2003. GCBE was established in 2008 and handles bulk products in Port Manatee, Tampa Bay, and other regional ports.
Logistec Corporation is based in Montréal (Québec) and provides specialized services to the marine community and industrial companies. It offers bulk, break-bulk and container cargo handling in some 30 ports and 40 terminals located in eastern North America. In addition, Logistec offers marine transportation and cargo services geared principally to the Arctic coastal trade, short-line rail transportation services, as well as marine agency services to foreign shipowners and operators serving the Canadian market.
Logistec also operates in the environmental sector where it provides services to industrial, municipal and governmental customers for the trenchless structural rehabilitation of underground water mains, regulated materials management, site remediation, risk assessment, and manufacturing of woven hoses.
A public company since 1969, Logistec’s shares are listed on the Toronto Stock Exchange (TSX) under the ticker symbols LGT.A and LGT.B. For more information, please visit www.logistec.com.
For the purpose of informing shareholders and potential investors about the Company’s prospects, sections of this document may contain forward-looking statements, within the meaning of securities legislation, about the Company’s activities, performance and financial situation and, in particular, hopes for the success of the Company’s efforts in the development and growth of its business. These forward-looking statements express, as of the date of this document, the estimates, predictions, projections, expectations or opinions of the Company about future events or results. Although the Company believes that the expectations produced by these forward-looking statements are founded on valid and reasonable bases and assumptions, these forward-looking statements are inherently subject to important uncertainties and contingencies, many of which are beyond the Company’s control, such that the Company’s performance may differ significantly from the predicted performance expressed or presented in such forward-looking statements. The important risks and uncertainties that may cause the actual results and future events to differ significantly from the expectations currently expressed are examined under “Business Risks” in the Company’s annual report and include (but are not limited to) the performances of domestic and international economies and their effect on shipping volumes, weather conditions, labour relations, pricing and competitors’ marketing activities. The reader of this document is thus cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to update or revise these forward-looking statements, except as required by law. Additional information relating to our Company can be found on SEDAR’s website at www.sedar.com and on Logistec’s website at www.logistec.com.