Renton, WA /PRNewswire/ - Radiant Logistics, Inc. (NYSE American: RLGT), a leading provider of technology-enabled global transportation and value added logistics solutions, today announced it has acquired the operations of Daleray Corporation ("Daleray"), a Fort Lauderdale, Florida based, privately held company that has operated under the Company's Distribution By Air brand since 2014. The Company structured the transaction similar to its previous transactions, with a portion of the expected purchase price payable in subsequent periods based on the future performance of the acquired operations.
Originally founded in 2003 and operated by Ray Fulford and Dale Kloss, Daleray provides both domestic and international freight forwarding services and is well recognized for its expertise and in-depth knowledge and support of the cruise line industry. On a post-closing basis, Daleray will transition to operate as Radiant Global Logistics ("RGL-FLL") and will anchor the company's cruise logistics service offerings in south Florida. Dale Kloss will continue with the company as Director – Cruise Logistics, focused on developing advanced solutions for the cruise line industry. Ray Fulford will transition into a well-earned retirement after 53 years of service in the transportation industry. Assuming responsibility for the day-to-day operations of the station will be Michael Cuevas.
Dale Kloss commented, "Through years of dedicated services, our entire team here in Florida has developed some very strong relationships with our customers, vendors and associates around the globe. Our customers have always remained our top priority whether they were here in the United States or abroad and this philosophy has been key to our success. Back in 2014 Ray and I were looking to align ourselves with a partner who shared our passion for the business. We found that and so much more with Radiant: we are proud to fly the Radiant flag here in Florida. Radiant has consistently provided an environment for us to grow our business over the years."
Ray Fulford echoes this sentiment. "I have appreciated the partnership with Radiant and enjoyed working with a professional and sound organization. It has been exciting to watch and be a part of the building momentum of the Radiant network and we are excited to now transition our business in a way that meets our own personal goals, while ensuring the continued success of our customers and employees."
"The Daleray transaction and our long-standing partnership with Ray and Dale are significant to the continued evolution of Radiant," remarked Radiant's Founder and CEO, Bohn Crain. "We launched Radiant in 2006 with the goal of partnering with logistics entrepreneurs who would benefit from our unique value proposition and the built-in exit strategy. It is satisfying to be able to support Ray in his well-deserved retirement while at the same time continuing forward to an exciting next chapter with Dale and the team in Florida as we continue to develop and deliver advanced supply chain solutions for their cruise line and other customers."
About Radiant Logistics (NYSE American: RLGT)
Radiant Logistics, Inc. (www.radiantdelivers.com) is a publicly traded third party logistics company providing technology-enabled global transportation and value added logistics solutions primarily to customers based in the United States and Canada. Through its comprehensive service offering, Radiant provides domestic and international freight forwarding along with truck and rail brokerage services to a diversified account base including manufacturers, distributors and retailers which it supports from an extensive network of Radiant and agent-owned offices throughout North America and other key markets around the world. Radiant's value-added logistics services include warehouse and distribution, customs brokerage, order fulfillment, inventory management and technology services.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding future operating performance, events, trends and plans. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues and costs, and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause our actual results to differ from our expectations, include but are not limited to, the performance of our historic business at levels consistent with recent trends and reflective of the synergies we believe will be available to us as a result of our recent acquisitions; and those risk factors that apply to our operations as disclosed in Item 1A of our Report on Form 10-K for the year ended June 30, 2023 and other filings with the Securities and Exchange Commission and other public documents and press releases which can be found on our web-site (www.radiantdelivers.com). Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. Such statements are not guarantees of future performance or events and we undertake no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances occurring after the date hereof.